The House Financial Services Committee, Subcommittee on Financial Institutions and Monetary Policy, considered testimony on whether the Federal Reserve should limit or expand its function as lender of last resort.
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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."
Senate Banking Committee Chair Sherrod Brown urged Cameron Fowler, the CEO of Zelle, the instant payment platform co-owned by seven "Big Banks," to clarify the firm's policies protecting consumers from scams.
In the annual report to Congress of the Financial Stability Oversight Council, Treasury Secretary Janet Yellin touted the resilience of the U.S. financial system in the face of "a wide range of risks, including risks stemming from the commercial and residential real estate sectors and from global geopolitical conflicts and technological developments."
House Financial Services Committee Chair Patrick McHenry asked the FDIC to explain its financial innovation strategy as well as the agency's examination and supervisory actions toward financial institutions and fintechs.