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State Department Issues Public Schedule for June 23, 2026
WASHINGTON, June 23 -- The U.S. Department of State issued the daily public schedule for June 23, 2026:
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SECRETARY MARCO RUBIO
Secretary Rubio is on travel to the United Arab Emirates, Kuwait, and Bahrain from June 23-25, 2026.
DEPUTY SECRETARY OF STATE CHRISTOPHER LANDAU
Deputy Secretary Landau is on travel to Panama from June 22-23, 2026.
DEPUTY SECRETARY OF STATE FOR MANAGEMENT AND RESOURCES MICHAEL J. RIGAS
Deputy Secretary Rigas has no public appointments.
UNDER SECRETARY FOR POLITICAL AFFAIRS ALLISON M. HOOKER
Under Secretary Hooker joins Secretary Rubio on travel to the United ... Show Full Article WASHINGTON, June 23 -- The U.S. Department of State issued the daily public schedule for June 23, 2026: * * * SECRETARY MARCO RUBIO Secretary Rubio is on travel to the United Arab Emirates, Kuwait, and Bahrain from June 23-25, 2026. DEPUTY SECRETARY OF STATE CHRISTOPHER LANDAU Deputy Secretary Landau is on travel to Panama from June 22-23, 2026. DEPUTY SECRETARY OF STATE FOR MANAGEMENT AND RESOURCES MICHAEL J. RIGAS Deputy Secretary Rigas has no public appointments. UNDER SECRETARY FOR POLITICAL AFFAIRS ALLISON M. HOOKER Under Secretary Hooker joins Secretary Rubio on travel to the UnitedArab Emirates, Kuwait, and Bahrain from June 23-25, 2026.
BRIEFING SCHEDULE
No Department Press Briefing.
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Original text here: https://www.state.gov/releases/office-of-the-spokesperson/2026/06/public-schedule-june-23-2026/
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SECRETARY MARCO RUBIO
Secretary Rubio is on travel to the United Arab Emirates, Kuwait, and Bahrain from June 23-25, 2026.
DEPUTY SECRETARY OF STATE CHRISTOPHER LANDAU
Deputy Secretary Landau is on travel to Panama from June 22-23, 2026.
DEPUTY SECRETARY OF STATE FOR MANAGEMENT AND RESOURCES MICHAEL J. RIGAS
Deputy Secretary Rigas has no public appointments.
UNDER SECRETARY FOR POLITICAL AFFAIRS ALLISON M. HOOKER
Under Secretary Hooker joins Secretary Rubio on travel to the United ... Show Full Article WASHINGTON, June 23 -- The U.S. Department of State issued the daily public schedule for June 23, 2026: * * * SECRETARY MARCO RUBIO Secretary Rubio is on travel to the United Arab Emirates, Kuwait, and Bahrain from June 23-25, 2026. DEPUTY SECRETARY OF STATE CHRISTOPHER LANDAU Deputy Secretary Landau is on travel to Panama from June 22-23, 2026. DEPUTY SECRETARY OF STATE FOR MANAGEMENT AND RESOURCES MICHAEL J. RIGAS Deputy Secretary Rigas has no public appointments. UNDER SECRETARY FOR POLITICAL AFFAIRS ALLISON M. HOOKER Under Secretary Hooker joins Secretary Rubio on travel to the UnitedArab Emirates, Kuwait, and Bahrain from June 23-25, 2026.
BRIEFING SCHEDULE
No Department Press Briefing.
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Original text here: https://www.state.gov/releases/office-of-the-spokesperson/2026/06/public-schedule-june-23-2026/
IRS Issues Notice of Intent to Issue Regulations Under Sec. 4960
WASHINGTON, June 23 -- The Internal Revenue Service issued the following notice (No. 2026-36) on June 22, 2026, entitled "Notice of Intent to Issue Regulations Under Section 4960".
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SECTION 1. PURPOSE
This notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue proposed regulations under section 4960 of the Internal Revenue Code (Code)1 pertaining to the tax on excess tax-exempt organization executive compensation. It is anticipated that the proposed regulations will address the effective date of the amendment to ... Show Full Article WASHINGTON, June 23 -- The Internal Revenue Service issued the following notice (No. 2026-36) on June 22, 2026, entitled "Notice of Intent to Issue Regulations Under Section 4960". * * * SECTION 1. PURPOSE This notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue proposed regulations under section 4960 of the Internal Revenue Code (Code)1 pertaining to the tax on excess tax-exempt organization executive compensation. It is anticipated that the proposed regulations will address the effective date of the amendment tothe definition of covered employee made by section 70416 of Public Law 119-21, 139 Stat. 72 (July 4, 2025), commonly known as the One, Big, Beautiful Bill Act (OBBBA) and will also propose exceptions to the definition of covered employee that are similar to the limited hours and nonexempt funds exceptions in the existing section 4960 regulations. This notice also solicits public comments on the matters addressed in this notice.
SECTION 2. BACKGROUND
.01 Overview of section 4960. Section 4960 generally imposes an excise tax on any applicable tax-exempt organization (ATEO) or related person or governmental entity that pays a covered employee remuneration in excess of $1 million in a taxable year or an excess parachute payment.
.02 Pre-OBBBA definition of covered employee. As originally enacted in 2017 under Section 13602 of the Tax Cuts and Jobs Act, Pub. L. No. 115-97, 131 Stat. 2054, 2157 (Dec. 22, 2017), section 4960(c)(2) of the Code defined a covered employee as any employee (including any former employee) of an ATEO if the employee (1) is one of the five highest-compensated employees of the ATEO for the taxable year, or (2) was a covered employee of the ATEO (or any predecessor) for any preceding taxable year beginning after December 31, 2016. On January 19, 2021, the Treasury Department and IRS published final regulations under section 4960 in the Federal Register (T.D. 9938, 86 FR 6196) (section 4960 regulations).
.03 Exceptions to five highest-compensated employees under the section 4960 regulations. Section 53.4960-1(d)(2) defines the term "five highest-compensated employees" of an ATEO. Section 53.4960-1(d)(2)(ii), (iii), and (iv) provide "limited hours," "nonexempt funds," and "limited services" exceptions to this definition, respectively. Under the section 4960 regulations, an individual meeting any of these exceptions is disregarded for purposes of determining an ATEO's five highest-compensated employees for a taxable year. An individual who was a covered employee of an ATEO (not qualifying for an exception to being one of the five highest-compensated employees) for any taxable year beginning after December 31, 2016, remains a covered employee for all future years because covered employee status is permanent.
.04 Reason for the exceptions in the section 4960 regulations. The limited hours exception and nonexempt funds exception were adopted in response to commenters requesting exceptions for situations in which employees of non-ATEO related organizations perform limited or temporary services for the related ATEO (in particular, while receiving no compensation from the ATEO). The limited services exception was adopted to prevent an employee to whom the ATEO paid minimal remuneration from displacing an employee who would otherwise have been one of the five highest-compensated employees (and thus a covered employee) of the ATEO.
.05 OBBBA changes to the definition of covered employee. Section 70416 of the OBBBA revised the definition of "covered employee." For taxable years beginning after December 31, 2025, the term "covered employee" means any employee of an ATEO (or any predecessor of an ATEO) and any former employee of an ATEO (or its predecessor) who was such an employee during any taxable year beginning after December 31, 2016. Thus, after the OBBBA, the definition of covered employee in section 4960 is no longer limited to an ATEO's five highest-compensated employees, and the section 4960 regulations' exceptions to the "five highest-compensated employees" of an ATEO no longer apply by their terms.
SECTION 3. APPLICABILITY OF POST-OBBBA DEFINITION OF COVERED EMPLOYEE
Section 70416(b) of the OBBBA provides that the amendment to the definition of covered employee applies to taxable years beginning after December 31, 2025. The Treasury Department and the IRS interpret this effective-date provision to broaden the definition of covered employee only for taxable years of an ATEO beginning after December 31, 2025, and to retain the prior definition of covered employee for taxable years beginning on or before December 31, 2025, including for purposes of determining for a taxable year beginning after December 31, 2025, whether a former employee was a covered employee in a taxable year beginning on or before December 31, 2025. Accordingly, the definition of covered employee under section 4960(c)(2), as amended by the OBBBA, includes only--
Any individual who was an employee of an ATEO in any taxable year beginning after December 31, 2016, and on or before December 31, 2025, if the individual was a covered employee for the taxable year under prior law, and
Any individual who is an employee of an ATEO in any taxable year beginning after December 31, 2025 (subject to any exceptions provided in future guidance, such as those described in section 4.01 of this notice).
SECTION 4. FORTHCOMING PROPOSED REGULATIONS
.01 Intent to issue regulations. The Treasury Department and the IRS intend to issue proposed regulations (forthcoming proposed regulations) revising the section 4960 regulations by removing references to an ATEO's five highest-compensated employees and making conforming changes. It is anticipated that the forthcoming proposed regulations would provide the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice. It is also anticipated that the proposed regulations would provide covered employee exceptions for limited hours and nonexempt funds similar to those in section 53.4960-1(d)(2)(ii) and (iii), but would not provide a limited services exception to the amended definition of covered employee because the concern that motivated that exception--displacement of an employee who would otherwise have been one of the five highest-compensated employees of the ATEO--is no longer relevant. The forthcoming proposed regulations may also address other issues, such as issues reserved in the existing section 4960 regulations.
.02 Prospective changes. It is anticipated that the forthcoming proposed regulations would be prospective and would not apply to taxable years beginning before the issuance of final regulations.
SECTION 5. RELIANCE
.01 Interpretation of the post-OBBBA definition of covered employee and limited hours and nonexempt funds exceptions. Until the forthcoming proposed regulations are issued, ATEOs may rely on the rules described in section 4.01 of this notice that are anticipated to be included in the proposed regulations.
.02 Example.
Facts. ATEO 1 (an ATEO) and CORP 2 (a taxable-related organization) use a calendar taxable year. Employees A and B have been employees of CORP 2 and ATEO 1 since 2017. Employee A was a covered employee for ATEO 1's taxable year beginning on January 1, 2025, because Employee A was one of ATEO 1's five highest-compensated employees and did not qualify for an exception to such status for 2025. Employee B has never been one of the five highest-compensated employees of ATEO 1 and meets the requirements of the limited hours exception for ATEO 1's taxable year beginning on January 1, 2026. Employee C has been an employee of CORP 2 since 2017 and was an employee of ATEO 1 only in 2020, but not one of its five highest-compensated employees because there were more than 5 individuals with higher remuneration than Employee C for the 2020 taxable year.
