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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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.
House Financial Services Committee Chair Patrick McHenry (R-NC) and House Agriculture Committee Chair Glenn Thompson (R-PA) proposed legislation that would establish a digital asset framework and provide for related joint rulemaking from the CFTC and the SEC.
In a letter to SEC Chair Gary Gensler, five Republican members of the Senate Banking Committee challenged the basis for four new rule proposals targeting U.S. equity market reform.
In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.