HFSC Plans Fintech-Friendly Legislation
Wednesday’s HFSC Digital Assets Subcommittee hearing on electronic payments will consider the state of various electronic payments offerings and lay the groundwork for several GOP measures to override current standards or give providers greater leeway. As a result, these bills are unlikely to advance in the Senate. Measures to be covered include a bill to be introduced by Rep. Steil (R-WI) to create a federal framework for the earned-wage lending programs the CFPB has recently criticized.
HFSC Plans Sanctions Review
As anticipated, Wednesday’s HFSC National Security hearing on Middle East sanctions will consider an array of bills designed to punish Iran, sanction Hamas, and – at least as far as Republicans plan – criticize the Biden Administration for actions such as agreeing to release $6 billion to Iran in exchange for several hostages. We have noted many of the bills on which a record will be built in prior client alerts, with the panel planning for example to advance H.R. 5923, a Lawler (R-NY) bill to extend current secondary sanctions related to Iran to all transactions with Chinese financial institutions and sanctioned Iranian banks related to oil purchases.