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House Republicans Propose Overhaul of Consumer Financial Protection Bureau Funding

House Republicans Propose Overhaul of Consumer Financial Protection Bureau Funding

House Financial Services Committee Republicans are advancing legislation to significantly alter the funding and governance of the Consumer Financial Protection Bureau (CFPB). The centerpiece of this effort is H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026, co-sponsored by nearly 30 Republicans, including Rep. French Hill (R-AR-2). This bill aims to remove the CFPB's current funding mechanism, which draws directly from the Federal Reserve, and instead subject it to the congressional appropriations process. Additionally, the proposed legislation would establish an inspector general specifically for the CFPB. This move follows a discussion draft circulated by House Republicans and a roundtable discussion on modernizing consumer financial protection, which included Rep. French Hill and former CFPB Director Kathy Kraninger, alongside industry representatives.

Representative Ritchie Torres to Speak at Fintech Policy Forum in Washington, D.C.

Representative Ritchie Torres to Speak at Fintech Policy Forum in Washington, D.C.

Representative Ritchie Torres, a Democratic member of the U.S. House of Representatives from New York, is scheduled to speak at the Fintech Policy Forum in Washington, D.C., on September 17, 2026. The forum, organized by the Electronic Transactions Association, is a significant gathering that brings together policymakers and industry leaders to discuss financial innovation and public policy. Torres will be among several notable speakers, including Chairman French Hill of the House Financial Services Committee, and representatives from major financial technology companies such as U.S. Bank, Plaid, PayPal, and FIS. The event aims to explore various topics at the intersection of fintech, policy, and technology, providing a platform for dialogue on the future of payments and financial services.

Morning Bid: "The house" visits the House

Morning Bid: "The house" visits the House

By Mike Dolan Sept 15 (Reuters) - The nervous start to the week for world markets has seen 10-year U.S. Treasury yields top 5% to hit their highest in 19 years, just as Treasury Secretary Scott Bessent prepares to address Congress and the Federal Reserve starts its critical two-day meeting today.

Senate to Vote on Clarity Act, Establishing New Crypto Regulatory Structure Amid Ethics Debate

Senate to Vote on Clarity Act, Establishing New Crypto Regulatory Structure Amid Ethics Debate

The U.S. Senate is scheduled for a crucial vote on the Clarity Act, a bill designed to establish a new regulatory framework for cryptocurrencies and other digital assets. This vote comes after months of the bill languishing in the Senate, despite clearing the Senate Banking Committee in May. The legislation requires 60 votes to pass, meaning at least seven Democrats would need to support it to overcome a filibuster. Intense last-minute lobbying efforts are underway from both banks and the cryptocurrency industry. A key development is President Trump's agreement to new ethics provisions within the bill, including a requirement for federal officials and their spouses to divest or place significant financial interests in digital assets into a blind trust. Additionally, the updated bill includes a provision allowing state attorneys general to enforce these ethics rules, a critical demand from Democrats. The White House has emphasized the importance of passing the Clarity Act to maintain U.S. leadership in inno...

Minnesota Attorney General Leads Bipartisan Opposition to Digital Asset Market Clarity Act, Citing Cryptocurrency Fraud Concerns

Minnesota Attorney General Leads Bipartisan Opposition to Digital Asset Market Clarity Act, Citing Cryptocurrency Fraud Concerns

Minnesota Attorney General Ellison, alongside a bipartisan coalition of 16 attorneys general, has formally opposed the Digital Asset Market Clarity Act (Clarity Act). In a letter addressed to Senators Tim Scott and Elizabeth Warren, Chair and Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, the coalition expressed concerns that the proposed legislation would undermine states' abilities to protect investors from widespread cryptocurrency fraud and scams. The attorneys general argue that the Clarity Act, as currently drafted, would strip states of their crucial role as the primary defense against the growing cryptocurrency fraud epidemic. Since 2017, state enforcement actions have resulted in over 330 anti-fraud measures against scammers in the crypto ecosystem, leading to the shutdown of fraudulent schemes and securing justice for victims. The letter highlights that cryptocurrency transactions are often immediate, irreversible, and difficult to trace, making them an ideal ...

U.S. Treasury Secretary Scott Bessent to Testify Before House Committee Amid Economic Scrutiny

U.S. Treasury Secretary Scott Bessent to Testify Before House Committee Amid Economic Scrutiny

U.S. Treasury Secretary Scott Bessent is scheduled to appear before the House Financial Services Committee for his annual testimony. During this appearance, Secretary Bessent is expected to highlight the success of the ongoing economic campaign against Iran and report on rising wages for lower-income Americans. However, he is also anticipated to face rigorous questioning from Democrats regarding various economic issues, including inflation, escalating energy prices, interest rates, and the burgeoning federal debt. Oil prices have recently surpassed $100 a barrel due to the renewed conflict in Iran, leading to an increase in U.S. gas prices to an average of $4.32 per gallon, a significant rise from the previous year. Diesel costs have also seen a substantial increase. Secretary Bessent has been a vocal proponent of the economic measures against Iran, with his department intensifying sanctions on Iran and financial institutions facilitating its business. The testimony is formally part of Congress's oversight...

