Tidbits, Shutdown, Panama Canal, Trade Talks 2/1/26
- Wright team
- 49 minutes ago
- 5 min read
Tidbits
Shutdown: The Senate voted Friday to fund most of the federal government through the end of September, coupled with a temporary, two-week funding extension for the Department of Homeland Security. Since the Senate version of government funding is different from the funding legislation the House passed, the government officially shut down this weekend. The House will be back in session tomorrow to consider the Senate version of funding and is expected to approve it.
Metropolitan Capital Bank & Trust in Chicago was shut down on Friday by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. This is the first U.S. bank failure of 2026. The $261 million asset institution was acquired by Detroit-based First Independence Bank to ensure a seamless transition. The FDIC preliminary estimate is that the failure will cost its Deposit Insurance Fund about $19.7 million.
Iran: The U.S. warned Iran's elite Islamic Revolutionary Guard Corps that they "will not tolerate unsafe" actions in the Strait of Hormuz after Iran announced the holding of two-day naval exercises with live fire in the area starting tomorrow. Ali Shamkhani, a senior Iranian security official and adviser to the supreme leader, said that Iran would adopt an "effective deterrent" response to any act of aggression.
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