Senator Ted Cruz Pushes to Defund CFPB, Federal Reserve Holds Interest Rates Steady, Japan Begins Accepting Cryptocurrency for Real Estate Transactions

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Ted Cruz Pushes to Defund CFPB

Texas Senator Ted Cruz is reigniting his push to abolish the Consumer Financial Protection Bureau, or CFPB, with a new effort to defund the agency. Cruz has long criticized the CFPB, calling it an unelected and unaccountable body that imposes burdensome regulations on businesses and financial institutions. He’s now leading a campaign to reduce its funding from the Federal Reserve to zero, with support from several Republican senators.

The CFPB was created in 2010 under the Obama administration to regulate financial institutions and protect consumers from predatory practices. Its work includes overseeing mortgages, credit cards, and other financial products, ensuring transparency and fairness in lending.

While Cruz and other Republicans argue that the agency is too powerful, Democrats defend the CFPB, saying it’s crucial for preventing abusive practices in banking and ensuring consumers are treated fairly.

The push to defund the CFPB may be part of upcoming budget negotiations, as Republicans look for ways to reduce its influence.

Source: Link

Federal Reserve Holds Interest Rates Steady

The U.S. Federal Reserve has decided to keep interest rates steady, holding them in the 4.25%-4.50% range, with no immediate plans to cut further. Federal Reserve Chair Jerome Powell stated that there’s no rush to adjust rates until inflation and jobs data show a clear need for action.

This decision comes as the U.S. economy continues to show signs of stability, with low unemployment and inflation remaining elevated but relatively unchanged. Powell highlighted that the Fed is waiting for more clarity on upcoming policy decisions, especially from the Trump administration, before making further moves.

While inflation is still above the Fed’s 2% target, it has shown some signs of improvement, and Powell reiterated that the central bank’s current stance is “well-calibrated” for the challenges ahead.

For now, it seems the Fed is in a holding pattern, cautiously assessing the impact of economic data and policy shifts before making its next move.

Source: Link

Japan Begins Accepting Cryptocurrency for Real Estate Transactions

And in international news, Open House Group, a major player in Japan’s real estate market, is taking a bold step into the world of cryptocurrency. The company, listed on the Tokyo Stock Exchange, has just announced that it will now accept Bitcoin and Ethereum as payment for real estate transactions. This new offering aims to streamline property purchases for international buyers looking to invest in Japanese real estate.

Known for its diverse portfolio, Open House Group spans major cities like Tokyo, Nagoya, Osaka, and Fukuoka, offering everything from residential homes to investment properties. The company plans to expand its services with a one-stop solution, covering property search, sales, management, and consultations.

Open House has been exploring blockchain and cryptocurrency since 2022, and with Bitcoin’s recent surge in value, the company is positioning itself to take advantage of crypto’s role in global transactions. They’re also exploring smart contracts for enhanced property dealings.

As of today, cryptocurrency payments will be available for income-producing properties, with more options to come as demand grows.

Source: Link

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