Senators Elizabeth Warren (D-MA) and Rick Scott (R-FL) criticized Federal Reserve Board Inspector General Mark Bialek for his opposition to a bipartisan bill that would require a President-appointed and Senate-confirmed Inspector General of the FRB.

The House Financial Services Committee, Subcommittee on Digital Assets considered recommendations from a variety of market participants on stablecoin legislation.

The SEC approved an MSRB proposal to amend a rule on advertising by municipal advisors which will allow for the use of testimonial statements in municipal advisor advertisements. The MSRB set a compliance deadline of July 3, 2023.

The CFTC Division of Clearing and Risk encouraged persons using certain swap execution facilities-related "prime brokerage arrangements" for swaps to consider whether the arrangements require derivatives clearing organization registration.

The SEC proposed (i) amendments to current requirements on clearing agencies’ risk-based margin systems and (ii) a new rule on the content of clearing agencies' recovery and wind-down plans. On May 24, representatives from J.P. Morgan, Wells Fargo, Sia Partners and Fried Frank will address the implications of this rulemaking and the SEC's separate proposal on mandatory central clearing.