Congressman John Rose Reacts to House Hearing on the Collapse of FTX

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.”

Read More

Federal Reserve Chairman Powell Announcing Increase in Interest Rates This Month

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.

Read More

Republican Lawmakers Say China’s Cryptocurrency Crackdown Is an Opportunity for America

Person holding phone with cryptocurrency info on screen

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.

Read More

Less Than 17 Percent of Rental Aid Distributed by August, Treasury Says

A living room in an apartment space with a blue couch and TV

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.

Read More