Despite their complaints about Americans' financial struggles, Republicans are pushing to repeal a Consumer Financial Protection Bureau rule that reduces credit card late fees, arguing that it will harm responsible consumers and shift costs. Critics argue that the new limits would benefit consumers, especially those living paycheck to paycheck. Analysis shows that Republicans on the committee have received significant funding from industry groups opposing the rule. The proposed policies to eliminate junk fees and increase rate transparency are popular among consumers but face opposition from Republicans.
GOP Rep. Patrick McHenry, an ally of former Speaker Kevin McCarthy and the Financial Services Committee chairman, has announced that he will not seek reelection. McHenry, who plans to finish out his term, served as speaker pro tempore when McCarthy was ousted in October. He played a key role in negotiating McCarthy's speakership and was a top negotiator for House Republicans in securing an agreement with the White House. McHenry was elected to Congress in 2004 and won his 10th term last November.
The US House of Representatives Financial Services Committee has scheduled a hearing on June 13 to discuss the future of digital assets and provide clarity for the digital asset ecosystem. While the committee did not provide more detailed information about what will be discussed in the hearing, members of the crypto community are hoping it will address some of the most pressing issues in the space, including coordinated attacks on crypto exchanges and keeping SEC Chair Gary Gensler in check.
The US House Financial Services Committee has sent a second request to the SEC for documents related to the timing of the charging and arrest of former FTX CEO Sam Bankman-Fried. The SEC missed deadlines for submitting the documents requested and provided 232 pages of publicly available documents that were not responsive to the request. The legislators set a new deadline for select documents of April 17 and warned of using compulsory process if necessary. SEC Chairman Gary Gensler is set to appear before the committee in person on April 18.