Conclusion. Employee A is a covered employee of ATEO 1 for taxable year 2026 because Employee A was a covered employee for 2025 and covered employee status, once obtained, is permanent.
In accordance with section 5.01 of this notice, ATEO 1 may rely on the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice and the limited hours exception to determine that Employee B is not a covered employee of ATEO 1 for taxable year 2026.
In accordance with section 5.01 of this notice, ATEO 1 may rely on the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice to determine that Employee C is not a covered employee of ATEO 1 for taxable year 2026 by reason of being a former employee of ATEO 1. Although Employee C was an employee of ATEO 1 in 2020, Employee C was not a covered employee for that taxable year under the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice and thus was not a covered employee for any taxable year through 2025 under prior law. If Employee C becomes an employee of ATEO 1 in a post-2025 taxable year and does not meet any applicable exception to covered employee status, Employee C will be a covered employee of ATEO 1 for that taxable year and all future taxable years.
SECTION 6. REQUEST FOR COMMENTS
The Treasury Department and the IRS request comments regarding all issues raised by this notice, in particular: (1) any changes that are needed or appropriate to adapt the current limited hours and nonexempt funds exceptions to the new definition of covered employee under the OBBBA and the appropriateness of applying these exceptions to officers of the ATEO, and (2) any other issues that should be addressed in the forthcoming proposed regulations.
SECTION 7. SUBMISSION OF COMMENTS
.01 Written comments should be submitted on or before August 4, 2026. Consideration will be given, however, to any written comment submitted after such date, if such consideration will not delay the issuance of guidance. The subject line for the comments should include a reference to Notice 2026-36. Comments may be submitted in one of two ways:
(1) Electronically via the Federal eRulemaking Portal at www.regulations.gov (type IRS-2026-0233 in the search field on the regulations.gov homepage to find this notice and submit comments).
(2) Alternatively, by mail to: Internal Revenue Service, CC:PA:01:PR (Notice 2026-36), Room 5503, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
.02 All commenters are strongly encouraged to submit comments electronically. The Treasury Department and the IRS will publish for public availability any comment submitted electronically, or on paper, to the IRS's public docket on www.regulations.gov.
SECTION 8. DRAFTING INFORMATION
The principal authors of this notice are Robert C. Weedman and Ward L. Thomas of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). For further information regarding this notice, contact Mr. Weedman at (202) 317-3517 or Mr. Thomas at (202) 317-6173 (not a toll-free number).
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Original text here: https://www.irs.gov/irb/2026-26_irb#NOT-2026-36
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SECTION 1. PURPOSE
This notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue proposed regulations under section 4960 of the Internal Revenue Code (Code)1 pertaining to the tax on excess tax-exempt organization executive compensation. It is anticipated that the proposed regulations will address the effective date of the amendment to ... Show Full Article WASHINGTON, June 23 -- The Internal Revenue Service issued the following notice (No. 2026-36) on June 22, 2026, entitled "Notice of Intent to Issue Regulations Under Section 4960". * * * SECTION 1. PURPOSE This notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue proposed regulations under section 4960 of the Internal Revenue Code (Code)1 pertaining to the tax on excess tax-exempt organization executive compensation. It is anticipated that the proposed regulations will address the effective date of the amendment tothe definition of covered employee made by section 70416 of Public Law 119-21, 139 Stat. 72 (July 4, 2025), commonly known as the One, Big, Beautiful Bill Act (OBBBA) and will also propose exceptions to the definition of covered employee that are similar to the limited hours and nonexempt funds exceptions in the existing section 4960 regulations. This notice also solicits public comments on the matters addressed in this notice.
SECTION 2. BACKGROUND
.01 Overview of section 4960. Section 4960 generally imposes an excise tax on any applicable tax-exempt organization (ATEO) or related person or governmental entity that pays a covered employee remuneration in excess of $1 million in a taxable year or an excess parachute payment.
.02 Pre-OBBBA definition of covered employee. As originally enacted in 2017 under Section 13602 of the Tax Cuts and Jobs Act, Pub. L. No. 115-97, 131 Stat. 2054, 2157 (Dec. 22, 2017), section 4960(c)(2) of the Code defined a covered employee as any employee (including any former employee) of an ATEO if the employee (1) is one of the five highest-compensated employees of the ATEO for the taxable year, or (2) was a covered employee of the ATEO (or any predecessor) for any preceding taxable year beginning after December 31, 2016. On January 19, 2021, the Treasury Department and IRS published final regulations under section 4960 in the Federal Register (T.D. 9938, 86 FR 6196) (section 4960 regulations).
.03 Exceptions to five highest-compensated employees under the section 4960 regulations. Section 53.4960-1(d)(2) defines the term "five highest-compensated employees" of an ATEO. Section 53.4960-1(d)(2)(ii), (iii), and (iv) provide "limited hours," "nonexempt funds," and "limited services" exceptions to this definition, respectively. Under the section 4960 regulations, an individual meeting any of these exceptions is disregarded for purposes of determining an ATEO's five highest-compensated employees for a taxable year. An individual who was a covered employee of an ATEO (not qualifying for an exception to being one of the five highest-compensated employees) for any taxable year beginning after December 31, 2016, remains a covered employee for all future years because covered employee status is permanent.
.04 Reason for the exceptions in the section 4960 regulations. The limited hours exception and nonexempt funds exception were adopted in response to commenters requesting exceptions for situations in which employees of non-ATEO related organizations perform limited or temporary services for the related ATEO (in particular, while receiving no compensation from the ATEO). The limited services exception was adopted to prevent an employee to whom the ATEO paid minimal remuneration from displacing an employee who would otherwise have been one of the five highest-compensated employees (and thus a covered employee) of the ATEO.
.05 OBBBA changes to the definition of covered employee. Section 70416 of the OBBBA revised the definition of "covered employee." For taxable years beginning after December 31, 2025, the term "covered employee" means any employee of an ATEO (or any predecessor of an ATEO) and any former employee of an ATEO (or its predecessor) who was such an employee during any taxable year beginning after December 31, 2016. Thus, after the OBBBA, the definition of covered employee in section 4960 is no longer limited to an ATEO's five highest-compensated employees, and the section 4960 regulations' exceptions to the "five highest-compensated employees" of an ATEO no longer apply by their terms.
SECTION 3. APPLICABILITY OF POST-OBBBA DEFINITION OF COVERED EMPLOYEE
Section 70416(b) of the OBBBA provides that the amendment to the definition of covered employee applies to taxable years beginning after December 31, 2025. The Treasury Department and the IRS interpret this effective-date provision to broaden the definition of covered employee only for taxable years of an ATEO beginning after December 31, 2025, and to retain the prior definition of covered employee for taxable years beginning on or before December 31, 2025, including for purposes of determining for a taxable year beginning after December 31, 2025, whether a former employee was a covered employee in a taxable year beginning on or before December 31, 2025. Accordingly, the definition of covered employee under section 4960(c)(2), as amended by the OBBBA, includes only--
Any individual who was an employee of an ATEO in any taxable year beginning after December 31, 2016, and on or before December 31, 2025, if the individual was a covered employee for the taxable year under prior law, and
Any individual who is an employee of an ATEO in any taxable year beginning after December 31, 2025 (subject to any exceptions provided in future guidance, such as those described in section 4.01 of this notice).
SECTION 4. FORTHCOMING PROPOSED REGULATIONS
.01 Intent to issue regulations. The Treasury Department and the IRS intend to issue proposed regulations (forthcoming proposed regulations) revising the section 4960 regulations by removing references to an ATEO's five highest-compensated employees and making conforming changes. It is anticipated that the forthcoming proposed regulations would provide the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice. It is also anticipated that the proposed regulations would provide covered employee exceptions for limited hours and nonexempt funds similar to those in section 53.4960-1(d)(2)(ii) and (iii), but would not provide a limited services exception to the amended definition of covered employee because the concern that motivated that exception--displacement of an employee who would otherwise have been one of the five highest-compensated employees of the ATEO--is no longer relevant. The forthcoming proposed regulations may also address other issues, such as issues reserved in the existing section 4960 regulations.
.02 Prospective changes. It is anticipated that the forthcoming proposed regulations would be prospective and would not apply to taxable years beginning before the issuance of final regulations.
SECTION 5. RELIANCE
.01 Interpretation of the post-OBBBA definition of covered employee and limited hours and nonexempt funds exceptions. Until the forthcoming proposed regulations are issued, ATEOs may rely on the rules described in section 4.01 of this notice that are anticipated to be included in the proposed regulations.
.02 Example.
Facts. ATEO 1 (an ATEO) and CORP 2 (a taxable-related organization) use a calendar taxable year. Employees A and B have been employees of CORP 2 and ATEO 1 since 2017. Employee A was a covered employee for ATEO 1's taxable year beginning on January 1, 2025, because Employee A was one of ATEO 1's five highest-compensated employees and did not qualify for an exception to such status for 2025. Employee B has never been one of the five highest-compensated employees of ATEO 1 and meets the requirements of the limited hours exception for ATEO 1's taxable year beginning on January 1, 2026. Employee C has been an employee of CORP 2 since 2017 and was an employee of ATEO 1 only in 2020, but not one of its five highest-compensated employees because there were more than 5 individuals with higher remuneration than Employee C for the 2020 taxable year.
Conclusion. Employee A is a covered employee of ATEO 1 for taxable year 2026 because Employee A was a covered employee for 2025 and covered employee status, once obtained, is permanent.
In accordance with section 5.01 of this notice, ATEO 1 may rely on the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice and the limited hours exception to determine that Employee B is not a covered employee of ATEO 1 for taxable year 2026.
In accordance with section 5.01 of this notice, ATEO 1 may rely on the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice to determine that Employee C is not a covered employee of ATEO 1 for taxable year 2026 by reason of being a former employee of ATEO 1. Although Employee C was an employee of ATEO 1 in 2020, Employee C was not a covered employee for that taxable year under the interpretation of the post-OBBBA definition of covered employee described in section 3 of this notice and thus was not a covered employee for any taxable year through 2025 under prior law. If Employee C becomes an employee of ATEO 1 in a post-2025 taxable year and does not meet any applicable exception to covered employee status, Employee C will be a covered employee of ATEO 1 for that taxable year and all future taxable years.
SECTION 6. REQUEST FOR COMMENTS
The Treasury Department and the IRS request comments regarding all issues raised by this notice, in particular: (1) any changes that are needed or appropriate to adapt the current limited hours and nonexempt funds exceptions to the new definition of covered employee under the OBBBA and the appropriateness of applying these exceptions to officers of the ATEO, and (2) any other issues that should be addressed in the forthcoming proposed regulations.
