HFSC Set to Quiz Yellen on Sanctions, Global Finance
As anticipated, the HFSC memo ahead of tomorrow’s hearing with Secretary Yellen highlights many pending bills designed to increase sanctions against Russia and Belarus, as well as the companies, oligarchs, and others affiliated with them or found to be acting on their behalf. The memo includes not only a thorough compilation of bills to which we have alerted clients since the invasion began, but also a draft measure to bar an array of investment-banking or brokering activities related to Russia-based or -related obligations regardless of currency and to prohibit any such securities in investment funds.
IMF Official Urges Caution on CBDC Adoption
Bo Li, Deputy Managing Director at the IMF, urged caution today at an East African Finance Conference about building central bank digital currencies, referencing the findings of an IMF study on CBDC pilot programs.
Waters Demands Racial-Equity Action
As anticipated, the HFSC’s Oversight Subcommittee hearing on reparations featured considerable criticism of the financial services industry. Most notably, Committee Chairwoman Waters (D-CA) said that some banks that provided loans to finance the purchase of slaves are still in operation, solely singling out JP Morgan. She also stated that she was looking forward to discussing the actions of the financial industry and how it will remedy the lingering effects of profiting from slavery.