Representative Addison McDowell Co-Sponsors Bill to Combat Unlawful Robocalls

Representative Addison McDowell Co-Sponsors Bill to Combat Unlawful Robocalls

Representative Addison McDowell (R-N.C.) has co-sponsored H.R.6152, the House companion to the Foreign Robocall Elimination Act (S.2666). This bipartisan legislation aims to address the pervasive issue of unlawful robocalls, particularly those originating from overseas. The bill's primary objective is to direct the Federal Communications Commission (FCC) to establish a task force dedicated to tackling these calls. The House version of the bill, co-sponsored by Rep. Kelly Morrison (D-Minn.), authorizes the FCC to require a bond through rulemaking if deemed necessary to maintain the integrity of the Robocall Mitigation Database. This differs slightly from the Senate version, S.2666, which mandates a bond of up to $100,000. The Senate passed its version of the bill by unanimous consent, indicating broad bipartisan support for the initiative. The House bill has advanced out of the House Communications and Technology Subcommittee and awaits full Committee action.

US Treasury's Bessent says bond yields reflect 'global issues'

US Treasury's Bessent says bond yields reflect 'global issues'

By David Lawder WASHINGTON, Sept 15 (Reuters) - U.S.

Congressmen Introduce Bill to Prevent Transfer of Qatari-Gifted Air Force One to President Trump's Library

Congressmen Introduce Bill to Prevent Transfer of Qatari-Gifted Air Force One to President Trump's Library

Congressman Joe Courtney (CT-02) and Congressman Adam Smith (WA-09) have introduced the Safeguarding Taxpayer Investment for Executive Airlift Act. This proposed legislation aims to prohibit the use of congressionally authorized or appropriated Fiscal Year 2027 funding to transfer the Qatari-gifted Boeing 747, currently designated as the VC-25B Bridge Aircraft and used as Air Force One, out of the possession of the U.S. Air Force. The bill directly addresses public claims made by President Trump that this aircraft would be transferred to his presidential library. According to Rep. Courtney, the aircraft, which had approximately 1,000 flight hours upon transfer from Qatar and was described by President Trump as 'practically brand new,' has received substantial taxpayer investment for retrofitting. Both congressmen argue that the plane is the property of the U.S. Air Force and should not be treated as a private jet or a library trophy piece, citing concerns over the misuse of taxpayer dollars and the need fo...

President Trump's Space Academy Initiative Faces Congressional Scrutiny and Funding Questions

President Trump's Space Academy Initiative Faces Congressional Scrutiny and Funding Questions

President Trump's administration has initiated the creation of a Space Academy, to be managed by NASA, with the goal of training both military and civilian professionals for space development. This follows the establishment of the U.S. Space Force during his first term. NASA recently issued a formal request for proposals from all 50 states to host the new academy, seeking a 300-acre site, ideally near existing NASA facilities or university campuses. The academy is projected to initially accommodate 1,200 undergraduates, with potential expansion to 4,000. While the initiative aims to secure U.S. dominance in space, it has drawn criticism from some members of Congress. Senator John Hickenlooper (D-CO) labeled the project as 'a duplicated, expensive, and unserious idea,' while Representative George Whitesides (D-CA) questioned its funding. Representative Zoe Loefgren (D-CA) emphasized that Congress intends to be involved in decision-making regarding the academy, regardless of the White House's preferences. Th...

U.S. Rep. Andy Harris Delays Food Traceability Rule, Impacting Food Safety

U.S. Rep. Andy Harris Delays Food Traceability Rule, Impacting Food Safety

U.S. Rep. Andy Harris, the only Republican member of Congress from Maryland and chair of the U.S. House Freedom Caucus, has been instrumental in delaying a crucial food traceability rule. This rule, part of the Food Safety Modernization Act signed in 2011, mandates that approximately 323,000 food-handling businesses digitally track food using lot codes. The Food and Drug Administration (FDA) was initially tasked with finalizing this rule by 2013, but it was only completed in 2022 after a judicial order. Industry groups subsequently pushed for a delay in compliance until January 2026, citing the rule's complexity and cost. When President Trump returned to office, his administration further postponed the rule until June 2028. Harris's House Appropriations subcommittee, which controls FDA funding, incorporated this delay into spending bills, effectively writing the new compliance date into the FDA budget and requiring the agency to develop a more flexible rule. This action has drawn criticism, particularly in...

Senator Jacky Rosen and Colleagues Oppose Interior Department's Wilderness Policy Review

Senator Jacky Rosen and Colleagues Oppose Interior Department's Wilderness Policy Review

U.S. Senator Jacky Rosen (D-Nev.) has joined Senator Martin Heinrich (D-N.M.) and eight other colleagues in sending a letter to U.S. Department of the Interior Secretary Doug Burgum. The letter expresses strong opposition to the Interior Department's ongoing wilderness management policy review. The senators argue that this review could jeopardize the wilderness character of public lands and potentially disqualify them for future congressional designation, thereby undermining Congress's role in wilderness management. They contend that the review is a tactic by the current administration to weaken protections for nearly 200 million acres of public land. The lawmakers highlighted that it is unusual for the Interior Department to seek public comment on its agencies' general operating procedures for land management planning. They also noted that this review is part of broader efforts by the administration to reduce protections for national monuments and cultural resource areas, sell public lands in the West, an...