Washington

Congress is set to pass a major $900 billion relief bill on Monday after getting over a significant hurdle from Senate Republicans seeking to restrict the Federal Reserve’s powers next year.

Transamerica Financial Advisors has agreed to pay $321,167 in restitution as part of a settlement of Financial Industry Regulatory Authority charges that it failed to properly supervise its brokers selling shares of 529 plans.

Another $900 billion of fiscal support would “absolutely” make a significant difference to the U.S. economy’s ability to endure COVID-19, but “challenging months” lie ahead, a top Federal Reserve official said.

Federal Reserve Vice Chairman Richard Clarida, voicing optimism on the economic outlook thanks to coronavirus vaccines, said the U.S. will likely avoid slipping back into recession as growth rebounds next year.

Multiple news articles, which the SEC did not include, contradict the commission's major reasoning for why a temporary exemption for municipal advisors was needed, SIFMA said.

The Federal Reserve's Summary of Economic Projections forecasts inflation won't hit its 2% target next year, and others agree.

State and local governments are going to need generous lines of credit to get through the next few months. Joe Biden has an opportunity to act by rethinking the Municipal Liquidity Facility at the Federal Reserve.

Illinois closed Thursday on its second MLF borrowing as the program nears its expiration date.

Senate Majority Leader Mitch McConnell suggested state and local governments would use stimulus to shore up pension plans.

FINRA announced the settlement this week, in which RBC agreed to a censure while neither admitting nor denying FINRA’s findings that it violated Municipal Securities Rulemaking Board Rule G-27 on supervision. RBC was not fined.