Two House Financial Services Committee subcommittees have scheduled hearings for next week.
The Digital Assets, Financial Technology, and Inclusion Subcommittee has scheduled a Hearing Entitled: “Regulatory Whiplash: Examining the Impact of FSOC’s Ever-Changing Designation Framework on Innovation.”
FSOC, or the Financial Stability Oversight Council, involves top regulators and policymakers with the mission of improving the collaboration between financial regulatory agencies and addressing potential risks to the stability of the US financial system. With the rise of Fintech, this has spilled over into the remit of the Council.
FSOC’s most recent annual report mentions issues like AI, non-bank financial institutions, cybersecurity, digital assets, and more. Regarding crypto, the Council indicated its concern that vulnerabilities may arise from crypto-asset price volatility, the use of leverage, and the level of interconnectedness within the industry, including the risk of runs on crypto platforms and stablecoins.
The Capital Markets Subcommittee will be holding a Hearing Entitled: “Examining the DOL Fiduciary Rule: Implications for Retirement Savings and Access.”
Last October, the US Department of Labor issued a proposal for new rules for retirement accounts.
Both hearings will take place on January 10, 2024, and will be live-streamed on the Committee website.