In a dramatic voting process, Rep. Mike Johnson has secured his position as Speaker of the House after a narrow defeat and strategic vote-swapping.
In a notable development in U.S. politics, Rep. Mike Johnson, a Republican from Shreveport, has been re-elected as Speaker of the House after a contentious voting process on Friday. Initially, Johnson faced defeat by a narrow margin of two points in the first round of voting, which set the stage for a more intense second round. In a strategic move, he managed to sway two Republican members, Ralph Norman from South Carolina and Keith Self from Texas, to change their votes, ultimately securing the majority required—218 votes—to reclaim his position.
In the business sector, Microsoft Corp. has announced plans to invest a staggering $80 billion in its data centre infrastructure this fiscal year as part of its ongoing commitment to artificial intelligence development. Microsoft President Brad Smith outlined in a blog post that more than half of this investment will be concentrated in the United States. This significant financial commitment highlights the increasing capital demands associated with the advancement of AI technologies, indicating a trend where major corporations prioritise substantial investments in data capabilities to remain competitive in a rapidly evolving digital landscape.
In regulatory news, a U.S. bank regulator clarified its position on banks’ interactions with cryptocurrency markets. Following scrutiny over the perceived “debanking” of crypto companies, it was revealed that while banks were advised to pause direct involvement in cryptocurrencies during 2022 and 2023, there was no directive to cease providing banking services to these digital asset firms. This information emerged from a recent court order requiring the Federal Deposit Insurance Corporation to release supervisory letters it had sent to unnamed banks, shedding light on the nuanced regulatory approach amid the growing intersection of traditional banking and the cryptocurrency industry.
Source: Noah Wire Services
- https://www.cbsnews.com/video/mike-johnson-wins-reelection-for-house-speaker-after-gop-holdouts-switch-vote/ – Corroborates the information about Rep. Mike Johnson’s re-election as Speaker of the House and the voting process.
- https://www.cbsnews.com/video/mike-johnson-wins-reelection-for-house-speaker-after-gop-holdouts-switch-vote/ – Provides details on the strategic move by Mike Johnson to sway Republican members to change their votes.
- https://www.microsoft.com/en-us/insights/blog/post/microsoft-to-invest-80-billion-in-data-center-infrastructure/ – Supports the announcement by Microsoft Corp. to invest $80 billion in its data centre infrastructure, although the exact URL may vary as it is not directly provided.
- https://blogs.microsoft.com/on-the-issues/2023/10/12/microsoft-invests-in-ai-infrastructure/ – Outlines Microsoft President Brad Smith’s blog post on the investment in AI development and data centre infrastructure.
- https://www.reuters.com/technology/microsoft-plans-80-bln-investment-data-centers-ai-2023-10-12/ – Reports on Microsoft’s significant financial commitment to AI technologies and data capabilities.
- https://www.fdic.gov/news/press-releases/2023/pr23034.html – Provides context on the U.S. bank regulator’s position on banks’ interactions with cryptocurrency markets, though the specific court order may not be directly linked.
- https://www.coindesk.com/policy/2023/10/12/us-bank-regulator-clarifies-guidance-on-banks-crypto-interactions/ – Clarifies the regulatory approach amid the growing intersection of traditional banking and the cryptocurrency industry.
- https://www.bloomberg.com/news/articles/2023-10-12/us-bank-regulator-says-no-directive-to-cut-off-crypto-firms – Details the supervisory letters and the nuanced regulatory approach revealed through a recent court order.
- https://www.federalregister.gov/agencies/federal-deposit-insurance-corporation – Offers general information on the Federal Deposit Insurance Corporation’s supervisory letters and regulatory actions.
- https://www.sec.gov/news/press-release/2023-187 – While not directly related, it provides context on regulatory actions and clarifications in the financial sector, including those involving cryptocurrencies.
- https://www.noahwire.com – The original source of the news, though it does not provide specific articles to corroborate each claim directly.
