Daily News Digest

 

May 24, 2019


New York Post

  • President Trump announced a new $16 billion aid package for the nation’s farmers and ranchers, who have been hurt by the escalating trade conflict with China.  Payments will be made through the Commodity Credit Corporation in three installments paid this summer, in November, and in January.
  • British Prime Minister Theresa May will resign next month, unable to withstand the political turmoil over Brexit.
  • JPMorgan Chase has severed ties with Purdue Pharma over its role in the opioid crisis as the maker of OxyContin.

The Wall Street Journal

  • The House of Representatives passed a sweeping 401(k) reform bill yesterday that is expected to be enacted.  The bill encourages 401(k) plans to offer annuities, repeals the age cap on contributions to traditional IRAs, and increases the age at which investors must begin making withdrawals from 70.5 to 72. There will also be new benefits for part-time workers, parents, home-care workers, and employees of small businesses. In related news, the Fed released a report yesterday stating that one quarter of all U.S. workers have no money saved for retirement.
  • The U.S. Senate passed a $19.1 billion disaster aid package, following action in the House, that extends the National Flood Insurance Program until June 14. A bipartisan group of Senators is also seeking legislation to shield homeowners from potential premium increases. 
  • April’s drop in new home sales was the largest monthly decline in six months, but market observers say there are signs that real estate activity may be picking up.
  • An appellate court in Albany ruled that farm workers have the right to form labor unions – a blow to farmers who fear strikes that could cripple their businesses.

American Banker

  • House Democrats passed a bill, without a single Republican vote, to reverse the Trump Administration’s course at the CFPB.

Politico

  • A troubling new Fed report says 40% of Americans would not be able to cover an unexpected bill of $400.

Buffalo Business First

  • Bank of Akron is seeking to expand into Niagara County, using the State’s Banking Development District Program.





Questions?

Karen Armstrong, Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
, Marketing and Communications
dmccausland@nyba.com