Brown, Rounds Agree: AI Credit-Underwriting Warrants Regulatory Attention
At today’s Senate Banking hearing on AI in financial services, Chairman Brown (D-OH) argued that AI should be governed by the same rules as the rest of the financial system, with new law necessary if existing rules prove inadequate.
HFSC FinCEN Bills Draw Bipartisan Support
HFSC Chairman McHenry (R-NC) at today’s markup praised the scope of bipartisan support on today’s FinCEN, sanctions, and other national security bills.
HFSC Delays Bipartisan Sanction Bill Vote
Today’s HFSC markup also considered two bills addressing sanctions policy: H.R. 5512 from Rep. Sherman (D-CA) to require bank subsidiaries to comply with sanctions on Russia and Belarus and H.R. 760 from Rep. Barr (R-KY) imposing blocking sanctions on Chinese defense or surveillance companies and the third-party companies that supply them.
HFSC Dems Continue Strongly Opposing GOP Anti-CBDC Measure
The bipartisan spirit of today’s HFSC markup dissipated as Members fiercely debated H.R. 5403 from Majority Whip Emmer (R-MN), a bill that would bar the Fed from issuing a CBDC to individuals.
Gruenberg: New Shadow Bank Standards Would Cure a Capital Proposal Problem
FDIC Chairman Gruenberg today gave remarks arguing that FSOC along with OFR should establish a new reporting framework to assess the financial stability risks posed by nonbanks and ensure that public reporting is sufficient for market participants to understand nonbank counterparty risk.
HFSC Reports FinCEN, Sanctions, CBDC Bills
HFSC today unanimously reported H.R 760 sanctioning Chinese defense companies, H.R. 5512 requiring bank subsidiaries to comply with sanctions on Russia and Belarus, and H.R. 5472 and 5485 strengthening FinCEN oversight to the House floor.