SECTION 7. SUBMISSION OF COMMENTS
.01 Written comments should be submitted on or before August 4, 2026. Consideration will be given, however, to any written comment submitted after such date, if such consideration will not delay the issuance of guidance. The subject line for the comments should include a reference to Notice 2026-36. Comments may be submitted in one of two ways:
(1) Electronically via the Federal eRulemaking Portal at www.regulations.gov (type IRS-2026-0233 in the search field on the regulations.gov homepage to find this notice and submit comments).
(2) Alternatively, by mail to: Internal Revenue Service, CC:PA:01:PR (Notice 2026-36), Room 5503, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
.02 All commenters are strongly encouraged to submit comments electronically. The Treasury Department and the IRS will publish for public availability any comment submitted electronically, or on paper, to the IRS's public docket on www.regulations.gov.
SECTION 8. DRAFTING INFORMATION
The principal authors of this notice are Robert C. Weedman and Ward L. Thomas of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). For further information regarding this notice, contact Mr. Weedman at (202) 317-3517 or Mr. Thomas at (202) 317-6173 (not a toll-free number).
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Original text here: https://www.irs.gov/irb/2026-26_irb#NOT-2026-36
Federal Reserve Bank of Richmond: What Businesses Are Saying - Surprisingly Solid Demand But Signs of Strain Persist
RICHMOND, Virginia, June 23 -- The Federal Reserve Bank of Richmond issued the following Regional Matters analysis by R. Andrew Bauer, Renee Haltom and Matthew Martin:
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What Businesses Are Saying: Surprisingly Solid Demand but Signs of Strain Persist
Economic sensing provides us with real-time information on business and consumer decisions. These insights help us regularly keep a pulse on the economy, and they are particularly helpful in times of economic change, such as during the conflict in the Middle East. In this post, we draw from dozens of conversations with businesses from early ... Show Full Article RICHMOND, Virginia, June 23 -- The Federal Reserve Bank of Richmond issued the following Regional Matters analysis by R. Andrew Bauer, Renee Haltom and Matthew Martin: * * * What Businesses Are Saying: Surprisingly Solid Demand but Signs of Strain Persist Economic sensing provides us with real-time information on business and consumer decisions. These insights help us regularly keep a pulse on the economy, and they are particularly helpful in times of economic change, such as during the conflict in the Middle East. In this post, we draw from dozens of conversations with businesses from earlyMay to early June.
Overall Momentum: Facing Higher Gas Prices, Did Consumers Pull Back Elsewhere?
Demand held up broadly, along with concerns over its sustainability. Many firms shared that recent spending patterns continued, with consumers spending but trading down. Some firms offered likely explanations for stable demand despite high gas prices; for example, hospitality executives in the Carolinas pointed to movement away from international travel given elevated flight prices. Many others, however, expressed surprise and even confusion at the continued resilience. One executive noted, "We keep expecting to see a big correction with the American consumer ever since COVID-19. And we haven't." Another shared they continued to watch the consumer to see when they "finally pull the ripcord." Several firms questioned what would happen to demand as tax refunds dwindled.
Signs of strain continued to gradually emerge among consumers. For most firms, sustainability concerns stemmed largely from consumers facing mounting challenges in recent years rather than specific signs of consumer weakness. Some firms, however, did point to specific signs of strain. Several consumer-debt executives flagged that more consumers were strategically delaying their payments -- taking longer to pay back debt while doing so in time to avoid defaults and preserve credit scores. A few firms shared examples of consumers dragging their feet on big-ticket items or travel, which had resulted in more last-minute bookings.
Labor: Facing Higher Costs, Did Firms Look to Labor Cuts for Relief?
The labor market remained steady, with a slight lean toward hiring on one-off cases. Most firms reported plans to keep headcount steady through the end of the year. For some, demand was either flat or not strong enough to justify expansion. A few firms planned for growth without any additional staff, thanks to expected productivity improvements. As in previous years, firms dependent on skilled trades faced a unique issue: They expected headcount to remain flat due to a lack of qualified talent to hire.
Many of the firms that expected headcount to increase by the end of the year pointed primarily to one-off, strategic reasons (e.g., artificial intelligence (AI) adoption, reorganizations). However, the Carolinas again reported outsized hiring resulting from the region's outsized growth. The same was true with firms in health care, energy and defense, as well as those affected by data center-related activity.
Few signs of imminent AI-related labor cuts. Firms were more likely to expect AI to grow output and margins than to spark layoffs. Several firms cited tangible productivity gains from AI adoption, and more were expected. Instead of layoffs, those gains largely seemed to result in reduced hiring. With AI freeing up capacity, several firms planned to or already reallocated their existing workforce to produce more with the same staff. For most firms, these efforts improved margins. One services firm reported using those gains to lower prices and stay competitive. Several firms noted considerable resistance among staff toward AI adoption presumably out of fear for their job security. A staffing firm flagged that a few firms had started to rehire for positions they had initially eliminated due to too lofty AI aspirations.
Pricing: Were Firms Able to Pass Along Elevated Costs?
Limited pricing power constrained pass-through and pressured margins as cost pressures intensified. Many firms noted they were passing on some costs, with fuel surcharges being the most common example. Like in prior months, business-to-consumer firms (B2C) felt less able to raise prices than business-to-business (B2B) firms. There were some exceptions, however, such as a few B2B firms struggling to continue passing through costs, and some B2C firms taking advantage of stronger-than-expected consumer demand to raise prices.
Due to limited pricing power, even firms that managed to pass on some of the elevated costs to customers had to absorb a portion in their margins or find cost-cutting measures. Examples included a delay in wage increases or a pause on projects and equipment purchases. Many with compressed margins expressed they "just hope it's temporary." Competitive dynamics for pricing also came up often.
Cost and price pressures weren't one and done. Similarly to their 2025 comments about tariffs, firms noted that cost pressures don't all materialize immediately. They expected additional cost pressures to occur as contracts, hedges, and inventories run out over the summer. Further, firms pointed to long transit times for consumer goods imported from abroad, highlighting that prices won't reflect full conflict-related disruption until later this year and into 2027.
Looking Forward: Where Are We Headed?
This cycle, we'll continue to monitor many of the same questions: Do consumers continue to find ways to manage higher prices, or will signs of increased strain multiply? Do cost pressures intensify or ease for businesses, and to what extent are they able to pass along higher costs? How do firms deal with margin pressure? Do they pull back on labor?
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Combined with widely available data, our in-house surveys, and the Beige Book, this on-the-ground sensing will help shape our understanding of the economy today and where it is headed.
Views expressed are those of the author(s) and do not necessarily reflect those of the Federal Reserve Bank of Richmond or the Federal Reserve System.
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Original text here: https://www.richmondfed.org/region_communities/regional_data_analysis/regional_matters/2026/what_businesses_are_saying_surpisingly_solid_demand_signs_of_strain_persist
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What Businesses Are Saying: Surprisingly Solid Demand but Signs of Strain Persist
Economic sensing provides us with real-time information on business and consumer decisions. These insights help us regularly keep a pulse on the economy, and they are particularly helpful in times of economic change, such as during the conflict in the Middle East. In this post, we draw from dozens of conversations with businesses from early ... Show Full Article RICHMOND, Virginia, June 23 -- The Federal Reserve Bank of Richmond issued the following Regional Matters analysis by R. Andrew Bauer, Renee Haltom and Matthew Martin: * * * What Businesses Are Saying: Surprisingly Solid Demand but Signs of Strain Persist Economic sensing provides us with real-time information on business and consumer decisions. These insights help us regularly keep a pulse on the economy, and they are particularly helpful in times of economic change, such as during the conflict in the Middle East. In this post, we draw from dozens of conversations with businesses from earlyMay to early June.
Overall Momentum: Facing Higher Gas Prices, Did Consumers Pull Back Elsewhere?
Demand held up broadly, along with concerns over its sustainability. Many firms shared that recent spending patterns continued, with consumers spending but trading down. Some firms offered likely explanations for stable demand despite high gas prices; for example, hospitality executives in the Carolinas pointed to movement away from international travel given elevated flight prices. Many others, however, expressed surprise and even confusion at the continued resilience. One executive noted, "We keep expecting to see a big correction with the American consumer ever since COVID-19. And we haven't." Another shared they continued to watch the consumer to see when they "finally pull the ripcord." Several firms questioned what would happen to demand as tax refunds dwindled.
Signs of strain continued to gradually emerge among consumers. For most firms, sustainability concerns stemmed largely from consumers facing mounting challenges in recent years rather than specific signs of consumer weakness. Some firms, however, did point to specific signs of strain. Several consumer-debt executives flagged that more consumers were strategically delaying their payments -- taking longer to pay back debt while doing so in time to avoid defaults and preserve credit scores. A few firms shared examples of consumers dragging their feet on big-ticket items or travel, which had resulted in more last-minute bookings.
Labor: Facing Higher Costs, Did Firms Look to Labor Cuts for Relief?
The labor market remained steady, with a slight lean toward hiring on one-off cases. Most firms reported plans to keep headcount steady through the end of the year. For some, demand was either flat or not strong enough to justify expansion. A few firms planned for growth without any additional staff, thanks to expected productivity improvements. As in previous years, firms dependent on skilled trades faced a unique issue: They expected headcount to remain flat due to a lack of qualified talent to hire.
Many of the firms that expected headcount to increase by the end of the year pointed primarily to one-off, strategic reasons (e.g., artificial intelligence (AI) adoption, reorganizations). However, the Carolinas again reported outsized hiring resulting from the region's outsized growth. The same was true with firms in health care, energy and defense, as well as those affected by data center-related activity.
Few signs of imminent AI-related labor cuts. Firms were more likely to expect AI to grow output and margins than to spark layoffs. Several firms cited tangible productivity gains from AI adoption, and more were expected. Instead of layoffs, those gains largely seemed to result in reduced hiring. With AI freeing up capacity, several firms planned to or already reallocated their existing workforce to produce more with the same staff. For most firms, these efforts improved margins. One services firm reported using those gains to lower prices and stay competitive. Several firms noted considerable resistance among staff toward AI adoption presumably out of fear for their job security. A staffing firm flagged that a few firms had started to rehire for positions they had initially eliminated due to too lofty AI aspirations.
Pricing: Were Firms Able to Pass Along Elevated Costs?
Limited pricing power constrained pass-through and pressured margins as cost pressures intensified. Many firms noted they were passing on some costs, with fuel surcharges being the most common example. Like in prior months, business-to-consumer firms (B2C) felt less able to raise prices than business-to-business (B2B) firms. There were some exceptions, however, such as a few B2B firms struggling to continue passing through costs, and some B2C firms taking advantage of stronger-than-expected consumer demand to raise prices.
