Tagged: house financial services committee

Republican Staff Report Reviews Past Decade of JOBS Act Benefits: More Work Must Be Done

The Republican Staff of the House Financial Services Committee has produced a report revisiting the JOBS Act of 2012 and the decade since the legislation became law.  Perhaps the best-known outcome of the legislation was to legalize online capital formation – or crowdfunding – but… Read More

Mehrabi-Led American Blockchain PAC Urges Washington to Nurture, Not Stifle, Future Economy

The American Blockchain PAC is urging American legislators to look to the future and not inhibit the transformative power of blockchain technology through heavy-handed regulation. The organization is an independent, non-profit committee that lobbies federal legislators to support blockchain-based and cryptocurrency-based initiatives.. On Dec. 8,… Read More

House Financial Services Committee Hearing on Digital Assets Provides Insight into Regulatory Needs of Crypto Industry

Earlier today (December 8, 2021), the House Financial Services Committee held a hearing on digital assets. As was previously reported, the witnesses included top crypto executives and thus provided the opportunity for a unique discussion between House members and crypto entrepreneurs. Chairwoman of the Committee,… Read More

Here is the Memo for the Digital Assets Hearing by House Financial Services Committee

Later today (December 8, 2021), the House Committee on Financial Services will hold a hearing entitled, “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”  This hearing will be widely scrutinized by the Fintech sector… Read More

Digital Assets on the Calendar for December House Financial Services Committee Hearing

Digital assets, or crypto assets, are once again on the schedule for a hearing of the House Financial Services Committee. Scheduled for December 8 at 10:00 AM ET,  the full Committee will gather for a hybrid hearing entitled, “Digital Assets and the Future of Finance:… Read More

In Advance of Committee Hearing, Representative McHenry Requests SEC Chairman Gensler Clarify Contradictory Statements on Digital Assets

At 12 noon today, the House Committee on Financial Services will hold a hearing with SEC Chairman Gary Gensler testifying on behalf of the Commission. The regulation of digital assets (crypto assets) will be a pointed topic of discussion as has been already indicated in… Read More

House Subcommittee Holds Hearing on the Future of Banking

Today (September 29, 2021) the House Committee on Financial Services, Subcommittee on Consumer Protection and Financial Institutions, will hold a hearing on the future of banking. Entitled; The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System, the hearing will… Read More

Financial Technology Association Comments on Financial Data Control Following House Fintech Task Force Hearing

Earlier this week, the House Financial Services Committee, Fintech Task Force, met to discuss individual data when it comes to financial services. In many ways, data is the fuel for Fintech innovation and thus is a key factor for both financial service providers as well… Read More

What Did We Learn from the House Financial Services Committee Hearing on GameStop/Reddit/Robinhood?

This past week, the House Committee on Financial Services held part two of three anticipated hearings on the GameStop/Reddit/Robinhood saga. As most people are aware, in recent months a short-squeeze caused shares in GameStop (NYSE:GME) to jump dramatically higher compelling short sellers to purchase shares… Read More

Congresswoman Maxine Waters Announces Subcommittee Chairs of House Committee on Financial Services

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services announced the six Committee Members who will serve as Subcommittee Chairs for the 117th Congress. Chair Waters issued the following statement: “I am pleased to announce the very experienced, dedicated, diverse, and talented… Read More

Democrat Members of House Committee on Financial Services Send Requests to President-Elect Biden Including Madden v. Midland Change, Rescind CFPB Sandbox, Stop Banks from Holding Crypto

Yesterday, the Democratic members of the Committee on Financial Services, led by Chairwoman Maxine Waters, published a letter addressed to President-elect Joseph Biden demanding that the incoming administration should prioritize the elimination of certain rules and regulations on day one of his presidency. In a… Read More

House Fintech Task Force Schedules Hearing on Digital Banking

The House Financial Services Committee has posted its list of (virtual) hearings for the month of September. While always subject to change, the Committee has scheduled a hearing by the Task Force on Financial Technology (Fintech) on digital banking. The hearing entitled “License to Bank:… Read More

House Financial Services Committee Task Force on AI Schedules Hearing on AI, Contract Tracing and Exposure Tracing for COVID-19

  Tomorrow (July 8), the Task Force on Artificial Intelligence, part of the House Financial Services Committee will hold a virtual hearing entitled, “Exposure Notification and Contact Tracing: How AI Helps Localities Reopen Safely and Researchers Find a Cure.”  Open to the public, the virtual… Read More

SEC Chairman Jay Clayton to Testify Before House Subcommittee

SEC Chairman Jay Clayton is scheduled to testify on June 25th, at 12 pm ET, before the House Subcommittee on Investor Protection, Entrepreneurship. and Capital Markets. The topic of the hearing is, “Capital Markets and Emergency Lending in the COVID-19 Era.” The hearing is a… Read More

In First Move as Acting Comptroller, Brian Brooks Clarifies the Madden Rule that Impacts Online Lenders

Last Friday, the Acting Comptroller of the Currency Brian P. Brooks quickly moved to clarify a longstanding point of contention within the online lending industry. Brooks issued a statement regarding the Office of the Comptroller of the Currency’s (OCC) final rule on when a national… Read More

Virtual Congress: House Financial Service Committee Fintech Task Force Schedules Meeting on Inclusive Banking

  The House Financial Services Committee has posted its list of hearings for the month of June. The Committee like other Congressional committees has migrated to a virtual meeting due to the ongoing Coronavirus pandemic. One of the meetings is for the Fintech Task Force…. Read More

Crowdfunding to Combat the Coronavirus Act: Proposed Legislation Creates $1 billion Prize to Crowdfund COVID-19 Vaccine

Representative Patrick McHenry, Ranking Member on the House Financial Services Committee, has proposed legislation to crowdfund a vaccine for the Coronavirus entitled “Crowdfunding to Combat the Coronavirus Act.” The bill creates a $1 billion prize for anyone that develops a vaccine for COVID-19 that is… Read More

Fed Chairman Powell Asked about CBDCs: “It’s an Open Question”

Chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, is on Capital Hill today testifying in front of the House Financial Services Committee. During the Q&A portion of the Hearing, Powell was asked specifically about Central Bank Digital Currencies (CBDCs) and… Read More

Reminder: House Financial Services Committee to Host Hearing on “Rent-a-Banks” this Week

On Wednesday, February 5th at 10AM, the House Financial Services Committee will hold a hearing entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” The Hearing will most certainly address the emergence of Fintechs, specifically online… Read More

Democrats on House Financial Services Committee Forward Letter to GAO Inquiring About Alternative Data and Access to Credit

Democrat members of the House Financial Services Committee have sent a letter to the Government Accountability Office (GAO) inquiring about the usage of alternative data by lenders and credit agencies. Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee, Congressman Al Green (D-TX), Chair of the… Read More

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