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Travel - State Dept @TravelGov - Laos: Typhoon Wipha is expected to make landfall in the northern Lao provinces between Tuesday, July 22, and Wednesday, July 23. The Mekong River Commission has issued a high-risk warning for flash floods in Luang Prabang.
For more information:
https://la.usembassy.gov/weather-alert-typhoon-wipha/
https://x.com/TravelGov/status/1947611790952829418

Treasury Secretary Scott Bessent @SecScottBessent - In a speech at the Federal Reserve Capital Conference, I explained how “regulation by reflex” doesn’t work—for banks or consumers.
Rather than preempting crises, bank regulators all too often react to them after the fact. They play the role of a hazmat cleanup team instead of preventing dangerous spillovers from happening in the first place.
To fix this, we need a fundamental reset that ties financial regulation to an overarching strategic vision for the financial system.
Defining that vision requires value judgments. And so, it cannot be a purely technocratic exercise.
Instead, defining a path forward requires leadership with a broad perspective and coordination across the whole of government. The Treasury Department is perfectly positioned to provide that leadership.
https://x.com/SecScottBessent/status/1947453477828837476

Treasury Secretary Scott Bessent @SecScottBessent - Today in a CNBC interview, I called for a review of the Federal Reserve. It is my belief that the central bank should conduct an exhaustive internal review of its non-monetary policy operations. Significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission.
As I have said many times, the Fed’s conduct of monetary policy “is a jewel box” that should be walled off to preserve its independence. This independence is a cornerstone of continued U.S. economic growth and stability.
However, this autonomy is threatened by persistent mandate creep into areas beyond its core mission, provoking justifiable criticism that unnecessarily casts a cloud over the Fed’s valuable independence on monetary policy.
While I have no knowledge or opinion on the legal basis for the massive building renovations being undertaken on Constitution Avenue, a review of the decision to undertake such a project by an institution reporting operating losses of more than $100 billion per year should be conducted.