A group of lawmakers recently forwarded correspondence to the Environmental Protection Agency (EPA), advocating the agency examines the potential environmental impacts of digital asset mining.© Shutterstock House Financial Services Committee Republican Leader Patrick McHenry (R-NC) and U.S. Sen. Cynthia Lummis (R-WY) joined 12 colleagues in signing off on the letter to EPA Administrator Michael Regan, […]
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U.S. Reps. Darin LaHood (R-IL) and Linda Sánchez (D-CA) introduced legislation to expand retirement savings access.© Shutterstock The Starter-K Act creates starter defined contribution plans that streamline regulations and lower costs for small businesses and start-ups. It is designed to fill a void as only half of small businesses with fewer than 50 employees currently […]
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The Bank Policy Institute (BPI) offered feedback on the Securities and Exchange Commission’s (SEC) proposed climate disclosure policy, expressing its concerns. © Shutterstock The proposal would require public companies to provide a detailed financial accounting of climate-related risks, information on indirect emissions, and numerous requirements for disclosure of risk management policies and practices. BPI officials […]
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A bipartisan group of senators on the Senate Finance Committee released a discussion draft for policies that address youth mental health care. © Shutterstock The discussion draft includes policies that would allow providers to receive Medicaid reimbursement for behavioral and physical health services delivered on the same day. It also supports mental health care in […]
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A group of Senate Republicans introduced legislation that seeks to provide tax relief and protections for middle-class Americans. © Shutterstock The Middle-Class Savings and Investment Act would exclude a reasonable amount of interest income from being subject to tax — $600 for married couples and $300 for individuals. It would also more than double the […]
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The Consumer Bankers Association (CBA) voiced its opposition to a bill that addresses bank overdraft services and fees for customers. © Shutterstock In a new letter sent to the House Committee on Financial Services, CBA President and CEO Richard Hunt said Americans rely on bank products like overdrafts to cover emergency expenses. The Overdraft Protection […]
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U.S. Rep. Peter DeFazio (D-OR) and Sen. Bernie Sanders (I-VT) introduced joint legislation to strengthen and expand Social Security.© Shutterstock The Social Security Expansion Act (SSEA) would extend the solvency of the Social Security trust fund 75 years through 2096. It would lift the income tax cap and subject all income above $250,000 to the […]
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The U.S. House of Representatives passed a bill to extend a provision within the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that establishes streamlined bankruptcy procedures for small businesses. © Shutterstock The Small Business Reorganization Act in 2019 has already passed in the Senate, so now it moves to President Joe Biden’s desk […]
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U.S. Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced legislation that would create a regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency, and robust consumer protections. © Shutterstock The Responsible Financial Innovation Act, also known as Lummis-Gillibrand, is considered the most comprehensive bipartisan effort to date to regulate the digital […]
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The New York State Department of Financial Services (DFS) put out regulatory guidance to establish the criteria for stablecoins issued under DFS oversight.© Shutterstock “Since DFS approved the first USD-backed stablecoins for issuance in New York in 2018, our regulated entities have had to meet conservative reserve requirements and provide routine attestations to protect consumers […]
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