Tagged: patrick mchenry

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

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 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

Congressman McHenry Looks to Support Responsible Innovation During Libra Hearing

Congressman Patrick McHenry, Ranking Member on the House Financial Services Committee, told his fellow members at the Libra hearing today to “go beyond the headlines” when probing Facebook’s project to create a global payment ecosystem. The hours-long hearing saw David Marcus, head of Libra, hammered… Read More

Fed Chair Powell Peppered with Questions on Facebook’s Libra at House Financial Services Committee Hearing

The House Financial Services Committee welcomed Fed Chair Jerome Powell today to share his perspective on the state of the US economy and his opinion on the effectiveness of monetary policy. While Powell’s prepared remarks kicked off a bit of a rally on Wall Street… Read More

Here is the Letter From Congressman Patrick McHenry Requesting a Hearing on Facebook’s New Cryptocurrency Libra

As reported earlier today, Facebook officially launched its long-anticipated stablecoin named Libra. Facebook revealed details of their own cryptocurrency stating it was based on a “collection of currencies and other assets.” Facebook also said Libra will be able to create Smart Contracts similar to Ethereum… Read More

US Politicians Line Up to Question Facebook’s Cryptocurrency Libra: Senator Sherrod Brown says Facebook is Already Too Big

Several US politicians have issued statements critical of Facebook’s new cryptocurrency – Libra. Officially announced today, Libra is first a payment platform but Facebook has much bigger ambitions with the crypto. Facebook views it as a step in the direction of redefining financial services. US… Read More

The House Financial Services Committee: What Should Fintech Expect from Chair Maxine Waters?

The House Financial Services Committee is one of the most powerful Congressional committees on the Hill. The Committee oversees not only the entire financial services industry but its policy portfolio also includes other overlapping responsibilities such as Housing, entrepreneurship and international financial organizations. Last election… Read More

The House Passes the Financial Technology Protection Act Designed to Combat Illicit Activities that Use Fintech Such as Digital Currencies

The House of Representatives passed several bills today and included in the mix was the Financial Technology Protection Act, (H.R. 56). The legislation was introduced by Congressman Stephen Lynch and Congressman Ted Budd and garnered bi-partisan support. The bill establishes an “Independent Financial Technology Task… Read More

Congressman McHenry, Ranking Member on the House Finance Services Committee, Requests Series of Hearings – Including Fintech

Congressman Patrick McHenry, the Republican leader of the House Financial Services Committee, has asked Committee Chairwoman Maxine Waters to move forward on hearings in “critical areas that the committee should prioritize in the first months of the new Congress.” The list of hearings requested by… Read More

Kathleen Kraninger Confirmed as Director of the Bureau of Consumer Financial Protection

The Bureau of Consumer Financial Protection (BCFP – formerly known as the CFPB) has a new full-time director. Today, Kathleen Kraninger, a long time congressional staffer and DC veteran, was approved by the Senate. Kraninger will take over from interim director Mick Mulvaney who was also… Read More

Congressman Patrick McHenry Selected as Ranking Member of House Financial Services Committee

Congressman Patrick McHenry has been elected as the Ranking Member of the powerful House Financial Services Committee. As Republicans lose control of House, Committee leadership positions have swapped parties. McHenry has been a member of the House Financial Services Committee for some time. “I am… Read More

Congressman Patrick McHenry Seeks Ranking Republican Spot on House Financial Services Committee

Chief Deputy Whip Patrick McHenry, an ardent supporter of small business and Fintech innovation, has announced his intent to become the ranking Republican on the House Financial Services Committee. Following the loss of the US House of Representatives to the Democrats, all Committee Chairs migrate to… Read More

The JOBS and Investor Confidence Act Includes Crowdfunding Amendments

The JOBS and Investor Confidence Act (HR 6380), also called JOBS Act 3.0, is a grouping of 32 business friendly bills put together in a bipartisan effort to actually get something done. House Financial Services Committee Chair Jeb Hensarling stated; “Without a steady stream of small… Read More

FINRA Approved Reg CF Crowdfunding Portals: 38 and Counting

Last time we checked in back at the end of December, there were 36 FINRA approved Regulation Crowdfunding (Reg CF) portals in operation. Today, that number has increased to 38 as two more entrants have entered the Reg CF space. As for portals that have… Read More

Protecting Consumers’ Access to Credit Act of 2017: Controversial Bill that Helps Online Lenders Passes the House

Today, the House of Representatives passed HR 3299, “the Protecting Consumer’s Access to Credit Act of 2017.” The Bill was approved mainly along party lines as Republicans supported the measure and Democrats voted against it but 16 Democrats crossed over in support of the legislation. The… Read More

House Financial Services Committee Approves Legislation to Help Keep Lending Partnerships Between Banks and Online Lenders

The House Financial Services Committee has approved HR 3299 or the “Protecting Consumers’ Access to Credit Act of 2017.” The bill “restores consistency” in lending laws across state boundaries. HR 3299 impacts the case of Midland Funding, LLC v. Madden – an ongoing law suit… Read More

SEC Chairman Jay Clayton Tells House Committee that Fewer Public Companies is a Troubling Trend, Shares Insights on ICOs

Securities and Exchange Commission Chairman Jay Clayton spent much of today visiting with the House Financial Services Committee. This was his first hearing before the Committee since he took the helm of the regulatory agency. Much of Clayton’s prepared remarks echoed his visit to the… Read More

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