The House Financial Services Committee has announced a new hearing of the full Committee to discuss financial regulation. The hearing, scheduled for 930 AM ET, Wednesday, November 15, is entitled aptly “Oversight of Prudential Regulators.”
Little information is yet available on the hearing, but you can expect the gathering to discuss the Securities and Exchange Commission and the other federal agencies that touch financial services. Unlike many other developed nations, the US has an alphabet-soup approach to regulating financial services, with multiple agencies having a say on what banks and other firms do. This obviously creates confusion and overlap by the government, which adds both cost and friction to compliance. This is not to mention the fact that all 50 states have a say in who operates within their boundaries – and what they do.
In the past few years under the Biden Administration, regulatory activity has increased, and these agencies have sought to expand their portfolio of coverage. The results of this activity are difficult to measure.
The hearing will be live-streamed on the Committee website.