House Committee on Financial Services Announces September Hearings, Stablecoins Markup on Deck

Maxine Waters, Chairwoman of the House Committee on Financial Services, has posted the calendar for September hearings with several topics of note on the list.

On Tuesday, September 20 at 10 a.m. ET, the Subcommittee on National Security, International Development, and Monetary Policy will meet for a hearing entitled, “Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth.”

On Wednesday, September 21 at 10 a.m. ET, the full Committee, will gather for a hearing entitled, “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.”

Both of these should involve a discussion of Fintech as alternative payments is a leading sector of the Fintech industry and megabanks are being challenged more and more by digital banks as well as neobanks (non-chartered Fintechs offering banking services).

Also of note is that stablecoin is may make it on the calendar for a markup session which means the legislation should soon be on its way out of Committee and onto the floor of House. Amongst Representatives on both sides of the aisle, there should be enough agreement to move legislation forward, raising the potential for a stablecoin bill to become law. The Committee will announce the date as it is yet to be determined (if at all).

The additional hearings on the calendar for September, of course always subject to change, are listed below.

All hearings are live-streamed on the Committee’s website and available to the public. More information should become available closer to each scheduled hearing.

POSTPONED: Thursday, September 8 at 12 p.m. ET: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a virtual hearing entitled, “Accounting and Auditing Standards in the 21st Century.”

Wednesday, September 14 at 10 a.m. ET: The full Committee will convene for a hybrid hearing entitled, “When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access.”

Tuesday, September 20 at 2 p.m. ET: The Subcommittee on Diversity and Inclusion will convene for a hybrid hearing entitled, “A Review of Diversity and Inclusion at America’s Largest Insurance Companies.”

Thursday, September 22 at 9 a.m. ET: The Subcommittee on Housing, Community Development, and Insurance will convene for a hybrid hearing entitled, “State of Emergency: Examining the Impact of Growing Wildfire Risk on the Insurance Market.”
A markup of stablecoin legislation may be added to the calendar at a date and time TBD.

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