Washington, July 15 (IANS) US Federal Reserve Chairman Kevin Warsh has pledged to protect the central bank’s independence as Democratic lawmakers pressed him on whether he would resist political pressure from President Donald Trump over interest rates. Warsh faced repeated questions about the relationship between the White House and the Federal Reserve during his first appearance before the House Financial Services Committee on Tuesday (local time) since becoming chairman.”Do you work for Donald…
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New Delhi, July 1 (IANS) The Unified Payments Interface (UPI) transaction volumes rose 23 per cent (year-on-year) to 22.72 billion in June, while UPI transaction value surged 20 per cent to Rs 28.92 lakh crore last month, according to data released by the National Payments Corporation of India (NPCI) on Wednesday.On an average basis, UPI processed around 757 million transactions daily in June, with average daily transaction value standing at about Rs 96,405 crore.In May, UPI transaction volumes …
Washington, June 25 (IANS) US lawmakers examined whether Congress should create a dedicated federal payments charter for financial technology companies, with industry leaders arguing that the existing banking framework has failed to keep pace with innovation, while critics warned that easing access to the nation’s payment infrastructure could undermine financial stability and consumer protections. During a hearing of the House Financial Services Committee on Wednesday (local time), lawmakers exp…
Washington, June 25 (IANS) US lawmakers debating the future of the country’s payment system pointed to India’s Unified Payments Interface (UPI) as an example of how modern public payment infrastructure can drive private-sector innovation, as fintech firms urged Congress to overhaul regulations governing access to America’s payment network.The comparisons with India came during a hearing of the House Financial Services Committee’s Subcommittee on Financial Institutions on Wednesday (local time), …
Washington, Feb 5 (IANS) The United States has defended its sanctions-led foreign policy toward Iran and Myanmar, with Treasury Secretary Scott Bessent telling lawmakers that economic pressure remains a central pillar of Washington’s national security and global financial stability strategy. Testifying before the House Financial Services Committee on the Financial Stability Oversight Council’s 2025 annual report on Wednesday (local time), Bessent said the Trump administration continues to pu…
Washington, Feb 5 (IANS) The United States is moving to revive small and community banks, arguing that years of heavy regulation weakened local lending and slowed economic growth, Treasury Secretary Scott Bessent told Congressmen. Testifying before the House Financial Services Committee on Wednesday (local time), Bessent said community banks are critical to small businesses, agriculture, and housing, but have steadily disappeared since the global financial crisis.“More than 50 per cent of comm…
Washington, Feb 5 (IANS) Artificial intelligence is becoming a new focus for US financial regulators. Treasury Secretary Scott Bessent told Congress that AI can strengthen markets, but it also poses risks that require close monitoring.Bessent was testifying before the House Financial Services Committee on the Financial Stability Oversight Council’s 2025 annual report. He said AI is now one of the four top priorities for protecting the financial system. The others are Treasury markets, cybersec…