In a lengthy report, the House Financial Services Committee majority staff argued that the meme stock market trading frenzy of January 2021 "exposed troubling business practices, inadequate risk management" and the need for legislative and regulatory reform.
At a Senate Banking Committee hearing, Ranking Member Pat Toomey and Committee Chair Sherrod Brown squared off on the merits of the "Investor Democracy is Expected Act" which would limit the voting power of index fund managers.
Senate Banking Committee Ranking Member Pat J. Toomey urged Congress to pass the "Investor Democracy is Expected Act" to address "problems of asset managers voting other people's shares and their consolidation of corporate voting power."
House Financial Services Committee Chair Maxine Waters and Senate Banking Committee Chair Sherrod Brown called on the SEC "to require the disclosure of standardized data of race, ethnicity, gender, sexual orientation, and disability status."
Industry groups, regulators and elected officials submitted feedback on the SEC's proposed disclosure requirements regarding cybersecurity risk management, governance, strategy and incident reporting by public companies.
At a hearing before the Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet L. Yellen testified on the Financial Stability Oversight Council's 2021 Annual Report to Congress.