House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02), and Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) have sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler. The lawmakers are demanding the SEC clarify its position regarding Prometheum’s recent announcement that it will offer custody services for Ethereum’s token, Ether (ETH).
The U.S. House of Representatives has passed H.R. 4763, the "Financial Innovation and Technology for the 21st Century Act" (FIT21), marking a significant moment for the digital asset ecosystem in the United States. The legislation aims to provide robust consumer protections and regulatory certainty to foster innovation in digital assets.
Congressman French Hill, Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, testified before the House Committee on Rules in support of H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), and H.R. 5403, the CBDC Anti-Surveillance State Act.
Ranking Member Tim Scott (R-S.C.) and fellow Banking Committee Republican Senator Bill Hagerty (R-Tenn.) have called on Secretary of Commerce Gina Raimondo to withdraw the Bureau of Industry and Security (BIS) interim final rule that restricts the issuance and limits the lifespan of export licenses for firearms, ammunition, and certain accessories to overseas markets. The senators are also requesting that BIS leaders testify before the Senate Banking Committee regarding this rule.
On May 21, 2024, the House passed two bills honoring America's working dogs and a Congressional Gold Medal recipient. Chairman Patrick McHenry (NC-10) delivered remarks in support of H.R. 807 and H.R. 1097.
On May 20, 2024, Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, issued a statement in response to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg's announcement of his intent to resign once a successor is confirmed.
On May 20, 2024, Ranking Member Tim Scott (R-S.C.) issued a statement following the announcement by Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg of his intention to resign after a new Chairman is confirmed. Scott criticized the decision, stating, “If President Biden and Democrats were really serious about supporting employees and fixing the FDIC’s toxic work culture, they’d ask Chairman Gruenberg to step down immediately. This draw-it-out strategy makes it clear that this administration is prioritizing their political agenda over protecting workers.”
An official with the Electronic Payments Coalition said that pending federal legislation governing interchange rates on credit cards, similar to those mandated in Europe nearly a decade ago, may have an unintended side effect: Less availability for credit and more consumer fees.
A spokesman for the American Financial Services Association (AFSA) said the Consumer Financial Protection Bureau (CFPB) does not have strong enough policies for rule making and direction, relying on "blog posts and occasional guidance."
A spokesperson for the Consumer Financial Protection Bureau (CFPB) responded to American Financial Services Association (AFSA) president’s call for regulatory clarity by sharing a 2022 blog post with American Credit News.
In a recent U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with the Biden administration’s financial regulators, Ranking Member Tim Scott (R-S.C.) criticized Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg for his leadership of the agency. Scott cited instances of misconduct within the FDIC under Gruenberg's watch, which he argued have impacted the chairman's ability to effectively lead.
Ranking Member Tim Scott (R-S.C.) has issued a statement in response to the United States Supreme Court's decision in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America.
The House Financial Services Committee has advanced a series of bills to the full House for consideration. These bills encompass a wide range of financial services issues, from promoting access to capital in underbanked communities to enhancing transparency within Community Development Financial Institutions (CDFIs).
The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), Ranking Member Maxine Waters (D-CA), U.S. Senator Mike Crapo (R-ID), and U.S. Senator Mark Warner (D-VA) have sent a letter to federal financial regulators. They urge these regulators to fulfill their respective obligations under the Financial Data Transparency Act (FDTA) as directed by the National Defense Authorization Act for Fiscal Year 2023 (FY23 NDAA) within the timeline set forth by the FDTA.
On May 16, 2024, the House Financial Services Committee convened to review various measures. The focus of the meeting was on financial institutions, capital markets, and housing legislation aimed at enhancing efficiency and accountability in federal agencies while expanding economic opportunities.
Patrick McHenry, the Chairman of the House Financial Services Committee, has issued a statement in response to the Supreme Court of the United States (SCOTUS) ruling on the case of Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al.
On May 15, 2024, the House Financial Services Committee, under the leadership of Chairman Patrick McHenry (NC-10), held a hearing to conduct oversight of President Biden's prudential banking regulators. The committee scrutinized Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg following Cleary Gottlieb’s independent report confirming allegations of widespread misconduct and a toxic workplace culture at the agency during his tenure. Members also closely examined regulators’ Basel III Endgame proposal among other partisan regulatory initiatives.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced a forthcoming hearing. The Housing and Insurance Subcommittee Hearing is titled: "PHA Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers". The hearing is scheduled for 10:00 AM ET on Wednesday, May 22, 2024, at the 2128 Rayburn House Office Building.
Steve Cortes, president of the League of American Workers, said while Americans are seeing lower savings and higher credit card debt, President Joe Biden is saying it ‘is the sign of a strong economy.’
An independent report released last week by the law firm Cleary Gottlieb has confirmed allegations of widespread misconduct and a toxic workplace culture at the Federal Deposit Insurance Corporation (FDIC). The report implicates FDIC Chair Martin Gruenberg, who has led the agency for ten of the past thirteen years, in verbally abusive behavior. Republicans on the House Financial Services Committee are now calling for Gruenberg's resignation to address these long-standing issues.