Amid rising concerns about the liberal political agenda driving environmental, social and governance (ESG) investment decisions at the expense of retirement income, U.S. Representative Zach Nunn (R-IA-03) has introduced the “Protecting Retirees’ Savings Act.”
The bill, according to proponents, will help eliminate conflicts of interest for financial managers that cost investors by lowering investment returns.
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Tennessee U.S. Congressman Andy Ogles (R-TN-05) led a group of House Financial Services Committee Republicans in sending a letter to the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra expressing opposition to a proposal from the bureau to establish a nonbank registry.
It was announced last December that the CFPB proposed a rule to identify repeat financial law violators by creating a database of enforcement actions against certain nonbank-covered entities. According to the proposed rule, certain nonbank entities must register with the bureau and provide regular updates on their covered orders.
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Tennessee Representatives John Rose (R-TN-06) and Andy Ogles (R-TN-05) have been chosen to serve on the House Financial Services Committee.
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Tennessee Congressman John Rose (R-TN-06), who serves on the House Financial Services Committee, applauded the committee’s decision to have a bipartisan hearing on FTX’s collapse.
“The overnight collapse of FTX will have a lasting impact on consumers and the digital asset industry as a whole,” Congressman Rose said in a statement. “The American people deserve answers, and bad actors must be held accountable to the laws and regulations meant to safeguard consumers. I appreciate Ranking Member McHenry and Chairwoman Waters for swiftly scheduling a hearing on this pressing matter, and I look forward to hearing Sam Bankman-Fried’s testimony soon.”
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Federal Reserve Chairman Jerome Powell will announce Wednesday that the central bank will begin raising interest rates this month – in an attempt to curb rising inflation expected to further increase as a result of Russia’s invasion of Ukraine.
In prepared testimony to a congressional committee, Powell says the Fed will “need to be nimble” in responding to unexpected changes resulting from the invasion and the resulting sanctions, according to the Associated Press.
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Republican lawmakers say China’s recent crackdown on financial technologies could offer an opportunity for the U.S. to press its advantage in innovation.
China’s central bank issued a statement Friday morning declaring all cryptocurrency transactions and services illegal, banning coin mining operations and vowing to crack down on its citizens’ use of foreign crypto exchanges.
Several Republicans say China’s loss could be the United States’ gain.
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State and local officials disbursed less than 17% of the funds allocated for pandemic rent assistance by the end of August, the Treasury Department announced Friday.
Officials have disbursed $7.7 billion of the $46.5 billion in funds allocated to the Emergency Rental Assistance (ERA) program meant to aid those at risk of eviction, the Treasury Department said in a statement.
The program was created eight months ago and has struggled to distribute its funds to tenants. A number of state officials have said the delays can be attributed to a lack of preparedness to facilitate the distribution of such large sums of money.
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