Tagged: patrick mchenry

April 3, 2024 @ 6:18 pm By JD Alois  |  

The House Financial Services Committee has scheduled a hearing on the Securities and Exchange Commission’s (SEC) recent rule change that requires public firms to disclose climate impact. The new ESG-type rules have been controversial at best, with some lambasting the Commission as becoming the Securities… Read More

March 20, 2024 @ 5:05 pm By JD Alois  |  

It was not too long ago that the Securities and Exchange Commission determined Ethereum (ETH) NOT to be a security. But times change, and new leaders take over. In this case, it is the Chairman of the SEC, Gary Gensler. According to an X distributed… Read More

March 19, 2024 @ 5:22 pm By JD Alois  |  

Earlier this month, the Securities and Exchange Commission (SEC) enacted new climate disclosure rules for public companies. This represents part of a broader political agenda at the SEC that aims to enact new rules that align with ESG or Environmental, Social, and Governance activist policies. The… Read More

March 8, 2024 @ 12:04 pm By JD Alois  |  

After several days of debate and discussion, the US House of Representatives has approved the legislation, the Expanding Access to Capital Act (HR 2799). The bill was sponsored by Representative Patrick McHenry, the Chairman of the House Financial Services Committee, an individual who has long… Read More

March 7, 2024 @ 12:57 pm By JD Alois  |  

Representative Maxine Waters, the ranking minority member on the House Financial Services Committee, has issued a blistering statement on the Expanding Access to Capital Act (HR 2799), renaming it the Expanding Access to Fraud Act. Introduced into the House by Representative Patrick McHenry, Chairman of… Read More

March 6, 2024 @ 3:52 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has adopted new climate disclosure rules that fall under the ESG sector [environmental, social, and governmental]. The new rules will require reporting companies to disclose their environmental impact, a process that is difficult to measure accurately and will vex… Read More

March 5, 2024 @ 5:50 pm By JD Alois  |  

Congressman Patrick McHenry, the Chairman of the House Financial Services Committee, discussed the benefits of the Expanding Access to Capital Act (HR 2799). Speaking before the House Committee on Rules, McHenry said HR 2799 builds upon the success of the JOBS Act of 2012 –… Read More

March 5, 2024 @ 12:10 pm By JD Alois  |  

The Expanding Access to Capital Act (HR 2799) will go to a floor vote this week. If approved, the legislation will then make its way to the Senate for potential approval. The bill is sponsored by Congressman Patrick McHenry, Chairman of the House Financial Services… Read More

March 4, 2024 @ 2:04 pm By Tony Zerucha  |  

The American Fintech Council (AFC) last week spoke about proposed legislation in Maryland and Minnesota, while CEO Phil Goldfeder also commented on the reintroduction of the Financial Services Innovation Act. The week began with the AFC supporting the Maryland Commercial Financing – Small Business Truth… Read More

February 28, 2024 @ 4:58 pm By JD Alois  |  

Congressman Patrick McHenry, the Chairman of the House Financial Services Committee, has reintroduced the Financial Services Innovation Act. The legislation was previously introduced by McHenry but did not garner sufficient traction to move to the House floor for a vote. This bill aims to establish… Read More

February 5, 2024 @ 8:44 am By Michael Wong  |  

Senior members of the House Financial Services Committee have formally questioned the Federal Deposit Insurance Corporation (FDIC) over its approach towards Fintech and innovation. Committee Chairman Patrick McHenry (NC-10), along with Subcommittee Chairmen Andy Barr (KY-06) and French Hill (AR-02), addressed their concerns in a… Read More

February 2, 2024 @ 1:41 pm By JD Alois  |  

In an X, Congressman Mike Flood revealed a Joint Resolution to revoke the authority of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121. This SAB was enacted in 2022 and impacted the digital asset industry. The SAB addressed the “accounting for obligations to… Read More

January 18, 2024 @ 6:05 pm By Omar Faridi  |  

The Treasury Department and Internal Revenue Service have recently issued an announcement informing businesses that they do “not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations.” The Infrastructure… Read More

January 10, 2024 @ 5:57 pm By JD Alois  |  

Representative Patrick McHenry,  Chairman of the House Financial Services Committee, has joined the Chairman of the Subcommittee on Oversight and Investigations, Bill Huizenga, the Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, French Hill, and the Chairman of the Subcommittee on Capital… Read More

January 10, 2024 @ 4:57 pm By JD Alois  |  

As was reported earlier today, after an extended deliberation, the Securities and Exchange Commission (SEC) has approved eleven Bitcoin ETFs. CI has received multiple comments on the approval which is a seminal event for the crypto industry. Rajeev Bamra, SVP of Digital Finance at Moody’s… Read More

December 5, 2023 @ 4:55 pm By JD Alois  |  

Congressman Patrick McHenry, a Republican from North Carolina and current Chairman of the House Financial Services Committee, has announced his intent not to seek re-election to the seat in Congress he has held for 20 years. In a statement posted on the Congressman’s website, he… Read More

November 7, 2023 @ 4:45 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) wants to expand its portfolio of compliance by targeting big tech and the Fintech services they provide. According to a statement issued by the CFPB today, the agency is targeting digital wallets and payment apps, claiming they must comply… Read More

November 1, 2023 @ 12:28 pm By JD Alois  |  

Representative Patrick McHenry and Senator Cynthia Lummis have joined to issue a statement criticizing a recent action by the Securities and Exchange Commission (SEC). McHenry is Chair of the House Financial Services Committee. Lummis sits on the Senate Banking Committee. The statement revolves around the… Read More

September 20, 2023 @ 10:50 am By JD Alois  |  

Yesterday, the Secretary of the Treasury Janet Yellen, announced its ambitions in regard to “net zero financing and investment,” outlining their goal of net zero commitments and how they can compel financial services firms to adhere to their ideology. Secretary Yellen said: “Going forward, the… Read More

August 28, 2023 @ 12:52 pm By JD Alois  |  

Representative Patrick McHenry, Chairman of the House Financial Services Committee, along with the Chairman of the Digital Assets, Fintech Subcommittee, French Hill, and the Chairman of the Oversight and Investigations Subcommittee, Bill Huizenga, have sent a letter to US Federal Reserve Chair Jerome Powell, criticizing… Read More