Expert witnesses called for independent investigations of the FRB and FDIC, greater accountability for regulators and supervisors, and "modernizing" deposit insurance, as the House Financial Services Subcommittee on Financial Institutions and Monetary Policy considers legislative proposals to address bank failures.
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Senate Banking Committee Chair Sherrod Brown (D-OH) introduced the "Close the Shadow Banking Loophole Act," which would subject industrial loan companies to the same rules and consumer protections as traditional banks under the supervision of the Federal Reserve.
Senate Finance Committee Chair Ron Wyden (D-OR) asked six cryptocurrency exchanges to provide information on their respective asset protection policies.
The U.S. Senate confirmed Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham to serve as CFTC Commissioners.
The U.S. House of Representatives passed a bill that would direct the CFTC and SEC to jointly create a digital assets working group.