Federal Reserve Raises Rates Another Quarter Point

Federal Reserve Raises Rates Another Quarter Point

Washington, DC…Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.  The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. […]

Governor Newsom Signs Gas Price Gouging Law as California Government Targets Big Oil

Governor Newsom Signs Gas Price Gouging Law as California Government Targets Big Oil

Sacramento, CA…Surrounded by legislators and community leaders in the rotunda of the California State Capitol, Governor Gavin Newsom signed legislation to implement the strongest state-level oversight and accountability measures on Big Oil in the nation – bringing transparency to California’s oil and gas industry, shining new light on the corporations that have for decades operated […]

Governor Newsom Expands Storm State of Emergency, Requests Presidential Major Disaster Declaration to Support Ongoing Response and Recovery

Governor Newsom Expands Storm State of Emergency, Requests Presidential Major Disaster Declaration to Support Ongoing Response and Recovery

Sacramento, CA…As California continues to deploy personnel and resources to protect communities and support recovery efforts amid ongoing severe storms, Governor Gavin Newsom today requested a Presidential Major Disaster Declaration to bolster the emergency response and recovery in the counties of Calaveras, Kern, Los Angeles, Mariposa, Monterey, San Benito, Santa Cruz, Tulare, and Tuolumne. To […]

Inflation Rolls on at 6% Annual Rate

Inflation Rolls on at 6% Annual Rate

Washington, DC…The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in February on a seasonally adjusted basis, after increasing 0.5 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.0 percent before seasonal adjustment. The index for shelter was the […]

President Biden on Maintaining a Resilient Banking System

President Biden on Maintaining a Resilient Banking System

Washington, DC…Good morning, everyone. Before I leave for California, I want to briefly speak about what’s happening to Silicon Valley Bank and Signature Bank. Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe. Your deposits will be there when you […]

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank.

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank.

Washington, DC…Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately […]

Caltrans Seeks Rural, Tribal Volunteers for Latest ‘Charge Per Mile’ Study Participants. System Could Track Location & Charge on Miles Driven

Caltrans Seeks Rural, Tribal Volunteers for Latest ‘Charge Per Mile’ Study Participants.  System Could Track Location & Charge on Miles Driven

Sacramento, CA…The California Department of Transportation (Caltrans) is recruiting volunteers who reside and travel in rural and tribal communities to participate in the latest testing phase of a “road charge” pilot. Up to 500 volunteers will participate in a seven-month simulated road charge system, which charges drivers based on the number of miles they travel […]

Payrolls Soar by 517,000 in January Even with Tech Layoffs. Government adds 74,000 Jobs!

Payrolls Soar by 517,000 in January Even with Tech Layoffs.  Government adds 74,000 Jobs!

Washington, DC…Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate changed little at 3.4 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of […]

State Water Project to Increase Expected 2023 Deliveries to 30%

State Water Project to Increase Expected 2023 Deliveries to 30%

Sacramento, CA…Governor Gavin Newsom issued the following statement today after the state announced that it will boost deliveries to 29 public water agencies serving 27 million Californians.  “Thanks to the water captured and stored from recent storms, the state is increasing deliveries to local agencies that support two-thirds of Californians – good news for communities and farms in […]

Inflation All Items Index Slows to 6.5% for Last 12 Months

Inflation All Items Index Slows to 6.5% for Last 12 Months

Washington, DC…The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1 percent in December on a seasonally adjusted basis, after increasing 0.1 percent in November, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.5 percent before seasonal adjustment. The index for gasoline was by […]