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On May 15th, Reuters reported that Milan formally submitted his resignation to the Federal Reserve on Thursday, setting his departure date to be either or shortly before Warshs swearing-in as Fed chairman. Warsh is expected to be sworn in as Fed chairman in the coming days. In his resignation letter, Milan continued to warn that interest rates may be too high. He wrote that broader economic trends such as slowing population growth and deregulation will, on their own, reduce inflation, giving the Fed an opportunity to ease policy. He also argued that the technical challenges of measuring inflation could lead to inflation statistics being higher than they actually are.Israeli Prime Minister Netanyahu: If we had not waged two wars against Iran, we would be facing an entity with nuclear weapons, which would pose an existential threat to us.GFZ (German Center for Geosciences): A 6.37-magnitude earthquake struck the Banda Sea region.Iranian Foreign Ministry: Foreign Minister Araghchi met with Russian Foreign Minister Lavrov, and the two sides discussed and reviewed cooperation between Tehran and Moscow in the fields of politics, energy, transportation, and regional cooperation. They also exchanged views on the latest developments in West Asia and negotiations related to the Iranian nuclear issue.On May 15th, local time, an emergency meeting of interior ministers from the Gulf Cooperation Council (GCC) member states was held in Riyadh, the capital of Saudi Arabia, on May 14th. The meeting was chaired by Bahrain. The UAE delegation was led by Deputy Prime Minister and Minister of Interior Saif al-Islam. Saif stated that the UAEs participation in this meeting demonstrates the UAEs consistent adherence to the principle of "indivisible security within the GCC," meaning that any threat to GCC member states will directly affect the security and stability of the entire region. Saif stated that the UAE will continue to be committed to strengthening national security, safeguarding development achievements, consolidating social cohesion, and responding to all attempts to undermine the security and stability of GCC member states.

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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