Financial Services

Emotional Duffy send-off from Financial Services Committee

Rep. Ann Wagner, R-Mo., takes her seat for the House Foreign Affairs Committee hearing on "NATO at 70: An Indispensable Alliance" on Wednesday, March 13, 2019. (Bill Clark/CQ Roll Call)

Rep. Sean P. Duffy, R-Wis., spoke for what will likely be his last time as a member of the House Financial Services Committee Thursday. He took a moment at the end of remarks on border security to thank colleagues for “the friendships and camaraderie.”  Duffy thanked the Democratic committee chairwoman, Rep. Maxine Waters specifically for “always” treating him with respect. His comments spurred a collegial and impromptu tribute with Waters thanking him for the “good times and the bad times” and Rep. Ann Wagner choking up during her well wishes.

Esper brings China focus as Defense secretary
Plan to seek savings in Pentagon operations could face roadblocks

In search of savings, Defense Secretary Mark T. Esper is looking at spending by organization that provide back-office services to the Pentagon. (Caroline Brehman/CQ Roll Call file photo)

Like every new Defense secretary, Mark T. Esper says he wants to make the Pentagon more efficient. He will get some results, but not many and not quickly, experts say.

Esper, now a few months into the job, wants to save money to spend it on preparing for war against China, and to a lesser extent Russia.

Fed’s proposal for faster payments raises question of fraud
‘FedNow’ won’t be available for four years, but how will it handle unauthorized payments?

The Federal Reserve expects to launch a real-time payment service in four years. Fintech experts are already questioning how it will handle fraud. (Caroline Brehman/CQ Roll Call file photo)

The Federal Reserve’s announcement last month that it would compete with private industry to launch a 24-hour-a-day real-time payment service has fintech experts raising an alarm: How will it handle fraud, which they say is inevitable with any financial system.

The Fed’s real-time gross settlement service, to be known as “FedNow,” is not scheduled to be available for at least four more years. Yet some financial services attorneys are already pondering who should bear the loss if it processes unauthorized payments.

Fintech Beat explores the ABC's of fintech investing
Fintech Beat, Ep. 19

Stock market data growth chart graph investment finance analysis fintech financial district

Road Ahead: House to consider stopgap measure to fund government, Senate plays catch-up
Appropriations could be a focal point this week

House Majority Leader Steny H. Hoyer touted his chamber passing 10 of its annual spending bills, but final House-Senate products are nowhere in sight. (Tom Williams/CQ Roll Call file photo)

As the Senate rushes to move fiscal 2020 spending bills, the House will consider a continuing resolution to keep the government running before the Oct. 1 fiscal year deadline hits.

House Majority Leader Steny H. Hoyer said the chamber would consider a stopgap measure to fund the federal government this week.

Comedian Hasan Minhaj rankles, entertains at student debt hearing
Congressional hearings can be dry but not today

Things got a little testy between Rep. Sean Duffy, seen here, and Hasan Minhaj at Tuesday's hearing. (CQ Roll Call Screenshot)

You may not think a hearing on solving the $1.6 trillion student loan debt crisis would provide many laughs, but comedian Hasan Minhaj racked up a few, to the annoyance of some Republicans, while testifying before the House Financial Services Committee.

Tuesday’s hearing wasn’t short on tense exchanges, either, even from the jump.

Hasan Minhaj testifies at student loans hearing

Hasan Minhaj testified at a House hearing Tuesday on student loans.(Graham MacGillivray via House Financial Services Committee/CQ-Roll Call)

Comedian and host of the Netflix show “Patriot Act” Hasan Minhaj testified at a House Financial Services Committee hearing Tuesday. He was part of a five-person panel to brief lawmakers on issues with the federal student loan program. In February, Minhaj dedicated a 27-minute episode of the show to the issue.

Opening Statement: 

Term limit rules targeted by Trump aren’t tipping scale on House GOP retirements
POTUS wants to discourage retirements, but life in the minority is also a factor

President Trump blamed the wave of retirements on a GOP conference rule that term limits committee chairmen. Rep. Mike Conaway, R-Texas, is one member who said losing his top committee spot impacted his choice to not seek reelection. (Bill Clark/CQ Roll Call file photo)

President Donald Trump has an idea he thinks would quell the growing list of House Republicans who say they won’t run for another term, but the president’s proposal might not get to the root of the GOP retirements.

In a tweet early Monday, Trump urged House GOP leaders to alter conference rules to allow committee chairs (and ranking members if in the minority) to hold their posts for more than six years.

Retiring lawmakers will face tough market on K Street
‘K Street is not hungering for former members,’ senator-turned-lobbyist Norm Coleman says

In most cases, it’s congressional staff members who K Street really clamors for. (Bill Clark/CQ Roll Call file photo)

K Street recruiters are poring over the list of 21, and counting, lawmakers planning to exit Congress, but the lobbying sector may offer a shrinking supply of big-money gigs heading into the 2020 elections. 

As more House members and senators consider making their escape from Capitol Hill, the realities of the K Street economy and the well-worn revolving door will be among their considerations, say insiders at lobbying firms and downtown headhunters.

The Comptroller of the Currency
Fintech Beat, Episode 17

Joseph Otting, Comptroller of the Currency, prepares to testify during a House Financial Services Committee hearing in Rayburn Building titled "Financial Industry Regulation: the Office of the Comptroller of the Currency," on June 13, 2018. (Photo By Tom Williams/CQ Roll Call)