The Congressional Research Service reviewed the Policy debates over rebates that retail brokerage firms receive for directing retail investor stock trades to certain venues, known as "payment for order flow."
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Senate Banking Committee Ranking Member Tim Scott raised concerns about SEC-proposed rules that expand the dealer registration requirement as to transactions in U.S. Treasury securities.
House Financial Services Subcommittee Chair Blaine Luetkemeyer (R-MO) requested information from the SEC and FINRA on their efforts to address "serious" national security issues raised by broker-dealers that have ownership connections to the Chinese Communist Party.
House Financial Services Committee Chair Patrick McHenry (R-NC) asked FINRA and the SEC for information on the process used to approve the application of the first "special purpose broker-dealer" eligible to transact and provide custody for digital asset securities.
House Committee on Small Business Chairman Roger Williams (R-TX) questioned whether the SEC considered the effects on small investment advisory practices, capital access and innovation when the agency proposed new Exchange and Private Fund Adviser rules.