Due to limited pricing power, even firms that managed to pass on some of the elevated costs to customers had to absorb a portion in their margins or find cost-cutting measures. Examples included a delay in wage increases or a pause on projects and equipment purchases. Many with compressed margins expressed they "just hope it's temporary." Competitive dynamics for pricing also came up often.
Cost and price pressures weren't one and done. Similarly to their 2025 comments about tariffs, firms noted that cost pressures don't all materialize immediately. They expected additional cost pressures to occur as contracts, hedges, and inventories run out over the summer. Further, firms pointed to long transit times for consumer goods imported from abroad, highlighting that prices won't reflect full conflict-related disruption until later this year and into 2027.
Looking Forward: Where Are We Headed?
This cycle, we'll continue to monitor many of the same questions: Do consumers continue to find ways to manage higher prices, or will signs of increased strain multiply? Do cost pressures intensify or ease for businesses, and to what extent are they able to pass along higher costs? How do firms deal with margin pressure? Do they pull back on labor?
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Combined with widely available data, our in-house surveys, and the Beige Book, this on-the-ground sensing will help shape our understanding of the economy today and where it is headed.
Views expressed are those of the author(s) and do not necessarily reflect those of the Federal Reserve Bank of Richmond or the Federal Reserve System.
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Original text here: https://www.richmondfed.org/region_communities/regional_data_analysis/regional_matters/2026/what_businesses_are_saying_surpisingly_solid_demand_signs_of_strain_persist
Fed: Retail Sweep Behavior Since the Elimination of Reserve Requirements
WASHINGTON, June 23 -- The Federal Reserve issued the following Fed Notes article:
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Retail Sweep Behavior Since the Elimination of Reserve Requirements/1
By Mary-Frances Styczynski
Introduction
Retail sweeps emerged in the 1990s as a way for depository institutions (DIs) to reduce the cost of satisfying federally mandated reserve requirements./2 Retail sweeps grew, even as the cost of satisfying reserve requirements was minimized with the beginning of interest on reserves in 2008. It wasn't until reserve requirements were effectively eliminated in March 2020 that retail sweep programs ... Show Full Article WASHINGTON, June 23 -- The Federal Reserve issued the following Fed Notes article: * * * Retail Sweep Behavior Since the Elimination of Reserve Requirements/1 By Mary-Frances Styczynski Introduction Retail sweeps emerged in the 1990s as a way for depository institutions (DIs) to reduce the cost of satisfying federally mandated reserve requirements./2 Retail sweeps grew, even as the cost of satisfying reserve requirements was minimized with the beginning of interest on reserves in 2008. It wasn't until reserve requirements were effectively eliminated in March 2020 that retail sweep programsbegan to unwind. This note tracks the rise of sweep programs to the beginning of their unwind. The note goes on to predict how the further unwind of sweep programs may play out and how the changes affect the U.S. monetary aggregates.
Background
Reserve requirements are a monetary policy tool that the Federal Reserve used prior to March 2020 to establish demand for balances held at the Federal Reserve. Up until March 15, 2020, the Federal Reserve required DIs to maintain reserve requirements, or a proportion of their reservable liabilities in the form of vault cash or balances in an account at a Federal Reserve Bank. As vault cash and balances at the Federal Reserve earned no interest prior to 2008, DIs developed strategies over time to minimize their reserve requirements. A popular strategy to minimize reserve requirements emerged in the mid-1990s, called the retail sweep.
Retail sweep programs remained popular even after the Federal Reserve took steps to reduce the cost of holding reserve requirements. In 2008, the Federal Reserve began to pay interest on reserve balance requirements- the portion of reserve requirements not covered by vault cash. In theory, the payment of interest should have diminished the benefit to a DI of engaging in reserve avoidance. In practice, however, the Federal Reserve did not observe any meaningful change in sweep activity.
Mechanics of a retail sweep
In a retail sweep, a DI dynamically reclassifies funds from customers' accounts that are subject to reserve requirements (such as checking accounts) to those that are not subject to reserve requirements (like savings accounts), while leaving the customers' views of their liquidity at the DI completely unchanged./3 If operated properly, a retail sweep program should reduce a DI's reserve requirement without interfering with its customers' day-to-day activity./4 So, a customer's balance would remain unchanged while on the DI's books and records, the funds would have moved from checking to savings. The deposits on the DI's books and records would then be reported on the FR 2900 report form, which is collected by the Federal Reserve to compute reserve requirements and measure the monetary aggregates./5 The FR 2900 data would reflect the impact of retail sweeps rather than what the DIs communicate to their customers. Other regulatory reports, such as the quarterly reports of financial condition (Call Reports) would also be affected by retail sweeps./6
Retail Sweep Trends 1990s to March 2020
While there are no official statistics on retail sweeps, the Federal Reserve used to maintain estimates of initial amounts swept by DIs that reported the FR 2900 from January 1994 to April 2012. Over this period, the Federal Reserve informally gathered data on the type, amount, and start date of a DI's retail sweep program. I use this data to measure the number of DIs that started sweeping and the dollar value of the sweep for each year in this period. The data suggest that, over time, retail sweep programs grew in popularity (Figure 1) and DIs swept larger and larger amounts of deposits from checking accounts (also referred to as demand deposits) to savings (Figure 2). By the end of the data series in April 2012, over 3,000 DIs had started a retail sweep program, and cumulative, monthly average sweeps totaled $800 billion. To put this number in perspective, in April 2012, total demand deposits averaged around $2 trillion./7
Figure 1. Number of Retail Sweepers, Cumulative Counts Yearend 1994 to April 2012
Figure 2. Initial Amounts of Retail Sweeps, Cumulative Amounts for Jan 1994 to April 2012
These estimates are based on initial amounts swept at the start of a retail sweep program. The amount swept each month after the initial sweep is expected to grow over time as DIs deposit base expands. So, by March 2020, when reserve requirements were eliminated, the total value of DIs retail sweeps was likely much higher than $800 billion.
Retail Sweep Behavior Since April 2020
In March 2020, the Board of Governors effectively eliminated reserve requirements on all DIs by lowering reserve ratios applied to transaction accounts to zero./8 This signaled to the banking industry that reserve requirements are not an important tool for monetary policy implementation in an ample reserves regime. From a DI's perspective, the sole benefit from engaging in retail sweeps disappeared and DIs were left only with the costs of maintaining the reserve requirement avoidance infrastructure. Some DIs decided to end their retail sweep programs while others continued to rely on their sweep programs. In the next section, I attempt to quantify the amount of retail sweep programs that were ended.
Identifying Retail Sweepers and their Status
To assess the status of retail sweeping activity, I identify the DIs engaged in retail sweeping, and within that group, identify the DIs that ended their retail sweep programs since April 2020--the first full month when reserve requirements were set to zero. My identification process is as follows. I start with a list of DIs that file the FR 2900 (n ~ 1,000)./9 I cross reference this list with a list of DIs that had initiated a sweep program at some point between January 1994 and April 2012. I also examine text remarks that are submitted by DIs with their FR 2900 reports to explain unusual movements in their data. The lifecycle of a retail sweep--while routine--does result in unusual movements in FR 2900 data that must be explained. I analyze text remarks received from April 2020 to February 2026 for mentions of retail sweep activity./10 Based on these steps, I identify 560 DIs that have been engaged in retail sweeping at some point from April 2020 to February 2026. This represents around 60 percent of the DIs that file the FR 2900. This identification approach likely undercounts the true population of DIs with retail sweep programs. Currently, there are over 8,000 DIs in operation in the U.S. and not all of them file the FR 2900. While my approach likely undercounts the total number of DIs sweeping, it captures the largest deposit holders in the United States that are likely to be sweeping a large volume of deposits.
Using the text remarks, I'm also able to identify DIs that have ended their retail sweep programs. Of the 560 DIs that I identify as being sweepers between April 2020 and February 2026, 175 DIs have discontinued their retail sweep programs over the same time period (Table 1). The decommissioning of retail sweep programs did not happen all at once (Figure 3). In 2021, there was a distinct increase in the number of DIs ending their retail sweep programs. Many of these DIs could have decommissioned their retail sweep programs at the same time as they were modifying their reporting infrastructure for the revised FR 2900 report form, which took effect April 6, 2021. The infrastructure supporting retail sweeps--whether designed internally or based on third-party software--is often embedded deeply in a DI's day-to-day processes and requires careful planning to turn off. Several DIs noted that they timed the ending of their sweep program to minimize operational risks and avoid complications with reporting. A number of DIs continue to engage in retail sweeps despite there being no economic incentive to do so. The reason for the persistent sweeping is not well understood. Retail sweeps may persist today because these programs are embedded deeply in DIs back-end processing and ending them would require time and resources to implement.
Table 1. Stock of Banks Engaged in Retail Sweeping
Figure 3. Number of Institutions that Ended Retail Sweeps, Cumulative Counts Yearend 2020 to February 2026
Leveraging the information in text remarks, I am able to estimate the amount of deposits that were reclassified from savings to demand deposits when a DI ended their retail sweep program. I find that between April 2020 and February 2026 about $1.5 trillion in savings deposits were reclassified as demand deposits due to the end of a retail sweep program (Table 2). Large DIs, those with deposits greater than or equal to $20 billion, account for most of the reclassified balances. This finding is consistent with large DIs having a larger deposit base from which to sweep.
Table 2. Summary Statistics for Depository Institutions that Discontinued Retail Sweep Programs
Table 3 presents the reclassification amounts by type of DI. DIs are grouped into three categories: commercial banks, which include U.S. branches and agencies of foreign banks; thrifts, which cover federal savings banks and savings and loan institutions; and credit unions. Commercial banks account for over 80 percent of the total number of DIs that ended their sweep programs and the total amount reclassified.
Table 3. Breakdown Depository Institutions that Ended Sweep Program by Type
Figure 4 plots the cumulative value of reclassified deposits by month. There are three distinctive increases in the time series: May/June 2022, November 2020, and November 2025. The reclassifications were broad based--more than one DI discontinued its retail sweep program at each point. However, all three events involved a large DI ending their sweep program.
