Powell: Receipts 💅🏽

Waters tells reporters she hasn’t given up on attaching stablecoin legislation to FAA funding despite it being “almost a lost cause.”

She and McHenry will meet to discuss the bill later today, she said.

Jasper Goodman for POLITICO Pro: subscriber.politicopro.com/article/2024/0…

Huge

As Federal Reserve Chair Jerome Powell weighs how soon to cut interest rates, the economy’s resilience is giving him the luxury of time.

He seems determined to use it. But the wait won’t be fun for him.
politico.com/news/magazine/…

One thing about me is I am borderline incapable of answering the question “how was your trip?” without listing every single thing we did and showing every single picture

Morning Money today:
- The Fed’s rate dance Victoria Guida
- Yellen vs. Summers Michael Stratford
- Why Schumer’s backing a crypto bill Eleanor Mueller
- DOJ wants more firepower to crack down on money laundering post-CZ Declan Harty politico.com/newsletters/mo…

I have finally read all of the unread text messages that accumulated while I was traveling. Please clap

! Sen. John Cornyn says cannabis banking (SAFER) can't go on FAA bill: 'not if you want to pass it.'

A bit more on one of the last must-pass bills before the election ... politico.com/live-updates/2…

NEW: Brown tells me “I hope so” when asked if Schumer’s bid to get stablecoin + cannabis banking legislation into FAA could still work.

It’s “just like with FEND,” he said. “The job of a legislator is … get it in a vehicle.”

More here, for POLITICO Pro: subscriber.politicopro.com/article/2024/0…

NEW: NY’s Harris helped convince Schumer (among other Ds) to gun for stablecoin legislation, I’m told.

Meeks: “She knows what she’s doing.”

Jeffries: “We are in regular communication” with Harris; want “to get it over the finish line.'

For POLITICO Pro: subscriber.politicopro.com/article/2024/0…

McHenry + Waters are 'working through the final details on the [stablecoin] legislation, both inside Congress and within the administration,' Hill told reporters at Independent Community Bankers of America this a.m.

McHenry said recently he believes he + Waters could reach an agreement if given a deadline.

Morning Money today:
- CZ 🔶 BNB’s sentencing and why watchdogs see it as “pathetic”
- Follow-up on the FAA bill and Eleanor Mueller’s stablecoin-cannabis scoop
- Elizabeth Warren targets insurers
- EU weighs Russian assets opt-out politico.com/newsletters/mo…

NEW: Schumer is hoping to add stablecoin + cannabis banking legislation to the FAA bill even though they weren't included in the base text, I'm told.

But a spokesperson for McConnell says he 'continues to oppose marijuana banking.'

For POLITICO Pro: subscriber.politicopro.com/article/2024/0…

sylvia plath explained floor time perfectly..

📰 Conservative support for Tom Emmer's CBDC ban is building on the Hill.

With the backing of our grassroots activists, Heritage Action is driving the effort. The bill has picked up 50 cosponsors since Heritage issued a Key Vote in support. 👀

From Eleanor Mueller:

Yesterday, Ranking Member Maxine Waters discussed the GOP Speakership chaos, foreign aid package, the progress of #stablecoin legislation, #cannabis safe banking legislation, and the #FairHousing Act w/Bloomberg' ‘Balance of Power’ Kailey Leinz and Joe Mathieu.

WATCH:

I broke the news that the Fed stood in way of efforts to put out a new proposal restricting exec pay similar to what was drafted in 2016. 6 agencies share jurisdiction:
politico.com/newsletters/mo…

There's chatter some agencies might try to put something (non-binding?) out anyway

In other news I am in Italy, where there are aperol spritzes and adorable parents and blooming wisteria and scenic vistas, so I l plan on unplugging accordingly.

I’ll meet you all back here next Thursday, OK?

NEW: I’ve distilled dozens of interviews with members, aides and lobbyists to create a scooplet-filled guide to Republicans’ House Financial Services gavel race.

Here are 5 obvious — and not-so-obvious — things to pay attention to in the coming months: subscriber.politicopro.com/article/2024/0…

Hard to find someone on either side of the aisle who has a bad word to say about Rep. Tom Cole.

But Cole’s move to lead government funding talks this year will test his talent for getting along with everyone. w/ ⁦Jennifer Scholtes⁩ politico.com/news/2024/04/1…