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ORLANDO, Fla. — The new House Financial Services Committee chairman leading an investigation into two of the largest bank failures in history said Monday his political team has returned all donations from a fundraiser with bank executives in Signature Bank’s boardroom just days before it collapsed. And the chairman, Rep. Patrick McHenry, R-N.C., pushed back against suggestions that he should recuse himself from the high-profile congressional probe, saying he could not be influenced by campaign cash. “When people contribute to me, it’s an endorsement of my agenda — not the other way around," McHenry told reporters in an off-camera news briefing about the banking collapse. "In this circumstance, we had not processed the contributions, and we returned them all." McHenry, who was joined by other GOP committee chairmen and Speaker Kevin McCarthy, R-Calif., addressed questions about the fundraiser the same day he delivered a private presentation to Republican colleagues abou...

watch now VIDEO 3:08 03:08 Federal Reserve raises interest rates by 50 basis points Power Lunch The Federal Reserve on Wednesday raise d its benchmark interest rate to the highest level in 15 years , indicating that the fight against inflation is not over yet despite some promising signs lately. Keeping with expectations, the rate-setting Federal Open Market Committee voted to boost the overnight borrowing rate half a percentage point, taking it to a targeted range between 4.25% and 4.5%. The increase broke a string of four straight three-quarter point hikes, the most aggressive policy moves since the early 1980s. related investing news The worst of inflation is likely over, but the worst for the economy probably isn't Jeff Cox a day ago Along with the increase came an indication that officials expect to keep rates higher through next year, with no reductions until 2024. The expected "terminal rate," or point where officials expect to end the rate hikes, was put at 5.1...