White House Advances AI Governance, Government Adoption
Following the President’s AI executive order (see Client Report AI3), the White House today released an update following a steering-group meeting.
BIS Study Examines Stablecoin Run-Risk
A new BIS study supports pending U.S. legislation and possible rules related to stablecoin reserve assets and run-risk, finding that transparency increases stablecoin stability when reserve assets are of high quality, but decreases stability when reserves are perceived to be low quality or when there are low transaction costs to convert to fiat.
Hsu Sets Course to New OCC Merger Policy with No Fed Companion in Sight
In remarks today emphasizing the need for a more transparent bank-merger process, Acting Comptroller Hsu announced that the OCC will today release an NPR eliminating the possibility that merger applications will be approved solely by the passage of time.
Warren Starts the New Year with Political Pressure on Fed Policy
Reiterating concerns about high interest rates, Sen. Warren (D-MA) along with Sens. Hickenlooper (D-CO), Rosen (D-NV) and Whitehouse (D-RI) today sent a letter to Chair Powell calling on him to reverse rate hikes, citing its impact on the current affordable housing crisis.