Figure 4. Amount of Deposits Reclassified After Discontinuance of Retail Sweep Programs, Cumulative Amounts from April 2020 to February 2026
Retail Sweeps in the Future
It is challenging to know if and when the remaining DIs will cease their retail sweep programs and by how much. I attempt to quantify the amount left to be reclassified by DI size based on data from Tables 1 and 2. For the lower range of this estimate, I multiply the number of DIs that continue to sweep by the value of deposits reclassified at the 25th percentile. The top of the range is generated the same way except I use the amount of funds reclassified for the DI at the 75th percentile. Based on this approach, the amount of funds to be reclassified because of the discontinuance of retail sweep programs are estimated to range between $526 billion and $2.4 trillion. The amount left to be reclassified is likely to be closer to the top of the range because a number of large DIs--those with deposit levels greater than $20 billion--have yet to discontinue their sweep programs. Overall, the estimates suggest that the volume of deposits to be reclassified from savings to demand deposits is likely to be significant.
Impact on the Monetary Aggregates
As discussed earlier, retail sweeping affects how DIs report their deposits on the FR 2900. The FR 2900 is a main input into the calculation of the U.S. monetary aggregates, which are made available to the public on the H.6 Statistical Release. For the aggregates, total M1 and M2 are unaffected by retail sweeps. However, the components of M1, demand deposits adjusted and other liquid deposits, would be affected by the reclassification.
Savings deposits are captured in the other liquid deposit component of M1. Demand deposits balances are included in either demand deposits adjusted or other liquid deposits based on the type of DI issuing them. If demand deposits are issued by commercial banks, then these deposits are included in the demand deposit adjusted component of M1. If they are issued by thrifts or credit unions, then they are aggregated with savings in the other liquid deposit component of M1. Given this configuration, the discontinuance of a retail sweep program will be visible at the component level if it involves a commercial bank.
Based on my estimates, commercial banks reclassified $1.2 trillion of savings deposits to demand deposits between April 2020 and February 2026. Over the same period, total demand deposits adjusted as reported on the H.6 statistical release increased by $4.8 trillion. Taken together, 25 percent of the rise in demand deposits adjusted can be explained by the unwind of retail sweep programs rather than meaningful economic activity. The impact of the reclassification on other liquid deposits is even larger. For data through February 2026, other liquid deposits decreased by $2.1 trillion and $1.2 trillion of this was due to the decommissioning of a retail sweep program.
As noted earlier, other data sources, such as the Call Reports, are affected by retail sweep activity. The unwinding of a retail sweep program will be visible in other statistical releases that rely on the Call Reports, such as the flow of funds (Z.1 statistical release). My estimates of the amount of funds reclassified can be used to differentiate between activity related to the ending of a retail sweep and customer activity.
Conclusion
Since April 2020, DIs have been reassessing the need to maintain their retail sweep programs--a popular tool for minimizing reserve requirements. Some DIs have ended their programs. Based on my estimates, 175 DIs have ended their retail sweep programs, reclassifying around $1.5 trillion from savings deposits to demand deposits. Many DIs continue to sweep despite the change in incentives. A back of the envelop calculation suggests that as much as $2.4 trillion may be left to reclassify. Tracking changes in retail sweeps is important because the Federal Reserve makes data on aggregate savings deposits and demand deposits available to the public through the publication of the monetary aggregates. Other data releases, such as the flow of funds, are also affected. This note helps shed some light on DI behavior that is driving movements in data reported to the public.
* * *
1. The note conveys the author's own view, not that of anyone else associated with the Federal Reserve Board or the Federal Reserve system. I'd like to thank Marnie DeBoer, Courtney Demartini, Heather Ford, Lyle Kumasaka, Matt Malloy, and Francis Martinez for helpful comments. Return to text
2. Depository institutions include commercial banks, savings and loan associations, credit unions, and U.S. branches and agencies of foreign banks. Return to text
3. Due to changes to Regulation D in April 2020, deposits where a DI reserves the right of 7-day written notice (such as savings deposits) are reservable and thus would be subject to reserve requirements. Return to text
4. To be considered "valid," a bank's retail sweep program had to meet key criteria established by the Federal Reserve Board in its May 2007 legal guidance (available https://www.federalreserve.gov/boarddocs/legalint/federalreserveact/2007/20070501/20070501.pdf). Return to text
5. For more information on the FR 2900, please refer to https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_2900_(Commercial_Banks). On the FR 2900, savings deposits were reported in item C.1 before April 12, 2021 and item A2 thereafter. Demand deposits were reported in A.1.c before April 12, 2021 and item A1 thereafter. Return to text
6. Call Reports refer to the FFIEC 002, 031, 041, and 051 report forms. Return to text
7. On the H.6 Statistical Release, demand deposits are captured in M1 components demand deposits adjusted and other checkable deposits. April 2012 data are sourced from: Board of Governors of the Federal Reserve System (US), Demand Deposits [DEMDEPNS] and Total Checkable Deposits (DISCONTINUED) [TCDNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DEMDEPNS, April 10, 2026. Return to text
8. The Federal Reserve announced its decision to reduce reserve ratios to zero in a press release issued on March 15, 2020. (https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm). Return to text
9. The list is identified as of March 3, 2026. Return to text
10. I used artificial intelligence to analyze text remarks. Return to text
Please cite this note as:
Styczynski, Mary-Frances (2026). "Retail Sweep Behavior Since the Elimination of Reserve Requirements," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, June 22, 2026, https://doi.org/10.17016/2380-7172.4087.
Disclaimer: FEDS Notes are articles in which Board staff offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers and IFDP papers.
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Original text here: https://www.federalreserve.gov/econres/notes/feds-notes/retail-sweep-behavior-since-the-elimination-of-reserve-requirements-20260622.html
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Retail Sweep Behavior Since the Elimination of Reserve Requirements/1
By Mary-Frances Styczynski
Introduction
Retail sweeps emerged in the 1990s as a way for depository institutions (DIs) to reduce the cost of satisfying federally mandated reserve requirements./2 Retail sweeps grew, even as the cost of satisfying reserve requirements was minimized with the beginning of interest on reserves in 2008. It wasn't until reserve requirements were effectively eliminated in March 2020 that retail sweep programs ... Show Full Article WASHINGTON, June 23 -- The Federal Reserve issued the following Fed Notes article: * * * Retail Sweep Behavior Since the Elimination of Reserve Requirements/1 By Mary-Frances Styczynski Introduction Retail sweeps emerged in the 1990s as a way for depository institutions (DIs) to reduce the cost of satisfying federally mandated reserve requirements./2 Retail sweeps grew, even as the cost of satisfying reserve requirements was minimized with the beginning of interest on reserves in 2008. It wasn't until reserve requirements were effectively eliminated in March 2020 that retail sweep programsbegan to unwind. This note tracks the rise of sweep programs to the beginning of their unwind. The note goes on to predict how the further unwind of sweep programs may play out and how the changes affect the U.S. monetary aggregates.
Background
Reserve requirements are a monetary policy tool that the Federal Reserve used prior to March 2020 to establish demand for balances held at the Federal Reserve. Up until March 15, 2020, the Federal Reserve required DIs to maintain reserve requirements, or a proportion of their reservable liabilities in the form of vault cash or balances in an account at a Federal Reserve Bank. As vault cash and balances at the Federal Reserve earned no interest prior to 2008, DIs developed strategies over time to minimize their reserve requirements. A popular strategy to minimize reserve requirements emerged in the mid-1990s, called the retail sweep.
Retail sweep programs remained popular even after the Federal Reserve took steps to reduce the cost of holding reserve requirements. In 2008, the Federal Reserve began to pay interest on reserve balance requirements- the portion of reserve requirements not covered by vault cash. In theory, the payment of interest should have diminished the benefit to a DI of engaging in reserve avoidance. In practice, however, the Federal Reserve did not observe any meaningful change in sweep activity.
Mechanics of a retail sweep
In a retail sweep, a DI dynamically reclassifies funds from customers' accounts that are subject to reserve requirements (such as checking accounts) to those that are not subject to reserve requirements (like savings accounts), while leaving the customers' views of their liquidity at the DI completely unchanged./3 If operated properly, a retail sweep program should reduce a DI's reserve requirement without interfering with its customers' day-to-day activity./4 So, a customer's balance would remain unchanged while on the DI's books and records, the funds would have moved from checking to savings. The deposits on the DI's books and records would then be reported on the FR 2900 report form, which is collected by the Federal Reserve to compute reserve requirements and measure the monetary aggregates./5 The FR 2900 data would reflect the impact of retail sweeps rather than what the DIs communicate to their customers. Other regulatory reports, such as the quarterly reports of financial condition (Call Reports) would also be affected by retail sweeps./6
Retail Sweep Trends 1990s to March 2020
While there are no official statistics on retail sweeps, the Federal Reserve used to maintain estimates of initial amounts swept by DIs that reported the FR 2900 from January 1994 to April 2012. Over this period, the Federal Reserve informally gathered data on the type, amount, and start date of a DI's retail sweep program. I use this data to measure the number of DIs that started sweeping and the dollar value of the sweep for each year in this period. The data suggest that, over time, retail sweep programs grew in popularity (Figure 1) and DIs swept larger and larger amounts of deposits from checking accounts (also referred to as demand deposits) to savings (Figure 2). By the end of the data series in April 2012, over 3,000 DIs had started a retail sweep program, and cumulative, monthly average sweeps totaled $800 billion. To put this number in perspective, in April 2012, total demand deposits averaged around $2 trillion./7
Figure 1. Number of Retail Sweepers, Cumulative Counts Yearend 1994 to April 2012
Figure 2. Initial Amounts of Retail Sweeps, Cumulative Amounts for Jan 1994 to April 2012
These estimates are based on initial amounts swept at the start of a retail sweep program. The amount swept each month after the initial sweep is expected to grow over time as DIs deposit base expands. So, by March 2020, when reserve requirements were eliminated, the total value of DIs retail sweeps was likely much higher than $800 billion.
Retail Sweep Behavior Since April 2020
In March 2020, the Board of Governors effectively eliminated reserve requirements on all DIs by lowering reserve ratios applied to transaction accounts to zero./8 This signaled to the banking industry that reserve requirements are not an important tool for monetary policy implementation in an ample reserves regime. From a DI's perspective, the sole benefit from engaging in retail sweeps disappeared and DIs were left only with the costs of maintaining the reserve requirement avoidance infrastructure. Some DIs decided to end their retail sweep programs while others continued to rely on their sweep programs. In the next section, I attempt to quantify the amount of retail sweep programs that were ended.
