News from July 2023

McHenry: 'This is a pivotal moment for America’s standing as the global leader in innovation and technology adoption'

A group of U.S. lawmakers, led by French Hill (AR-02), introduced the Financial Innovation and Technology for the 21st Century Act (H.R. 4763). The bill aims to establish a specialized market structure framework for digital assets, fostering innovation while ensuring regulatory clarity.

Barr: Yellen 'has called climate change an emerging and increasing threat to financial stability'

The House Financial Services Subcommittee on Financial Institutions and Monetary Policy on July 20 conducted the hearing "Climate-Risk: Are Financial Regulators Politically Independent?" Republican legislators introduced four bills intended to limit federal regulators' ability to connect climate change to financial security.

Malerba: Financial education, reliable banking is difference between 'a comfortable and secure future or facing poverty'

The U.S. Treasury Department's Financial Literacy and Education Commission (FLEC) held a public meeting July 20 which focused on the financial literacy and educational needs of Tribal and Native communities.

Adeyemo: 'Governments do not need to wait to make these investments'

During a recent address, Adeyemo highlighted the transformative potential of State and Local Fiscal Recovery Funds (SLFRF) for workforce development. He emphasized the urgency of utilizing the funds and the nearing deadline.

House Financial Services' Wagner: 'It is crucial that the SEC changes its course and fosters a market system that is competitive and dynamic'

The House Financial Services Subcommittee on Capital Markets recently held a hearing titled Oversight of the SEC's Division of Corporation Finance.

2ØY founder: 'China has its own government owned exchange: OKX'

Dr. Ibai Basabe, the founder of 2ØY, an "organization working to unite crypto," described the cryptocurrency exchange OKX as a Chinese government-owned entity. Feng Bo, a major investor in OKX, has ties to Chinese Communist Party (CCP) elites.

Malerba: 'We value the input of Tribal governments in shaping the final guidance for the Elective Payment of Applicable Credits'

Consultation regarding the Elective Payment of Applicable Credits under the Inflation Reduction held on July 17 was reportedly met with excitement. The consultation addressed proposed regulations published by Treasury and the IRS.

Ellison: 'These attacks on the freedom to invest will lead to distorted capital markets'

Experts voiced concerns over some new draft bills discussed in a recent hearing. Testimonies highlighted the debate over regulation in investment.

U.S. Treasury Under Secretary Nelson: 'Today's actions underscore the importance of our collective efforts to disrupt the global illicit drug trade.'

Last week, the Department of the Treasury's OFAC issued a press release to announce the decision to impose sanctions on three Belgian and one Mexican nationals.

Deputy Secretary Adeyemo: 'As long as Russia continues to wage its unprovoked and brutal war against Ukraine, we will impose sanctions to deprive Russia of the technology it needs and disrupt the Russian arms industry's ability to resupply.'

Last week, the U.S. Department of the Treasury's Office of Foreign Assets Control issued a press release announcing the decision to impose more sanctions on Russia for Ukraine aggression, aligned with G7 commitments.

Yellen: Gacki's 'steady leadership will ensure the Bureau continues to set the international standard for combating financial crimes'

The U.S. Department of the Treasury has appointed a new director to head its Financial Crimes Enforcement Network (FinCEN). Andrea Gacki was named to the position July 13 by Treasury Sec. Janet Yellen.

Scott: 'Any potential (federal deposit insurance) reforms will not operate in a vacuum'

Lawmakers recently convened to discuss "Perspectives on Deposit Insurance Reform after Recent Bank Failures."

Barr: 'Promoting fair and equitable treatment to all consumers is the right thing to do'

Vice Chair for Supervision of the Federal Reserve Michael S. Barr spoke at the "Fair Housing at 55" National Conference on July 18 in Washington D.C., and in his keynote speech he underscored the importance of the Fair Housing Act. Barr advocated for continuous progress toward a fair and equal society through Federal Reserve actions.

Secretary of Treasury Yellen: 'There is much more work to do. But I believe this trip was an important start. I am eager to build on the groundwork that we laid in Beijing to mobilize further action.'

Last week, U.S. Secretary of Treasury Janet L. Yellen held a press conference to address some key priorities at the G20, including the need to alleviate debt distress.

Secretary of Treasury Yellen: 'It is my belief that a wide swathe of our economies can interact in ways that are uncontroversial to both governments.'

Secretary Yellen emphasized the significance of cooperation between the US and China in addressing global challenges during a press conference before the G20 meeting. She highlighted the need for constructive dialogue and collaboration, particularly after her recent visit to Beijing.

Yellen: 'Education is a powerful driver of development and one of the most effective investments for unlocking economic growth, reducing poverty, and promoting social inclusion'

Secretary of the Treasury Janet Yellen listed a Control and Command Center in Gandhinagar, India on July 16, where she emphasized the power of education supported by the World Bank. According to a release by the World Bank, this visit plays off the $500 million program focused on enhancing education in Gujarat.

Secretary of the Treasury Yellen: 'Our support for Ukraine is unwavering'

Secretary of the Treasury Janet Yellen recently spoke at a press conference in Gandhinagar, India ahead of the third meeting of the G20 Finance Ministers and Central Bank Governors, where she reaffirmed the unwavering support for Ukraine and also condemned Russia's aggression. According to remarks Yellen at World Bank Supported Educational Site in Gandhinagar, the U.S. and coalition partners have a focus on bolstering Ukraine's defense against illegal actions by Russia, as well as assisting with their budget.

Yellen: 'Our collaboration spans a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalyzing the clean energy transition'

Secretary of the Treasury Janet L. Yellen recently concluded her third visit to India within a year's time, as she attended the third meeting of the G20 Finance Ministers and Central Bank Governors. The gathering had a theme of "One Earth, One Family, One Future", which prioritized the well-being of people and the planet, as well as emphasizing the international economic cooperation and sustainable growth, according to remarks she made in a press release.

Rep. De La Cruz: 'Essentially, ESG is, in many cases, a modern shakedown tool brought to you by today's cancel culture'

Vice Chair Monica De La Cruz (TX-15) condemns ESG mandates as a tool of cancel culture and market distortion during a heated hearing on insurance and housing costs.