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House Financial Services Committee

All articles tagged with #house financial services committee

cryptocurrency-regulation1 year ago

"Lawmakers Push SEC on Crypto, Consumer Trust in Banks' AI, and House Panel Votes on Controversial SEC Guidance"

The U.S. Securities and Exchange Commission (SEC) is facing pressure from lawmakers to ease its oversight of the crypto industry, with criticism mounting over the enactment of Staff Accounting Bill 121 and the SEC's authority over crypto firms. The House Financial Services Committee voted to appeal SAB 121, which has been used to prevent banks from acting as custodians of digital assets, while eleven state attorneys general filed a joint brief challenging the SEC's authority in a lawsuit against crypto exchange Kraken's parent company. SEC Commissioner Hester Peirce also acknowledged the regulator's "enforcement-only mode," expressing the need for clearer rules to alleviate developers' concerns about legal repercussions.

via Decrypt|
#crypto-exchange#cryptocurrency#cryptocurrency-regulation
politics2 years ago

Rep. Patrick McHenry, Former Acting House Speaker, Announces Retirement from Congress

Rep. Patrick McHenry, a Republican congressman from North Carolina, has announced that he will not seek re-election in 2024. McHenry, who served as the temporary House Speaker pro tempore in October, is known for his conservative positions but is respected for his pragmatism and ability to work across party lines. His decision adds to the growing trend of moderate and institutionalist Republicans leaving Congress, and comes as former President Donald Trump leads the GOP primary polls for a potential comeback bid. McHenry expressed confidence in the future of the institution and the emergence of new leaders.

via NBC News|
#congress#house-financial-services-committee#politics
politics2 years ago

Patrick McHenry, Former Interim Speaker, Announces Departure from Congress

Representative Patrick T. McHenry of North Carolina, former interim speaker of the House, announced that he will be leaving Congress at the end of his term. McHenry, who chairs the House Financial Services Committee, joins a growing number of lawmakers exiting Congress due to the intense dysfunction in Capitol Hill. His departure is not expected to have a significant impact on the race for control of the House, as his successor is likely to be another Republican.

via The New York Times|
#congress#dysfunction#house-financial-services-committee
politics2 years ago

"McHenry's Frustration Mounts as GOP Elects New House Speaker"

Rep. Patrick McHenry expressed frustration and uncertainty about the House GOP's ability to maintain unity after his three-week stint as caretaker speaker. He revealed his initial anger upon assuming the role and discussed his efforts to hold the House together. McHenry emphasized the need for Republicans and Democrats to come together on issues such as appropriations and international conflicts. He also announced his reelection campaign and highlighted his focus on his role as chair of the House Financial Services Committee, particularly in passing cryptocurrency regulation bills.

via POLITICO|
#house-financial-services-committee#house-gop#patrick-mchenry
cryptocurrency-regulation2 years ago

Congress Delivers Mixed Results for Crypto Industry Ahead of August Recess

Congress made progress on regulating the crypto industry before their August recess. The House Financial Services Committee advanced a bill to establish a regulatory framework for payment stablecoins, allowing new stablecoin issuers under certain conditions. The committee also approved a framework for crypto regulation, defining when a digital asset is a commodity or security. However, the Senate passed a defense funding bill that includes measures opposed by the crypto industry, such as establishing examination standards to prevent illicit use of cryptocurrencies and conducting a study on countering anonymous crypto transactions. The Senate bill will need to be reconciled with the House version in the fall.

via CNBC|
#cryptocurrency#cryptocurrency-regulation#house-financial-services-committee
technology2 years ago

Congress Urged to Scrutinize Wall Street's AI Use.

Rep. Maxine Waters is urging the House Financial Services Committee to hold a hearing on the implications of big tech's foray into artificial intelligence (AI) for the housing and financial services industry. Waters warns that if AI’s growth is not monitored closely, it could inflict large-scale societal and economic harm, including the potential for exposing consumers’ data, creating inaccurate financial assessments, and spreading misinformation, posing risks to financial stability. Waters spearheaded a task force last congress on financial technologies and AI, which raised ethical and legal concerns about bias and discrimination by algorithms.

via Yahoo Finance|
#ai#financial-stability#house-financial-services-committee
cryptocurrency-regulation2 years ago

House draft bill proposes state regulation and separation of stablecoin and digital asset markets.

Republicans on the House Financial Services Committee have released a new draft of legislation to regulate stablecoin issuers, which focuses on rules governing the registration and approval process for individual prospective stablecoin issuers. The bill contains many of the features of a version that was negotiated last year, such as the requirement that payment stablecoin issuers be approved and regulated by either a "federal payment stablecoin regulator" or "a registered State qualified payment stablecoin issuer." The new draft envisions a larger role in the market for state regulators, despite the fact that the vast majority of states do not have a stablecoin regulatory framework in place yet.

via CNBC|
#cryptocurrency-issuers#cryptocurrency-regulation#house-financial-services-committee
finance2 years ago

GOP and Virtu CEO criticize SEC's Gensler for crypto crackdown and trading reforms.

SEC Chair Gary Gensler defended his agency's crackdown on cryptocurrency markets, stating that he had never seen an industry so routinely break securities laws. During a five-hour hearing before the House Financial Services Committee, Gensler said that he had been around finance for 40 years and had never seen a field that is so noncompliant with laws written by Congress and confirmed over and over again by the courts.

via The Wall Street Journal|
#cryptocurrency#finance#gary-gensler
cryptocurrency-regulation2 years ago

Congressional Republicans Grill SEC Chair Gensler on Crypto and Climate Change Policies.

Republicans on the House Financial Services Committee criticized SEC Chair Gary Gensler's approach to crypto companies ahead of a congressional hearing, arguing that his approach was not "compatible" with existing law. They claimed that national securities exchange regulations are a poor fit for digital assets because cryptocurrencies can be used for noninvestment purposes. Gensler is set to testify before the committee on Tuesday, and a subcommittee will hold a more crypto-specific hearing on stablecoins on Wednesday.

via CoinDesk|
#crypto#cryptocurrency-regulation#gary-gensler
finance2 years ago

House committee to hold hearing on recent bank failures and potential impact on lending standards.

The House Financial Services Committee has scheduled its first hearing on the failures of Silicon Valley Bank and Signature Bank, with FDIC Chairman Martin J. Gruenberg and Federal Reserve Vice Chair Michael S. Barr set to testify. The hearing follows President Joe Biden's request to Congress to allow financial regulators more authority to claw back compensation from executives at failed banks. The Federal Deposit Insurance Corporation seized SVB's deposits on March 10, hours after the bank's executives received bonuses.

via CNBC|
#fdic#federal-reserve#finance
finance2 years ago

"House Committee Holds First Hearing on Recent Bank Failures and Fallout"

The House Financial Services Committee will hold a bipartisan hearing with federal financial regulators on March 29, 2023, in response to the failures of Silicon Valley Bank and Signature Bank. The Committee aims to understand why and how these banks failed and will conduct the hearing without fear or favor to deliver answers to the American people and protect depositors, promote the safety and soundness of America’s banks, and strengthen the financial system.

via House Financial Services Committee|
#banking-failures#federal-financial-regulators#finance