Tagged: patrick mchenry

Saule Omarova: Approval of Biden Administration’s Pick for Comptroller of the Currency is Looking Dicey

The Office of the Comptroller of the Currency (OCC), an independent bureau under the US Department of Treasury, is the lead bank regulator in the US. Managed by the Comptroller of the Currency, it is a key federal agency in approving or denying national bank… Read More

Republicans on House Financial Services Committee Distribute Principles for Central Bank Digital Currency

Central Bank Digital Currency (CBDC) is a hot policy topic in the US as well as the rest of the world. Many developed countries are reviewing the potential as well as the potential pitfalls for a CBDC. China is already testing a digital yuan live… Read More

McHenry Slams Infrastructure Bill as Reckless Spending, Notes New Digital Asset Reporting Requirements

The infrastructure bill (H.R.3684) is on its way to becoming law. After a circuitous legislative path that saw extreme left legislative vote against the bill while several Republicans helped to push it across the finish line, a pinnacle of the Biden Administration’s legislative ambitions is… Read More

Congressman McHenry Issues Statement on PWG Stablecoin Report

Congressman Patrick McHenry, the ranking member on the House Financial Services Committee, has issued a statement regarding President’s Working Group on Financial Markets (PWG) report on stablecoins. McHenry has long been supportive of innovation in financial services and recently he, along with Congressmen Tom Emmer… Read More

US Representatives Slam US Postal Office’s “Hidden” Financial Service Pilot Program

Representatives Patrick McHenry and James Comer have sent a letter to the Postmaster General slamming the US Postal Service’s “hidden” financial service pilot program. McHenry is the ranking Republican on the House Committee on Financial Services. Comer is the ranking Republican on the House Committee… Read More

House Members Send Letter to Secretary Janet Yellen Requesting Clarification on Stablecoins

Warren Davidson

US House of Representatives Patrick McHenry, Tom Emmer, and Warren Davidson have co-authored a letter addressed to the Secretary of the US Department of Treasury Janet Yellen. The Congressmen have requested that Yellen clarify her position on stablecoins – digital assets typically tied to fiat… 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

Two House Representatives Introduce Micro-Offerings Legislation to Help Smaller Firms Raise Needed Funding

Congressman Patrick McHenry and Congressman Tom Emmer have joined to introduce new micro-offering legislation. McHenry is the ranking member on the House Financial Services Committee. Both McHenry and Emmer have long been supportive of financial innovation and small businesses in general. The Small Entrepreneurs’ Empowerment… Read More

Congressman Patrick McHenry Slams Biden’s Selection to Lead Office of the Comptroller of the Currency

Congressman Patrick McHenry, the ranking minority member on the House Financial Services Committee and keen supporter of financial innovation, has issued a statement on the Biden’s Administration selection to manage the Office of the Comptroller of the Currency. Yesterday, President Biden announced he had selected… Read More

Perspective: Crypto Should Divorce From the Progressive Movement

Progressives should love cryptocurrency, the latest innovation that brings power to the people. Turns out, they don’t. Perhaps surprisingly, it is precisely because crypto circumvents the corporate, permissioned, speech-controlled online world that angers progressives. Crypto threatens to nix not just the corporation but also the… Read More

Two Congressmen Tell the SEC and CFTC to Form Digital Assets Working Group Now

US House of Representative Patrick McHenry and Representative Glenn Thompson have sent a letter to both the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) telling them to form a working group on digital assets. The letter arrives at a time when… Read More

Congressman Patrick McHenry Slams SEC Chairman Gensler’s “Power Grab” in Regards to Regulating Digital Asset Exchanges

In a recent round of correspondences launched by Senator Elizabeth Warren, a noted crypto skeptic, SEC Chairman Gary Gensler responded with a request for additional authority to regulate digital asset exchanges. Gensler said that legislative priority should center on crypto trading, lending and DeFi platforms…. Read More

Congressman McHenry Crafts Bill to Expand Access to Private Securities by Expanding Definition of an Accredited Investor

Congressman Patrick McHenry has submitted legislation to update the definition of an Accredited Investor. Currently, individuals deemed to be Accredited may participate in private, Reg D securities offerings – the most popular exemption utilized by promising young firms. To be deemed accredited, an individual must… Read More

True Lender Rule Defended by Congressman Patrick McHenry

The True Lender Rule, regulation that impacts Fintech lenders, received some much-needed clarification last year from the Office of the Comptroller of the Currency. Now there has been a change of administration, the arcane rule may reverse the progress made from the prior administration. Today,… Read More

Global Digital Finance Issues Statement in Support of Eliminate Barriers to Digital Innovation Act Sponsored by US Representatives Patrick McHenry

Global Digital Finance (GDF), a UK-based entity advocating on behalf of the digital asset (or crypto-asset) sector of Fintech, has posted a letter in support of the Eliminate Barriers to Digital Innovation Act of 2021 (HR 1602). The Act was sponsored by US Representative Patrick… Read More

Federal Reserve Opens Consultation on Access to the Payments System

The US Federal Reserve Board has proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks. In a public statement, the Fed said the introduction of new financial products, such as products introduced by Fintechs including novel types of banking charters,… Read More

Congressman McHenry Sends Letter to SEC Urging Acting Chair to Move Forward on Update to Reg CF Rules

Congressman Patrick McHenry, the ranking member of the House Committee on Financial Services, has sent a letter to the Securities and Exchange Commission (SEC) urging them to move forward on improvements to Regulation Crowdfunding (Reg CF). The letter is addressed to SEC Acting Chair Allison… Read More

Federal Reserve Chair Jerome Powell Says Public Events on Digital Dollar Coming

Today, Jerome Powell, Chairman of the Federal Reserve, returned to Capitol Hill for a hearing on the House side pertaining to Monetary Policy and the State of the Economy. Once again, much of the discussion hovered around COVID, monetary policy and his opinion on the… Read More

Former CFTC Chair Gary Gensler Selected to be Chairman of the Securities and Exchange Commission, Lauded for Being Fintech Friendly

Gary Gensler, the former Commodities Futures Trading Commissioner Chair, has been selected by President-elect Joe Biden to helm the Securities and Exchange Commission (SEC). Gensler previously led the CFTC during the Obama administration. Prior to the CFTC, Gensler spent 18 years at Goldman Sachs. He is… Read More

OCC: Acting Comptroller of the Currency Brian P. Brook Steps Down

Acting Comptroller of the Currency Brian P. Brooks will step down from the Office of the Comptroller of the Currency (OCC) on January 14, 2021. OCC Chief Operating Officer Blake Paulson will become Acting Comptroller of the Currency, according to a statement by the bank… Read More

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