One of the only federal checks on campaign contributions is being done away with by the Trump administration. The new policy will allow some nonprofits to conceal who their biggest money donors are.
Marty Wulfe
Sunday, May 31, 2020
McConnell, Koch brothers, and NRA get their wish: Trump ends nonprofit requirement to disclose cash
Detailed analysis of unemployment claims and logjams
“There are still well over a dozen states – including the big one, Florida – that have not yet started processing PUA claims [i.e. the special program from gig workers who are not normally eligible for state-based unemployment insurance].”
Charlie Cooper
As the Fed starts using CARES Act loans, BlackRock gains
https://prospect.org/coronavirus/unsanitized-blackrock-buyer-and-seller-federal-reserve-bailout/
BlackRock is the agent for the Special Purpose Vehicle that the Federal Reserve System created to buy bonds and exchange-traded funds of bonds (ETFs) on the secondary market. They are primary trading ETFs that they themselves issue!
“Of the $1.58 billion in holdings, $746 million come from BlackRock ETFs. That’s about 47 percent of the total. So BlackRock, as the sponsor for the Fed, made 47 percent of its purchases in BlackRock ETFs. A separate chart lists aggregate holdings of $1.31 billion. BlackRock ETFs make up about 48 percent of them."
Charlie Cooper
“We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.” – Louis Brandeis
Saturday, May 30, 2020
Fed Tapered QE Helicopter Money for Wall Street Further: MBS Fell. Treasuries Barely Rose. Liquidity Swaps & Repos Stalled. | Wolf Street
https://wolfstreet.com/2020/05/29/fed-tapered-helicopter-money-for-wall-street-further-mbs-fell-treasuries-barely-rose-liquidity-swaps-repos-stalled/
Good summary of Fed actions.
Charlie Cooper
Congressional Oversight Panel Member says that requirements for business aid are exactly backward
https://rooseveltinstitute.org/governments-misplaced-trust-in-big-business-cares-act/
Bharat Ramamurti represents the Senate Democrats on the COP. He writes that the bigger the business, the fewer accountability requirements imposed by the CARES Act. But the U.S. Treasury Secretary and the Federal Reserve Board can remedy this problem with rulemaking.
Charlie Cooper
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