Identifying Retail Sweepers and their Status
To assess the status of retail sweeping activity, I identify the DIs engaged in retail sweeping, and within that group, identify the DIs that ended their retail sweep programs since April 2020--the first full month when reserve requirements were set to zero. My identification process is as follows. I start with a list of DIs that file the FR 2900 (n ~ 1,000)./9 I cross reference this list with a list of DIs that had initiated a sweep program at some point between January 1994 and April 2012. I also examine text remarks that are submitted by DIs with their FR 2900 reports to explain unusual movements in their data. The lifecycle of a retail sweep--while routine--does result in unusual movements in FR 2900 data that must be explained. I analyze text remarks received from April 2020 to February 2026 for mentions of retail sweep activity./10 Based on these steps, I identify 560 DIs that have been engaged in retail sweeping at some point from April 2020 to February 2026. This represents around 60 percent of the DIs that file the FR 2900. This identification approach likely undercounts the true population of DIs with retail sweep programs. Currently, there are over 8,000 DIs in operation in the U.S. and not all of them file the FR 2900. While my approach likely undercounts the total number of DIs sweeping, it captures the largest deposit holders in the United States that are likely to be sweeping a large volume of deposits.
Using the text remarks, I'm also able to identify DIs that have ended their retail sweep programs. Of the 560 DIs that I identify as being sweepers between April 2020 and February 2026, 175 DIs have discontinued their retail sweep programs over the same time period (Table 1). The decommissioning of retail sweep programs did not happen all at once (Figure 3). In 2021, there was a distinct increase in the number of DIs ending their retail sweep programs. Many of these DIs could have decommissioned their retail sweep programs at the same time as they were modifying their reporting infrastructure for the revised FR 2900 report form, which took effect April 6, 2021. The infrastructure supporting retail sweeps--whether designed internally or based on third-party software--is often embedded deeply in a DI's day-to-day processes and requires careful planning to turn off. Several DIs noted that they timed the ending of their sweep program to minimize operational risks and avoid complications with reporting. A number of DIs continue to engage in retail sweeps despite there being no economic incentive to do so. The reason for the persistent sweeping is not well understood. Retail sweeps may persist today because these programs are embedded deeply in DIs back-end processing and ending them would require time and resources to implement.
Table 1. Stock of Banks Engaged in Retail Sweeping
Figure 3. Number of Institutions that Ended Retail Sweeps, Cumulative Counts Yearend 2020 to February 2026
Leveraging the information in text remarks, I am able to estimate the amount of deposits that were reclassified from savings to demand deposits when a DI ended their retail sweep program. I find that between April 2020 and February 2026 about $1.5 trillion in savings deposits were reclassified as demand deposits due to the end of a retail sweep program (Table 2). Large DIs, those with deposits greater than or equal to $20 billion, account for most of the reclassified balances. This finding is consistent with large DIs having a larger deposit base from which to sweep.
Table 2. Summary Statistics for Depository Institutions that Discontinued Retail Sweep Programs
Table 3 presents the reclassification amounts by type of DI. DIs are grouped into three categories: commercial banks, which include U.S. branches and agencies of foreign banks; thrifts, which cover federal savings banks and savings and loan institutions; and credit unions. Commercial banks account for over 80 percent of the total number of DIs that ended their sweep programs and the total amount reclassified.
Table 3. Breakdown Depository Institutions that Ended Sweep Program by Type
Figure 4 plots the cumulative value of reclassified deposits by month. There are three distinctive increases in the time series: May/June 2022, November 2020, and November 2025. The reclassifications were broad based--more than one DI discontinued its retail sweep program at each point. However, all three events involved a large DI ending their sweep program.
Figure 4. Amount of Deposits Reclassified After Discontinuance of Retail Sweep Programs, Cumulative Amounts from April 2020 to February 2026
Retail Sweeps in the Future
It is challenging to know if and when the remaining DIs will cease their retail sweep programs and by how much. I attempt to quantify the amount left to be reclassified by DI size based on data from Tables 1 and 2. For the lower range of this estimate, I multiply the number of DIs that continue to sweep by the value of deposits reclassified at the 25th percentile. The top of the range is generated the same way except I use the amount of funds reclassified for the DI at the 75th percentile. Based on this approach, the amount of funds to be reclassified because of the discontinuance of retail sweep programs are estimated to range between $526 billion and $2.4 trillion. The amount left to be reclassified is likely to be closer to the top of the range because a number of large DIs--those with deposit levels greater than $20 billion--have yet to discontinue their sweep programs. Overall, the estimates suggest that the volume of deposits to be reclassified from savings to demand deposits is likely to be significant.
Impact on the Monetary Aggregates
As discussed earlier, retail sweeping affects how DIs report their deposits on the FR 2900. The FR 2900 is a main input into the calculation of the U.S. monetary aggregates, which are made available to the public on the H.6 Statistical Release. For the aggregates, total M1 and M2 are unaffected by retail sweeps. However, the components of M1, demand deposits adjusted and other liquid deposits, would be affected by the reclassification.
Savings deposits are captured in the other liquid deposit component of M1. Demand deposits balances are included in either demand deposits adjusted or other liquid deposits based on the type of DI issuing them. If demand deposits are issued by commercial banks, then these deposits are included in the demand deposit adjusted component of M1. If they are issued by thrifts or credit unions, then they are aggregated with savings in the other liquid deposit component of M1. Given this configuration, the discontinuance of a retail sweep program will be visible at the component level if it involves a commercial bank.
Based on my estimates, commercial banks reclassified $1.2 trillion of savings deposits to demand deposits between April 2020 and February 2026. Over the same period, total demand deposits adjusted as reported on the H.6 statistical release increased by $4.8 trillion. Taken together, 25 percent of the rise in demand deposits adjusted can be explained by the unwind of retail sweep programs rather than meaningful economic activity. The impact of the reclassification on other liquid deposits is even larger. For data through February 2026, other liquid deposits decreased by $2.1 trillion and $1.2 trillion of this was due to the decommissioning of a retail sweep program.
As noted earlier, other data sources, such as the Call Reports, are affected by retail sweep activity. The unwinding of a retail sweep program will be visible in other statistical releases that rely on the Call Reports, such as the flow of funds (Z.1 statistical release). My estimates of the amount of funds reclassified can be used to differentiate between activity related to the ending of a retail sweep and customer activity.
Conclusion
Since April 2020, DIs have been reassessing the need to maintain their retail sweep programs--a popular tool for minimizing reserve requirements. Some DIs have ended their programs. Based on my estimates, 175 DIs have ended their retail sweep programs, reclassifying around $1.5 trillion from savings deposits to demand deposits. Many DIs continue to sweep despite the change in incentives. A back of the envelop calculation suggests that as much as $2.4 trillion may be left to reclassify. Tracking changes in retail sweeps is important because the Federal Reserve makes data on aggregate savings deposits and demand deposits available to the public through the publication of the monetary aggregates. Other data releases, such as the flow of funds, are also affected. This note helps shed some light on DI behavior that is driving movements in data reported to the public.
* * *
1. The note conveys the author's own view, not that of anyone else associated with the Federal Reserve Board or the Federal Reserve system. I'd like to thank Marnie DeBoer, Courtney Demartini, Heather Ford, Lyle Kumasaka, Matt Malloy, and Francis Martinez for helpful comments. Return to text
2. Depository institutions include commercial banks, savings and loan associations, credit unions, and U.S. branches and agencies of foreign banks. Return to text
3. Due to changes to Regulation D in April 2020, deposits where a DI reserves the right of 7-day written notice (such as savings deposits) are reservable and thus would be subject to reserve requirements. Return to text
4. To be considered "valid," a bank's retail sweep program had to meet key criteria established by the Federal Reserve Board in its May 2007 legal guidance (available https://www.federalreserve.gov/boarddocs/legalint/federalreserveact/2007/20070501/20070501.pdf). Return to text
5. For more information on the FR 2900, please refer to https://www.federalreserve.gov/apps/reportingforms/Report/Index/FR_2900_(Commercial_Banks). On the FR 2900, savings deposits were reported in item C.1 before April 12, 2021 and item A2 thereafter. Demand deposits were reported in A.1.c before April 12, 2021 and item A1 thereafter. Return to text
6. Call Reports refer to the FFIEC 002, 031, 041, and 051 report forms. Return to text
7. On the H.6 Statistical Release, demand deposits are captured in M1 components demand deposits adjusted and other checkable deposits. April 2012 data are sourced from: Board of Governors of the Federal Reserve System (US), Demand Deposits [DEMDEPNS] and Total Checkable Deposits (DISCONTINUED) [TCDNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DEMDEPNS, April 10, 2026. Return to text
8. The Federal Reserve announced its decision to reduce reserve ratios to zero in a press release issued on March 15, 2020. (https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm). Return to text
9. The list is identified as of March 3, 2026. Return to text
10. I used artificial intelligence to analyze text remarks. Return to text
Please cite this note as:
Styczynski, Mary-Frances (2026). "Retail Sweep Behavior Since the Elimination of Reserve Requirements," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, June 22, 2026, https://doi.org/10.17016/2380-7172.4087.
Disclaimer: FEDS Notes are articles in which Board staff offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers and IFDP papers.
* * *
Original text here: https://www.federalreserve.gov/econres/notes/feds-notes/retail-sweep-behavior-since-the-elimination-of-reserve-requirements-20260622.html
DOE Argonne National Laboratory: Superconducting Temperature Record Set at Ordinary Pressures
ARGONNE, Illinois, June 23 (TNSjou) -- The U.S. Department of Energy Argonne National Laboratory issued the following news release:
* * *
Superconducting temperature record set at ordinary pressures
Argonne's Advanced Photon Source revealed underlying mechanism
-
A new record for superconductivity without extreme pressure could pave the way for more efficient energy systems and next-generation technologies.
For more than 30 years, a record in science held firm: minus 220 degrees Fahrenheit. It defined the highest achieved temperature for any material to become superconducting -- able to carry ... Show Full Article ARGONNE, Illinois, June 23 (TNSjou) -- The U.S. Department of Energy Argonne National Laboratory issued the following news release: * * * Superconducting temperature record set at ordinary pressures Argonne's Advanced Photon Source revealed underlying mechanism - A new record for superconductivity without extreme pressure could pave the way for more efficient energy systems and next-generation technologies. For more than 30 years, a record in science held firm: minus 220 degrees Fahrenheit. It defined the highest achieved temperature for any material to become superconducting -- able to carryelectricity with no resistance -- without the need for crushing pressures. In a field known for slow, steady progress, the record had come to seem almost immovable.
That limit has always been daunting because most known superconductors work only at temperatures close to absolute zero -- hundreds of degrees below zero Fahrenheit. Keeping materials so ultracold requires complex and costly cooling systems. This limits where and how these materials can be applied to niche technologies, like MRI scanners and particle accelerators.
Now the record has shifted. Researchers from the University of Houston and the U.S. Department of Energy's (DOE) Argonne National Laboratory have raised that temperature by 30 degrees, to minus 190 degrees Fahrenheit. They did so with a carefully designed oxide made of mercury, barium, calcium and copper, known as a cuprate superconductor.
