Bipartisan Bill Seeks Barriers to Financial-Infrastructure Ransom Payments
Ahead of next week’s HFSC hearing, Chair McHenry (R-NC) and Rep. Pettersen (D-CO) introduced the Ransomware and Financial Stability Act, a bill to require FMUs, large securities exchanges, and certain technology-service providers to notify Treasury before paying a ransom and come under numerous restrictions should they do so.
Waters Plans FHLB-Reform Legislation
Sharply criticizing FHLB backstops for troubled banks, HFSC Ranking Member Waters (D-CA) stated that she is drafting legislation to implement a number of the Congressional recommendations outlined in FHFA’s recent FHLB-reform report, including readying a bill to double the FHLB system’s required contributions to affordable housing and prevent the banks from making good as banks go bad.