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On April 4th, local time, Chief U.S. District Judge James Boasberg of the District of Columbia rejected the Justice Departments request to retry the criminal case against Jerome Powell, after his ruling blocked a subpoena issued in connection with the criminal investigation. In his March 13th ruling, Boasberg stated that the subpoena issued to the Federal Reserve Board in January of last year was for improper purposes, aimed at forcing Powell to agree to Trumps conditions demanding a swift interest rate cut or his resignation. The subpoena for Powell was issued by Washington D.C.s top federal prosecutor, Jeanine Piro (a staunch Trump supporter), who has pledged to continue the investigation and stated that her office is prepared to appeal to the U.S. Court of Appeals for the District of Columbia Circuit. Sources indicate that senior Justice Department officials support the appeal decision. This appeal could delay the confirmation of Kevin Warshs nomination as Federal Reserve Chair. Senator Thom Tillis, a Republican member of the Senate Banking Committee, has criticized the investigation into Powell and has vowed to continue blocking Warshs nomination while the appeal process continues.April 4th - According to Oxford Economics, the US March employment figures significantly overestimated the strength of the pre-war job market, as the data reflected declines in both the labor force and household employment. Job growth will slow as the war in Iran impacts real economic activity. The wars impact on inflation is immediate, but its negative effects on consumer spending, business investment, and hiring will become more apparent in the coming months. Oxford Economics baseline forecast remains that the Federal Reserve will ignore the one-off shock of rising oil prices this year and cut interest rates twice to guard against any future weakness in the labor market.A U.S. judge refused to reconsider the ruling in the investigation against Federal Reserve Chairman Jerome Powell.April 4th - According to information obtained from Iran on the 3rd local time, a US F-16 fighter jet issued an emergency signal and was scheduled to make an emergency landing in Saudi Arabia. The specific reason for the forced landing is currently unclear.GFZ (German Center for Geosciences): A 5.93-magnitude earthquake struck the Hindu Kush region of Afghanistan.

U.S. Senate to hold FTX hearing on Dec. 1, CFTC chairman to testify

Cory Russell

Nov 22, 2022 15:35

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The U.S. Senate Agriculture Committee on Thursday said it will hold a hearing on Dec. 1 to examine the sudden collapse of FTX, one of the world’s biggest crypto exchanges.


FTX filed for bankruptcy on Nov. 11, leaving an estimated 1 million customers and other investors facing billions of dollars in total losses. The firm’s failure has created a liquidity crunch that has rippled across the industry and sent the prices of bitcoin and other digital assets plummeting.


Rostin Behnam, the chairman of the Commodity Futures Trading Commission, is the first witness named for the hearing, titled, “Why Congress Needs to Act: Lessons Learned from the FTX Collapse.”


U.S. Senate Agriculture Committee Chair Debbie Stabenow also on Thursday called on Congress to pass the bipartisan Digital Commodities Consumer Protection Act, which she said, “would have prohibited the misconduct and risky behavior undertaken by FTX.”


The U.S. House Financial Services Committee has also said it plans to hold a hearing in December to investigate FTX’s collapse.


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