News

JPMorgan Chase, Citibank, and Goldman Sachs Reportedly Preparing a Groundbreaking Lawsuit Against the Federal Reserve

single-image

A group of America’s most powerful bankers is debating whether to sue the US Federal Reserve.

Stay in the know on crypto by frequently visiting Crypto News Today

According to Semafor, JPMorgan Chase, Citibank, and Goldman Sachs are among the major banks that, through their trade group, hired one of the best conservative trial lawyers in the country to draft the lawsuit.

Eugene Scalia, the son of former Supreme Court Justice Antonin Scalia, is leading the legal effort to repeal proposed rules requiring banks to increase the amount of cash on hand.

Advertisement

“[Scalia] is quietly preparing a lawsuit to block the proposed rules on behalf of the Bank Policy Institute, a trade group that represents JPMorgan, Citibank, Goldman Sachs, and others, according to people familiar with the situation.

CryptoCaster Quick Check:

It would be the first time in recent memory that the industry has sued the Fed, and it would represent a departure from standard halls-of-power persuasion efforts that seek to avoid antagonizing its chief regulator.

The Fed wants banks to have an additional 20% of cash on their balance sheets. The move is intended to ensure they have enough capital to withstand liquidity concerns and avoid bank runs, which wreaked havoc on the banking industry a year ago.

However, the banks argue that the rules are far too strict, citing an internal analysis that shows they would be required to keep 30% of their cash on hand.

Scalia claims the Fed has a lot of explaining to do.

“In terms of legal process, it will not suffice to say that a group of regulators met in Switzerland and brought this rule down from the mountain.

The agencies must complete their own work, demonstrating why these new requirements are appropriately calibrated and why the benefits outweigh the costs. This proposal does not do that.”

Banks across the United States continue to incur significant bond losses.

And, while banks can simply hold bonds until they mature, they can become a significant liability when banks require liquidity.

According to a recent report from the Federal Deposit Insurance Corporation (FDIC), the total amount of unrealized securities losses in the banking system has now reached $684 billion.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like