Higher-temperature superconductors could allow far more efficient generation, delivery and use of electricity. They could also eventually lead to new technologies, such as more practical fusion energy systems and quantum devices.
In earlier work using Argonne's Advanced Photon Source (APS), a DOE Office of Science user facility, scientists reported on a different material that becomes superconducting at temperatures close to room temperature. The drawback was that it worked only under pressures so intense that the material remains impractical outside specialized laboratories.
In the present project, the University of Houston team developed a method known as a pressure-quench protocol to address that challenge. They compressed a cuprate sample inside a diamond anvil cell to pressures approaching 30 gigapascals, about 300 times the pressure at the ocean bottom. Once there, the researchers rapidly released the pressure while preserving the material's superconducting properties.
"This is a major step toward practical superconductors that operate at room temperature and pressure," said Hua Zhou, an Argonne physicist and co-author in the study. "And with this material still superconducting at normal pressure, scientists can study it with widely available instruments and begin developing technologies that work under everyday conditions."
But breaking the record is only part of the story. Understanding why it broke also matters. That is where the APS played a critical role.
The APS beamline 16-ID-B is one of the few in the world able to study materials under such extreme conditions. Its intense, tightly focused X-ray beams allowed scientists to detect subtle changes in the cuprate's internal structure at microscopic scales during the pressure-quench process. These measurements revealed details that would otherwise remain hidden.
As explained by Maddury Somayazulu, an APS group leader at Argonne, applying such high pressure changes the distances between atoms in a material, effectively forcing them into a new arrangement. That process stores energy in the system. If the pressure is released slowly, the atoms have time to relax and return to their normal structure. But when the pressure is removed very quickly, the material can become trapped in a temporary state known as metastable. In that condition, the structure does not fully relax and instead forms many small defects.
These flaws in the orderly arrangement of atoms appear to stabilize the superconducting state. As a result, the cuprate sample can superconduct at higher temperatures without the need for continued pressure.
"That was a key insight in understanding how the pressure-quench process stabilizes the superconducting state," Zhou said.
The findings also highlight the growing importance of advanced light sources such as the APS in modern materials science. Following a major upgrade completed in recent years, the facility now produces X-ray beams up to 500 times brighter and more tightly focused than ever before. These beams can be concentrated to sizes thousands of times smaller than a human hair, allowing researchers to map variations within materials with remarkable precision.
"With the upgraded APS, we can much better connect what happens inside a material at the microscopic level to how it performs in real-world conditions," Somayazulu said. "And that's a big deal."
Funding sources for this research included the Enterprise Science Fund, the State of Texas, U.S. Air Force Office of Scientific Research Grants, T.L.L. Temple Foundation, John J. and Rebecca Moores Endowment and DOE Office of Basic Energy Sciences.
The research first appeared in the Proceedings of the National Academy of Science (https://doi.org/10.1073/pnas.2536178123).
* * *
Joseph E. Harmon is a science writer and editor. He served as writer, editor and communications manager at Argonne for more than four decades, working across multiple research areas. Now a freelance writer for Argonne, he focuses on communications in the physical sciences. As an independent scholar, he has co-authored six books on scientific communication with the late Alan G. Gross.
* * *
About the Advanced Photon Source
The U. S. Department of Energy Office of Science's Advanced Photon Source (APS) at Argonne National Laboratory is one of the world's most productive X-ray light source facilities. The APS provides high-brightness X-ray beams to a diverse community of researchers in materials science, chemistry, condensed matter physics, the life and environmental sciences, and applied research. These X-rays are ideally suited for explorations of materials and biological structures; elemental distribution; chemical, magnetic, electronic states; and a wide range of technologically important engineering systems from batteries to fuel injector sprays, all of which are the foundations of our nation's economic, technological, and physical well-being. Each year, more than 5,000 researchers use the APS to produce over 2,000 publications detailing impactful discoveries, and solve more vital biological protein structures than users of any other X-ray light source research facility. APS scientists and engineers innovate technology that is at the heart of advancing accelerator and light-source operations. This includes the insertion devices that produce extreme-brightness X-rays prized by researchers, lenses that focus the X-rays down to a few nanometers, instrumentation that maximizes the way the X-rays interact with samples being studied, and software that gathers and manages the massive quantity of data resulting from discovery research at the APS.
This research used resources of the Advanced Photon Source, a U.S. DOE Office of Science User Facility operated for the DOE Office of Science by Argonne National Laboratory under Contract No. DE-AC02-06CH11357.
* * *
Argonne National Laboratory seeks solutions to pressing national problems in science and technology by conducting leading-edge basic and applied research in virtually every scientific discipline. Argonne is managed by UChicago Argonne, LLC for the U.S. Department of Energy's Office of Science.
* * *
The U.S. Department of Energy's Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time. For more information, visit https://energy.gov/science.
* * *
Original text here: https://www.anl.gov/article/superconducting-temperature-record-set-at-ordinary-pressures
* * *
Superconducting temperature record set at ordinary pressures
Argonne's Advanced Photon Source revealed underlying mechanism
-
A new record for superconductivity without extreme pressure could pave the way for more efficient energy systems and next-generation technologies.
For more than 30 years, a record in science held firm: minus 220 degrees Fahrenheit. It defined the highest achieved temperature for any material to become superconducting -- able to carry ... Show Full Article ARGONNE, Illinois, June 23 (TNSjou) -- The U.S. Department of Energy Argonne National Laboratory issued the following news release: * * * Superconducting temperature record set at ordinary pressures Argonne's Advanced Photon Source revealed underlying mechanism - A new record for superconductivity without extreme pressure could pave the way for more efficient energy systems and next-generation technologies. For more than 30 years, a record in science held firm: minus 220 degrees Fahrenheit. It defined the highest achieved temperature for any material to become superconducting -- able to carryelectricity with no resistance -- without the need for crushing pressures. In a field known for slow, steady progress, the record had come to seem almost immovable.
That limit has always been daunting because most known superconductors work only at temperatures close to absolute zero -- hundreds of degrees below zero Fahrenheit. Keeping materials so ultracold requires complex and costly cooling systems. This limits where and how these materials can be applied to niche technologies, like MRI scanners and particle accelerators.
Now the record has shifted. Researchers from the University of Houston and the U.S. Department of Energy's (DOE) Argonne National Laboratory have raised that temperature by 30 degrees, to minus 190 degrees Fahrenheit. They did so with a carefully designed oxide made of mercury, barium, calcium and copper, known as a cuprate superconductor.
Higher-temperature superconductors could allow far more efficient generation, delivery and use of electricity. They could also eventually lead to new technologies, such as more practical fusion energy systems and quantum devices.
In earlier work using Argonne's Advanced Photon Source (APS), a DOE Office of Science user facility, scientists reported on a different material that becomes superconducting at temperatures close to room temperature. The drawback was that it worked only under pressures so intense that the material remains impractical outside specialized laboratories.
In the present project, the University of Houston team developed a method known as a pressure-quench protocol to address that challenge. They compressed a cuprate sample inside a diamond anvil cell to pressures approaching 30 gigapascals, about 300 times the pressure at the ocean bottom. Once there, the researchers rapidly released the pressure while preserving the material's superconducting properties.
"This is a major step toward practical superconductors that operate at room temperature and pressure," said Hua Zhou, an Argonne physicist and co-author in the study. "And with this material still superconducting at normal pressure, scientists can study it with widely available instruments and begin developing technologies that work under everyday conditions."
But breaking the record is only part of the story. Understanding why it broke also matters. That is where the APS played a critical role.
The APS beamline 16-ID-B is one of the few in the world able to study materials under such extreme conditions. Its intense, tightly focused X-ray beams allowed scientists to detect subtle changes in the cuprate's internal structure at microscopic scales during the pressure-quench process. These measurements revealed details that would otherwise remain hidden.
As explained by Maddury Somayazulu, an APS group leader at Argonne, applying such high pressure changes the distances between atoms in a material, effectively forcing them into a new arrangement. That process stores energy in the system. If the pressure is released slowly, the atoms have time to relax and return to their normal structure. But when the pressure is removed very quickly, the material can become trapped in a temporary state known as metastable. In that condition, the structure does not fully relax and instead forms many small defects.
These flaws in the orderly arrangement of atoms appear to stabilize the superconducting state. As a result, the cuprate sample can superconduct at higher temperatures without the need for continued pressure.
"That was a key insight in understanding how the pressure-quench process stabilizes the superconducting state," Zhou said.
The findings also highlight the growing importance of advanced light sources such as the APS in modern materials science. Following a major upgrade completed in recent years, the facility now produces X-ray beams up to 500 times brighter and more tightly focused than ever before. These beams can be concentrated to sizes thousands of times smaller than a human hair, allowing researchers to map variations within materials with remarkable precision.
"With the upgraded APS, we can much better connect what happens inside a material at the microscopic level to how it performs in real-world conditions," Somayazulu said. "And that's a big deal."
Funding sources for this research included the Enterprise Science Fund, the State of Texas, U.S. Air Force Office of Scientific Research Grants, T.L.L. Temple Foundation, John J. and Rebecca Moores Endowment and DOE Office of Basic Energy Sciences.
The research first appeared in the Proceedings of the National Academy of Science (https://doi.org/10.1073/pnas.2536178123).
* * *
Joseph E. Harmon is a science writer and editor. He served as writer, editor and communications manager at Argonne for more than four decades, working across multiple research areas. Now a freelance writer for Argonne, he focuses on communications in the physical sciences. As an independent scholar, he has co-authored six books on scientific communication with the late Alan G. Gross.
* * *
About the Advanced Photon Source
The U. S. Department of Energy Office of Science's Advanced Photon Source (APS) at Argonne National Laboratory is one of the world's most productive X-ray light source facilities. The APS provides high-brightness X-ray beams to a diverse community of researchers in materials science, chemistry, condensed matter physics, the life and environmental sciences, and applied research. These X-rays are ideally suited for explorations of materials and biological structures; elemental distribution; chemical, magnetic, electronic states; and a wide range of technologically important engineering systems from batteries to fuel injector sprays, all of which are the foundations of our nation's economic, technological, and physical well-being. Each year, more than 5,000 researchers use the APS to produce over 2,000 publications detailing impactful discoveries, and solve more vital biological protein structures than users of any other X-ray light source research facility. APS scientists and engineers innovate technology that is at the heart of advancing accelerator and light-source operations. This includes the insertion devices that produce extreme-brightness X-rays prized by researchers, lenses that focus the X-rays down to a few nanometers, instrumentation that maximizes the way the X-rays interact with samples being studied, and software that gathers and manages the massive quantity of data resulting from discovery research at the APS.
