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The Thursday Express: JPMorgan CEO earns 364x as much as median worker

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The Thursday Express: JPMorgan CEO earns 364x as much as median worker

* The Federal Reserve has raised its key interest rate from 1.5% to 1.75%. At his first news conference, Fed Chairman Jerome Powell said that while inflation appears to be rising toward the central bank's 2% target, the data do not suggest that "we're in the cusp of an acceleration of inflation."

* The House Financial Services Committee advanced eight bills, including one that would make the Fed the exclusive rulemaking and examination authority over the Volcker rule, and another that would push the FDIC to allow depository institutions to offer deposit advance products.

* Congress unveiled its omnibus spending bill which congressional leaders hope to pass before the government shutdown deadline tomorrow.

* JPMorgan Chase disclosed a 2017 CEO pay ratio of 364 to 1, with Chairman and CEO Jamie Dimon getting $28.3 million in total compensation in 2017. In addition, JPMorgan's board is urging shareholders to reject two proposals at the May 15 annual meeting.

* JPMorgan, meanwhile, generated the most global investment banking revenue in 2017, according to a league table released by Coalition.

* Citigroup said that the $325 million in loans that Kushner Cos. secured from the bank in March 2017 was "completely appropriate" even though the loan was made shortly after Jared Kushner met with Citi CEO Michael Corbat at the White House, The Wall Street Journal reports.

* In Kansas, Wamego Bancshares seeks to acquire 100% of the voting shares of St. Marys State Bank.

* Fed Board Associate Director Tom Sullivan said that regulators should be cautious about measuring an insurer's systemic risk by its business activities rather than at a company level.

* And Equity Bancshares hired Craig Anderson as COO and Craig Mayo as chief credit officer.

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