#House Ag

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23 05, 2023


2023-05-23T17:15:40-04:00May 23rd, 2023|2- Daily Briefing|

House Advances Consensus Anti-China Reporting Legislation

The House yesterday voted 400-5 to approve H.R. 1156, bipartisan legislation addressing Congress’ China concerns by mandating a new study.

Gruenberg Endorses Bank On Accounts, Notes Continuing Racial Gaps

In remarks today largely devoid of policy implications, Chairman Gruenberg praised Bank On’s impact on financial inclusion, but noted that racial divides still persist as Black and Hispanic households are more likely to be unbanked than White ones at every income level.

IOSCO Aims at Ending Crypto-Market Arbitrage

Advancing global crypto standards, the International Organization of Securities Commissions today released a consultative report on the contentious question of centralized-market regulation with which a joint HFSC/AG Committee process is now wrestling (see Client Report CRYPTO43).

HFSC GOP Blasts GSE Fees, Supports FHLB System

Today’s HFSC hearing with FHFA Director Thompson was largely the LLPA battle we anticipated, with Republicans lambasting recent actions and Democrats tartly responding that Republicans did not know what they were talking about.

Hsu Echoes Gruenberg’s Bank-On Praises

Following Chairman Gruenberg’s remarks earlier today, Acting Comptroller Hsu similarly praised Bank On’s impact on financial inclusion while highlighting racial and income gaps.


10 05, 2023


2023-05-10T16:54:20-04:00May 10th, 2023|5- Client Report|

HFSC-Ag Hearing Splits on Party Lines Over Need for New Crypto Framework

Today’s joint HFSC-House Ag hearing on assessing crypto’s regulatory gaps saw bipartisan calls for Congressional action, but none on what should be done. HFSC Chairman McHenry (R-NC) and HFSC Republicans pressed strongly for a new regulatory framework to ensure regulatory certainty and draw clear lines between the SEC and CFTC. HFSC Ranking Member Waters (D-CA) indicated that cryptoassets did not warrant an entirely new construct, instead favoring targeted legislation on issues such as stablecoins. House Ag Members on both sides of the aisle agreed that the CFTC should be given authority over spot markets and additional resources, but did not directly address giving the SEC broader authority as proposed in the Senate Ag sweeping crypto bill.


27 04, 2023


2023-04-27T17:05:53-04:00April 27th, 2023|2- Daily Briefing|

House GOP Presses Entirely New Digital Asset Jurisdictional Framework

Before today’s HFSC Subcommittee session on digital asset regulatory gaps began, full committee Chairman McHenry (R-NC) and House Ag. Committee Chairman Thompson (R-PA) along with Reps. Hill (R-AR) and Johnson (R-AL) issued a joint statement emphasizing that inter-committee collaboration will characterize future legislative efforts and announcing that the committees will hold a joint hearing next month.  Opening the hearing, Subcommittee Chairman Hill argued that Congress must act to resolve definitional and jurisdictional disagreements between the SEC and CFTC.  He also called for a disclosure regime tailored to the specific needs of digital asset purchasers.  Ranking Member Lynch (D-MA) sided with SEC Chairman Gensler’s views that most digital assets are securities and also defended the current regulatory regime.


23 06, 2022


2023-01-25T15:46:26-05:00June 23rd, 2022|2- Daily Briefing|

Treasury Tries Transparency

Treasury and its inter-agency working group today advanced its earlier findings (see Client Report TMARKET2) with a public consultation on data transparency.

House Ag Subcommittee Advances CFTC Digital-Asset Authority

Advancing proposals to give the CFTC jurisdiction over aspects of the crypto market as proposed in the Lummis-Gillibrand bill (see FSM Report CRYPTO28), the House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit today advanced statutory changes that not only give the CFTC this authority, but also expand the committee’s jurisdiction.

OCC Targets Macro Risks

The OCC today released its latest analysis of risks to federally-chartered institutions, reiterating longstanding operational-risk concerns now heightened by the challenges facing banks seeking to retain or hire specialized personnel.

House Republicans Craft New Data-Privacy Regime

HFSC Ranking Member McHenry (R-NC) and panel Republicans today released a draft bill establishing consumer-data privacy rights with an eye on emerging financial providers and products.


12 01, 2022


2023-04-24T15:42:45-04:00January 12th, 2022|2- Daily Briefing|

Ag Committees Enter Crypto Fray

Flexing their jurisdictional muscle, the bipartisan leadership of the House and Senate Agriculture Committees today sent a letter to the CFTC urging it to govern cryptoassets which, they say, are commodities.

CFPB UPs the Ante for Its Anti-BNPL Inquiry

The CFPB today broadened its market-monitoring demand of buy-now-pay-later (BNPL) providers into a general request for public comment.  Focusing in particular on consumers and international agencies, the Bureau seeks views on matters such as risks and benefits, merchant experience, and ways to improve the sector.


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