This research used resources of the Advanced Photon Source, a U.S. DOE Office of Science User Facility operated for the DOE Office of Science by Argonne National Laboratory under Contract No. DE-AC02-06CH11357.
* * *
Argonne National Laboratory seeks solutions to pressing national problems in science and technology by conducting leading-edge basic and applied research in virtually every scientific discipline. Argonne is managed by UChicago Argonne, LLC for the U.S. Department of Energy's Office of Science.
* * *
The U.S. Department of Energy's Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time. For more information, visit https://energy.gov/science.
* * *
Original text here: https://www.anl.gov/article/superconducting-temperature-record-set-at-ordinary-pressures
Comptroller of the Currency Issues Bulletin on GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance - Notice of Proposed Rulemaking
WASHINGTON, June 23 -- The U.S. Department of the Treasury Office of the Comptroller of the Currency issued the following bulletin (No. OCC 2026-28) on June 22, 2026:
* * *
GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance: Notice of Proposed Rulemaking
To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
Summary
The Office of the Comptroller of the Currency (OCC) is issuing a notice of proposed rulemaking ... Show Full Article WASHINGTON, June 23 -- The U.S. Department of the Treasury Office of the Comptroller of the Currency issued the following bulletin (No. OCC 2026-28) on June 22, 2026: * * * GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance: Notice of Proposed Rulemaking To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) is issuing a notice of proposed rulemakingto implement Bank Secrecy Act (BSA) and sanctions compliance standards applicable to OCC-supervised permitted payment stablecoin issuers (PPSI), as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
Comments on the proposed rule will be accepted for 30 days after publication in the Federal Register.
Note for Community Banks
The proposed rule would apply to federal qualified payment stablecoin issuers and to state qualified payment stablecoin issuers for which the OCC has regulatory or enforcement authority pursuant to the GENIUS Act.
Highlights
The proposed rule would
* require OCC-supervised PPSIs to comply with the BSA, sections 4(a)(5) and 4(a)(6)(B) of the GENIUS Act, and applicable regulations issued by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control, including any anti-money laundering and countering the financing of terrorism (AML/CFT) program, sanctions program, and reporting requirements.
* create a supervision and enforcement framework for OCC-supervised PPSIs' AML/CFT programs.
* establish a framework for consultation between the OCC and FinCEN when the OCC intends to initiate an AML/CFT enforcement action or a significant AML/CFT supervisory action.
* permit PPSIs to share with the FinCEN Director certain nonpublic OCC information relating to an existing or potential AML/CFT enforcement action or significant AML/CFT supervisory action.
The OCC seeks comment on all provisions of the proposed rule and aspects of the proposed regulatory framework.
Further Information
Please contact Ji Cheon, Assistant Director; Henry Barkhausen, Counsel; or Melissa Lisenbee, Counsel, Chief Counsel's Office, at (202) 649-5490.
Adam J. Cohen
Senior Deputy Comptroller and Chief Counsel
* * *
Original text here: https://occ.gov/news-issuances/bulletins/2026/bulletin-2026-28.html
* * *
GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance: Notice of Proposed Rulemaking
To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
Summary
The Office of the Comptroller of the Currency (OCC) is issuing a notice of proposed rulemaking ... Show Full Article WASHINGTON, June 23 -- The U.S. Department of the Treasury Office of the Comptroller of the Currency issued the following bulletin (No. OCC 2026-28) on June 22, 2026: * * * GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance: Notice of Proposed Rulemaking To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) is issuing a notice of proposed rulemakingto implement Bank Secrecy Act (BSA) and sanctions compliance standards applicable to OCC-supervised permitted payment stablecoin issuers (PPSI), as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
Comments on the proposed rule will be accepted for 30 days after publication in the Federal Register.
Note for Community Banks
The proposed rule would apply to federal qualified payment stablecoin issuers and to state qualified payment stablecoin issuers for which the OCC has regulatory or enforcement authority pursuant to the GENIUS Act.
Highlights
The proposed rule would
* require OCC-supervised PPSIs to comply with the BSA, sections 4(a)(5) and 4(a)(6)(B) of the GENIUS Act, and applicable regulations issued by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control, including any anti-money laundering and countering the financing of terrorism (AML/CFT) program, sanctions program, and reporting requirements.
* create a supervision and enforcement framework for OCC-supervised PPSIs' AML/CFT programs.
* establish a framework for consultation between the OCC and FinCEN when the OCC intends to initiate an AML/CFT enforcement action or a significant AML/CFT supervisory action.
* permit PPSIs to share with the FinCEN Director certain nonpublic OCC information relating to an existing or potential AML/CFT enforcement action or significant AML/CFT supervisory action.
The OCC seeks comment on all provisions of the proposed rule and aspects of the proposed regulatory framework.
Further Information
Please contact Ji Cheon, Assistant Director; Henry Barkhausen, Counsel; or Melissa Lisenbee, Counsel, Chief Counsel's Office, at (202) 649-5490.
Adam J. Cohen
Senior Deputy Comptroller and Chief Counsel
* * *
Original text here: https://occ.gov/news-issuances/bulletins/2026/bulletin-2026-28.html
Cattail Removal to Continue in Voyageurs National Park to Restore Wetland Habitat
WASHINGTON, June 23 -- The U.S. Department of the Interior National Park Service issued the following news release:
* * *
Cattail Removal to Continue in Voyageurs National Park to Restore Wetland Habitat
INTERNATIONAL FALLS, Minn. -- From July through October 2026 Voyageurs National Park will continue efforts to restore wetland habitat by removing invasive hybrid cattails form within the park. Hybrid cattails have invaded approximately 500 acres of wetlands in Voyageurs, outcompeting important native and diverse plant communities. This long-term project will improve habitat for wildlife, provide ... Show Full Article WASHINGTON, June 23 -- The U.S. Department of the Interior National Park Service issued the following news release: * * * Cattail Removal to Continue in Voyageurs National Park to Restore Wetland Habitat INTERNATIONAL FALLS, Minn. -- From July through October 2026 Voyageurs National Park will continue efforts to restore wetland habitat by removing invasive hybrid cattails form within the park. Hybrid cattails have invaded approximately 500 acres of wetlands in Voyageurs, outcompeting important native and diverse plant communities. This long-term project will improve habitat for wildlife, provideenhanced opportunities for fishing, and help restore wetlands to more ecologically diverse, natural states.
Park staff and contractors will treat affected areas by grinding up mats of floating cattails with a specialized cutting machine and removing the debris using a harvesting barge. The removed plant debris will be deposited on shore, where it will be spread out and left to decay naturally. Some treated areas will also be re-seeded with a native aquatic plant mix.
The initial work will focus on treating problematic floating mats in Black Bay narrows. Additional treatment areas include Gold Portage, as well as Irwin Bay and Mud Bay in Lake Kabetogama.
What visitors can expect:
* Work will occur during daylight hours from July through October.
* Equipment may generate noticeable noise in active treatment areas.
* Temporary containment booms will be placed to prevent plant debris from spreading.
Visitors are asked to avoid entering recently treated wetlands by boat or other watercraft to avoid getting stuck or damaging motors as these areas are naturally shallow, mucky, and will contain remnant cattail debris.
This project is part of the ongoing Voyageurs Wetland Restoration Project, a collaborative effort supported by multiple partners. Funding is provided through sources including the Outdoor Heritage Fund (Clean Water, Land, and Legacy Amendment), Minnesota Environment and Natural Resources Trust Fund, Jefferson National Park Association, The Voyageurs Conservancy, The National Park Foundation, Clean Air Act Settlement Fund, and the National Park Service.
For more information about the project, visit the Voyageurs National Park Wetland Restoration Project (https://go.nps.gov/voya/wetlands) page.
* * *
Original text here: https://www.nps.gov/voya/learn/news/cattail-removal-to-continue-in-voyageurs-national-park-to-restore-wetland-habitat.htm
* * *
Cattail Removal to Continue in Voyageurs National Park to Restore Wetland Habitat
INTERNATIONAL FALLS, Minn. -- From July through October 2026 Voyageurs National Park will continue efforts to restore wetland habitat by removing invasive hybrid cattails form within the park. Hybrid cattails have invaded approximately 500 acres of wetlands in Voyageurs, outcompeting important native and diverse plant communities. This long-term project will improve habitat for wildlife, provide ... Show Full Article WASHINGTON, June 23 -- The U.S. Department of the Interior National Park Service issued the following news release: * * * Cattail Removal to Continue in Voyageurs National Park to Restore Wetland Habitat INTERNATIONAL FALLS, Minn. -- From July through October 2026 Voyageurs National Park will continue efforts to restore wetland habitat by removing invasive hybrid cattails form within the park. Hybrid cattails have invaded approximately 500 acres of wetlands in Voyageurs, outcompeting important native and diverse plant communities. This long-term project will improve habitat for wildlife, provideenhanced opportunities for fishing, and help restore wetlands to more ecologically diverse, natural states.
Park staff and contractors will treat affected areas by grinding up mats of floating cattails with a specialized cutting machine and removing the debris using a harvesting barge. The removed plant debris will be deposited on shore, where it will be spread out and left to decay naturally. Some treated areas will also be re-seeded with a native aquatic plant mix.
The initial work will focus on treating problematic floating mats in Black Bay narrows. Additional treatment areas include Gold Portage, as well as Irwin Bay and Mud Bay in Lake Kabetogama.
What visitors can expect:
* Work will occur during daylight hours from July through October.
* Equipment may generate noticeable noise in active treatment areas.
* Temporary containment booms will be placed to prevent plant debris from spreading.
Visitors are asked to avoid entering recently treated wetlands by boat or other watercraft to avoid getting stuck or damaging motors as these areas are naturally shallow, mucky, and will contain remnant cattail debris.
This project is part of the ongoing Voyageurs Wetland Restoration Project, a collaborative effort supported by multiple partners. Funding is provided through sources including the Outdoor Heritage Fund (Clean Water, Land, and Legacy Amendment), Minnesota Environment and Natural Resources Trust Fund, Jefferson National Park Association, The Voyageurs Conservancy, The National Park Foundation, Clean Air Act Settlement Fund, and the National Park Service.
For more information about the project, visit the Voyageurs National Park Wetland Restoration Project (https://go.nps.gov/voya/wetlands) page.
* * *
Original text here: https://www.nps.gov/voya/learn/news/cattail-removal-to-continue-in-voyageurs-national-park-to-restore-wetland-habitat.htm