Tagged: house financial services committee

Crypto Basher Brad Sherman Selected to Lead House Subcommittee on Investor Protection, Entrepreneurship & Capital Markets

Last week, Representative Maxine Waters, Chairwoman of the House Financial Services Committee, announced that Representative Brad Sherman was elected by the Committee’s Democratic Caucus to serve as Chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. Sherman, from California, has been in the… Read More

US House Financial Services Committee: US Treasury Secretary Mnuchin Says “No Need” for Federal Digital Currency (CBDC)

US Secretary of the Treasury Steve Mnuchin told members of the US House Financial Services Committee Thursday that both he and Federal Reserve Chairman Jerome Powell feel there is “no need” for the US to develop a digital currency in the near term. Currently, multiple… Read More

House Artificial Intelligence Task Force Schedules Meeting to Discuss Capital Markets and Impact of AI

The House Financial Services Committee, Task Force on Artificial Intelligence, has scheduled a hearing for December 6th. The hearing is entitled,  “Robots on Wall Street: The Impact of AI on Capital Markets and Jobs in the Financial Services Industry.” The AI Task Force is relatively… Read More

Draft House Legislation Calls for Tokenization of Consumer Financial Data

Yesterday, the House Financial Services Committee Fintech Taskforce met to discuss big data and its impact on consumers regarding the financial services industry. The hearing by the Fintech Taskforce was entitled “Banking on Your Data: The Role of Big Data in Financial Services.” Much of… Read More

House Financial Services Committee Schedules Next Fintech Task Force Meeting to Discuss the Role of Big Data

Big data is on the agenda for the House Financial Services Committee’s Task Force on Financial Technology. The Fintech Task Force will convene for a hearing entitled, “Banking on Your Data: the Role of Big Data in Financial Services.” The Fintech Task Force is relatively… Read More

House of Representatives Passes the Crowdfunding Amendments Act by Voice Vote

The US House of Representatives passed HR 4860 or the Crowdfunding Amendments Act by a voice vote today thus indicating broad bipartisan support. The bill was part of a grouping of five financial services bills each quickly approved by the House. The bill was introduced by… Read More

Mark Zuckerberg Takes a Beating on the Hill While Launching Defense of Libra & Facebook’s Past Actions

Mark Zuckerberg, CEO of Facebook, spent over 6 hours today testifying in front of the powerful House Financial Services Committee. While his prepared remarks foreshadowed his defense of Facebook’s Libra stablecoin, little can prepare you for the onslaught of questions delivered by every single Committee… Read More

Here is Mark Zuckerberg’s Prepared Testimony for House Financial Services Committee Hearing

Mark Zuckerberg, the CEO of Facebook, will testify in front of the US House Financial Services Committee tomorrow in what will be a closely watched political event. Zuckerberg will be defending Facebook’s attempt to create a global non-sovereign cryptocurrency called Libra. The stablecoin has come… Read More

US House of Representatives: Legislation Prepared to Designate Stablecoins as Securities

Draft legislation has been posted on the US House of Representatives, Financial Services Committee website that may designate “stablecoins” as securities. Sponsored by Representative Sylvia Garcia, the ‘‘Stablecoins are Securities Act of 2019″ would mandate that stablecoins are investment contracts and thus are regulated under… Read More

Financial Services Innovation Act Seeks to Mandate Innovation Offices in Federal Agencies that Impact Fintech

Congressman Patrick McHenry, ranking member on the House Financial Services Committee, has re-introduced legislation that will mandate innovation offices in the numerous federal agencies that have oversight and influence over innovative financial services firms. The Financial Services Innovation Act of 2019 mandates that ten different… Read More

Congressman Patrick McHenry Posts Update on Financial Services Committee Leadership Changes

Congressman Patrick McHenry, the ranking member on the House Financial Services Committee, has posted an update regarding several leadership positions including the new Task Force on Fintech and Task Force on Artificial Intelligence. The following Representatives are now taking the designated leadership roles: Ranking Member… Read More

Facebook’s Libra On Deck: Mark Zuckerberg to Testify Before House Financial Services Committee

Mark Zuckerberg, CEO of Facebook, is scheduled to testify in front of the House Financial Services Committee later this month in what is expected to be a thorough grilling regarding Facebook’s stablecoin Libra and Facebook’s operations in general. Congresswoman Maxine Waters (D-CA), Chairwoman of the… Read More

US House Financial Services Subcommittee Debates the Merits of Securities Exemptions & Accredited Investor Definition

Yesterday, the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing entitled “Examining Private Market Exemptions as a Barrier to IPOs and Retail Investment.” The hearing saw a debate on the merits of private securities exemptions, such as Reg D, Reg… Read More

Must See Live Stream: House Financial Services Subcommittee to Hold Hearing on Private Market Securities Exemptions & IPOs

Tomorrow (September 11), the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, will hold a must-see hearing on “Examining Private Market Exemptions as a Barrier to IPOs and Retail Investment.”  The Subcommittee is Chaired by Representative Carolyn Maloney. The Hearing incorporates multiple pending… Read More

Maxine Waters Comments on Feds Faster Payments Project: “I am pleased to see that Chairman Powell has finally taken action”

Chair of the House Financial Services Committee Maxine Waters issued a statement yesterday regarding the Federal Reserve’s announcement that it will pursue a faster payments process for consumers. Long discussed with little movement, Federal Reserve Board of Governors Member Lael Brainard revealed the “FedNow” plan… Read More

House Financial Services Committee to Hold Hearing on Securities Exemptions, IPOs & Retail Investment

Both the US House and Senate are out of session now as the pols exit the sweltering heat of Washington, DC, during the month August for a summer recess. Congress returns the following month to continue its work and the House Financial Services Committee, under… Read More

Libra has the Potential to Transition in No Time from “Too Small to Care” to “Too Big to Fail”

Last week, both the US House and US Senate held hearings on Facebook’s proposed Libra cryptocurrency which is envisioned as a global payments platform. David Marcus, Head of Libra/Calibra testified at both hearings. As Crowdfund Insider has already reported, both the House Financial Services Committee… Read More

Facebook Finds Few Friends on House Financial Services Committee as Libra Head David Marcus Endures Skepticism for its Crypto Plan

This past week much of the Fintech news was dominated by hearings in Congress addressing Facebook’s plan to launch a global, blockchain-based, payments platform using a stablecoin, of sorts, as a foundation. This global currency, which may be able to challenge sovereign currency, is said… Read More

In Prepared Testimony, Georgetown Law Professor & Fintech Advocate Chris Brummer Slams Facebook’s Libra White Paper Labeling it a Failure

Today, the House Financial Services Committee will hold a hearing on Facebook’s Libra cryptocurrency and blockchain ecosystem. Yesterday, David Marcus, head of Libra, testified in front of the Senate Banking Committee garnering much criticism and little support. Expect more of the same today. The House… Read More

Inside the Beltway: July is a Busy Month for Fintech in DC

Tomorrow, the Federal Reserve Chair Jerome Powell will spend a good amount of time in front of the House Financial Services Committee. The following day, Powell will experience a similar round of questions at the Senate Banking Committee. Powell is certain to endure a standard… Read More

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