The House Financial Services Committee heard testimony from witnesses regarding the implications of the issuance of a Central Bank Digital Currency on the U.S. financial system.
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House Financial Services Committee members Dan Meuser (R-PA) and Blaine Luetkemeyer (R-MO) asked the FDIC to better assess the potential risks and costs associated with reforms to the deposit insurance system.
Senator Elizabeth Warren (D-MA) urged Federal Reserve Board Chair Jerome Powell to "resist industry pressure" to weaken the FRB's proposal to implement the final provisions of the Basel III agreement.
House Financial Services Committee Chair Patrick McHenry (R-NC) and Subcommittee Chairs French Hill (R-AR) and Bill Huizenga (R-MI) expressed concern that the Federal Reserve Board's August 8, 2023 supervisory guidance will deter financial institutions from activities using digital assets.
House Financial Services Committee Chair Patrick McHenry and Capital Markets Subcommittee Chair Ann Wagner expressed opposition to a PCAOB proposal to require auditors, as part of their assignments, to identify material legal and regulatory compliance risks in the clients’ businesses.