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Weekly Talking Points

March 13, 2023 

• Silicon Valley Bank and Signature Bank failures have abruptly shifted policymaker’s focus to systemic stability amid a run on deposits. Treasury and the Fed have stepped in to fully secure all deposits and provide a liquidity facility to other banks facing similar crunches. Read full article here. 
• Powell’s testimony on Capitol Hill warned of more rate hikes and the potential for a recession. Markets will watch closely to determine if the bankfailure impacts the Fed’s direction in the near term. Read full article here. 
• Biden’s budget proposal would raise taxes on capital gains and other types of investment income for wealthier individuals. The annual proposal also targets 1031 like-kind exchanges, but most tax increases are off the table in a divided Congress. Read full article here. 
• D.C.’s criminal code reform was resoundingly defeated in the Senate and will be overturned with Biden’s signature. The bipartisan rebuke signals how voters are feeling about rising crime across the nation. Read full article here. 
• SEC Chairman Gensler hinted that the forthcoming climate disclosure rule may exclude Scope 3 emissions, despite a letter from 50 Democratic lawmakers urging an expansive rule. The SEC also continues to take heat from Republicans for wading into the climate issue. Read full article here. 

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