The House Financial Services Committee is holding its
Today's hearing will help set the stage for Congress and the White House's posture toward the banking industry for the next four years. A new crop of Republican lawmakers who are more aggressive toward bankers is coming into the House and the Senate, while Democratic legislators have softened toward industries that they once eschewed, such as crypto.
The top Republican lawmakers are also vying for a vaunted spot atop of the House Financial Services Committee, and the opportunity to take the lead in authoring legislation that would affect the banking industry, and set up a framework for how cryptocurrencies and stablecoins are governed in the United States, which could have huge implications for banking.
Particularly important to watch are
The hearing comes on the heels of Federal Deposit Insurance Corp. Chairman Martin Gruenberg's announcement that
It will also be a tense day for Fed Vice Chair for Supervision Michael Barr, who's made enemies on the committee for
Acting Comptroller of the Currency of the Currency Michael Hsu, meanwhile, can be ousted on day one of the new administration if the president chooses. It's unclear how long Trump will allow Hsu to stay given the relatively low priority put on OCC appointments, but the agency was seen as a way to advance fintech and crypto aims during Trump's first term.