Brendan Pedersen

The House slouches toward crypto floor votes The House will host a single procedural vote to advance the GENIUS Act and the CLARITY Act to the floor as soon as the week of July 7

It looks like President Donald Trump is going to get his way on crypto. House leaders are planning a hybrid approach to advancing crypto legislation after a week of hand-wringing and positioning.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

Democrats want Powell to cut rates, too There’s a bipartisan hunger in Congress for lower interest rates. As Republicans step up their attacks on Fed Chair Jay Powell, Democrats sound sympathetic.

There’s a bipartisan hunger in Congress for lower interest rates. As Republicans step up their attacks on Fed Chair Jay Powell, Democrats are pushing for rate cuts themselves.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

Competing visions of American digital asset policy will go head-to-head this week. One is headed by the president, the other led by a former banker from Arkansas.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

Three things we learned from crypto’s Senate flop The Senate’s first-ever move to incorporate digital assets into the regulated financial system disintegrated on Thursday.

The Senate’s first-ever move to incorporate digital assets into the regulated financial system disintegrated on Thursday. The political landscape has changed with this failed vote — and not in crypto’s favor.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

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From THE VAULT: The GOP’s tax bill hits prime time, Rep. Neal details House Dems’ strategy for the tax markup, the three things we learned from crypto’s Senate flop and more.

Laura and @brendanpedersen.bsky.social in the Lookahead:
punchbowl.news/archive/5112...

More news via Punchbowl News' Texts: Democrats are planning to walk out of a joint hearing scheduled for tomorrow. House Ag and finserv plan to discuss changes to the market structure of crypto regulation.

Democrats say House rules allow them to halt proceedings by denying UC

Scoop: Thune told offices the Senate is moving full steam ahead on a floor vote of the GENIUS Act this week, despite opposition from a key bloc of Democrats. First in PBN texts.

Republican leadership wants to call Democrats' bluff on stablecoins... if it is a bluff. May not be

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From THE VAULT: The House GOP struggles to cut deals as the reconciliation clock races, crypto has a Senate Democrat problem and the latest Canvass poll on crypto reforms is in.

Laura and @brendanpedersen.bsky.social in the Lookahead:
punchbowl.news/archive/5425...

Some news in our AM edition: Republicans on the House Financial Services Committee conferenced last night to discuss their approach to reconciliation. On the chopping block: The CFPB, PCAOB and up to $5 billion in cuts, depending on CBO scoring

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From THE VAULT: It’s tax writing time, the medical debt CRA deadline is looming, it’s one helluva time for a monetary policy task force, we share the latest on K Street and more.

Laura and @brendanpedersen.bsky.social in the Lookahead:
punchbowl.news/archive/4132...

Medical debt CRA deadline looms with problems ahead One of Chopra’s last acts at the CFPB was finalizing a rule that eliminated medical debt from consumer credit reports.

The Biden-era director of the Consumer Financial Protection Bureau was fired in February. Two months later, Rohit Chopra may be on the verge of scoring a surprising political triumph in the Trump era.

@brendanpedersen.bsky.social with more:
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From THE VAULT: Inside Republicans’ next moves to write the tax bill, the credit union lobby’s $12M Capitol Hill townhouse overhaul, this week’s hot tax topics on K Street and more.

Laura and @brendanpedersen.bsky.social in this week's Lookahead:
punchbowl.news/archive/3925...

News: House Republicans have developed a new strategy for cutting the budget of the Consumer Financial Protection Bureau.

The approach is distinct from prior attempts, designed to work w/ reconciliation and could gut the CFPB budget while dodging the Senate filibuster. Read >>>

Knives are out for CFPB. This time will be different. Less than a week into a second Trump administration, the fight over the future of the Consumer Financial Protection Bureau is already here.

Less than a week into the second Trump administration, the fight over the future of the Consumer Financial Protection Bureau is already here.

@brendanpedersen.bsky.social with more:
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One emerging style gap between Scott and Hill Senate Banking Committee Chair Tim Scott and HFSC Chair French Hill have a lot of preferences in common, but their styles as lawmakers are very different.

Senate Banking Committee Chair Tim Scott and House Financial Services Committee Chair French Hill have a lot of preferences in common, but their styles as lawmakers are very different.

@brendanpedersen.bsky.social details their approaches to down-dais leadership:
punchbowl.news/article/fina...

Interesting group for folks tracking crypto influence in this Congress:

- Bynum beat a Fairshake-backed GOP candidate in November, a rare defeat for crypto in '24
- Fields appears to have made no public statements re crypto
- Liccardo is a crypto ally.

House Democrats are adding three members to their roster on the Financial Services Committee, according to two people familiar with the decision. Those members are Reps. Janelle Bynum (Ore.) Cleo Fields (La.) and Sam Liccardo (Calif.). Welcome, newbies!

Good morning from the nation's capital

Forget about crypto for a second. The next chair of the House Financial Services Committee has been pushing for innovation in the banking sector for nearly half a century.

More from @brendanpedersen.bsky.social in The Readback:
punchbowl.news/archive/1221...

Full list of Republicans on the Senate Banking Committee for the 119th Congress:

Scott, SC
Crapo, Idaho
Rounds, SD
Tillis, NC
Kennedy, La.
Hagerty, Tenn.
Lummis, Wyo.
Britt, Ala.
Ricketts, Neb.
Banks, Ind.
Cramer, ND
Moreno, Ohio
McCormick, Penn.

Restrictions on U.S. outbound investment in China have also been knocked out of the package, folks tell @jakesherman.bsky.social and me

Full report here: www.fdicoig.gov/sites/defaul...

This is quite the gap between employees and management when it comes to facing "adverse consequences" for being abusive, disrespectful, hostile

The FDIC's inspector general released its inquiry into the agency's harassment problems today.

According to a survey done by the OIG, one third of FDIC employees have "either experienced or personally witnessed harassment" at the agency. www.fdicoig.gov/sites/defaul...

Senate Banking plots 11th-hour nomination vote, again Shortly before midnight on Friday, Senate Banking Committee Chair Sherrod Brown scheduled another nomination vote for two Biden administration appointees.

Once more, with feeling! Shortly before midnight on Friday, Senate Banking Committee Chair Sherrod Brown scheduled another nomination vote for two Biden administration appointees this week.

@brendanpedersen.bsky.social with details:
punchbowl.news/article/fina...

Here's your first in-depth policy sit-down with the next chair of the House Financial Services Committee.

Ever wondered what sold French Hill on crypto? We talked about that, what it will take to release Fannie-Freddie and a whole lot more.

HOW FRENCH WON: Tonight's PM top is a big joint effort from @jakesherman.bsky.social @mzanona.bsky.social Laura and I taking you inside the room that elected French Hill to chair the House Financial Services Committee.

Barr had a major vulnerability. Hill clocked it and twisted the knife.

Lots of folks have wondered how Tim Scott will juggle being chair of both the Senate Banking Committee and NRSC. I wrote about how it's been going so far:

https://buff.ly/49Bboea

About that nomination vote… But there’s a miniature maelstrom hanging over the proceedings, with Sens. Adam Schiff and Andy Kim under significant industry pressure.

After postponing a vote to advance Biden administration nominees, the Senate Banking Committee will attempt to hold this vote off the Senate floor sometime later today — but there’s a miniature maelstrom hanging over the proceedings.

@brendanpedersen.bsky.social:
punchbowl.news/article/fina...