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☆ Chaos in the House: McCarthy's plea, and begging for votes
▼ + stars: | 2023-01-07 | by ( Mary Clare Jalonick | ) www.cnbc.com time to read: +6 min

It was nearing midnight, and he had already lost 13 votes for speaker over four long days. U.S. Rep.-elect Matt Gaetz (R-FL) (L) talks to House Republican Leader Kevin McCarthy (R-CA) in the House Chamber during the fourth day of elections for Speaker of the House at the U.S. Capitol Building on January 06, 2023 in Washington, DC. Anna Moneymaker | Getty Images News | Getty ImagesGaetz, who had hurled personal insults at McCarthy just hours earlier on the House floor, said no. Anna Moneymaker | Getty Images NewsThe chaos on the House floor came exactly two years after the Jan. 6, 2021, Capitol insurrection. US Representative Kevin McCarthy (R-CA) speaks to US Representative Matt Gaetz (R-FL) in the House Chamber at the US Capitol in Washington, DC, on January 6, 2023.

☆ Rep. Mike Rogers lunged at Rep. Matt Gaetz after Kevin McCarthy failed to win a 14th vote for House speaker
▼ + stars: | 2023-01-07 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Rep. Kevin McCarthy failed to be elected speaker for the 14th time this week on Friday evening. The House floor descended into disorder after McCarthy and Rep. Matt Gaetz had a tense exchange. Rep. Mike Rogers appeared to lunge at Gaetz and was held back by Rep. Richard Hudson. The vote was coming down to the wire when Rep. Matt Gaetz of Florida, who led the charge against McCarthy all week, finally voted "present" — which would again leave McCarthy short, by one vote, of being elected speaker. Towards the end of the exchange, which lasted about a minute and a half, Rep. Mike Rogers of Alabama could be seen confronting Gaetz as McCarthy walked away.

WASHINGTON, Jan 6 (Reuters) - Republican Kevin McCarthy's perilous quest to become speaker of the U.S. House of Representatives entered the fourth day on Friday, with a scale of congressional dysfunction not seen since before the U.S. Civil War. This week's 11 failed votes marked the highest number of ballots for the speakership since the late 1850s. But the holdouts want a deal that would make it easier to oust the speaker and give them greater influence within the House Republican caucus and on congressional committees. Some Republicans believed the agreement under discussion might give McCarthy as many as 10 additional votes. Some of McCarthy's opponents showed no sign of yielding.

On Thursday, the House enters its third day of the new Congress without a speaker under the new GOP majority. Until Republicans have enough votes for a candidate, all other House business remains at a standstill. During the six speaker votes this week, 20 conservatives have stuck together to deny GOP leader Kevin McCarthy of California the 218 votes needed to win the speaker's gavel. House Republican leader Kevin McCarthy, R-Calif., leaves the House Chamber following a day of votes for the new Speaker of the House at the U.S. Capitol on Wednesday. Kevin Dietsch / Getty ImagesAfter the sixth failed vote, McCarthy and his must trusted allies huddled with his most fervent opponents for more than two hours in the first-floor Capitol office of Majority Whip Tom Emmer, R-Minn.

☆ Privacy and crypto will likely lead tech policy under split Congress as hope for passing ambitious antitrust reforms dwindles
▼ + stars: | 2022-12-27 | by ( Lauren Feiner | ) www.cnbc.com time to read: +9 min

After what started as a hopeful year for tech policy, the 117th Congress is about to close out its term with many key efforts tabled. That's the case with privacy legislation, where a bill proposed this year gained bipartisan support, passing out of a House committee with a near-unanimous vote. The pair blamed the bills' failure to advance on intense lobbying efforts by the tech industry against them. One prominent bipartisan bill in the Senate would put the CFTC in charge. "But the importance of tech policy issues will still be strong."

☆ How a GOP-controlled House will attack ESG and corporate climate change strategy
▼ + stars: | 2022-12-21 | by ( Tim Mullaney | ) www.cnbc.com time to read: +2 min

"I don't think that's a proper characterization of my view," McHenry said in an interview with CNBC Senior Congressional Correspondent Ylan Mui. What I think corporations should do is focus on their key knitting," he said. Vanguard Group also had been scheduled to testify, but after the fund giant abandoned an investment industry climate alliance, that changed. McHenry, rated as one of the most moderate House Republicans by non-profit GovTrack US, doesn't seem interested in the state approach. "It plays politics with corporations, in the name of having corporations not play politics."

☆ Top House Republican on making sense of ESG
▼ + stars: | 2022-12-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTop House Republican on making sense of ESGNorth Carolina congressman Patrick McHenry is the top Republican on the House Financial Services Committee, and his ESG philosophy will be key in a fight with the SEC over climate change in the next Congress.

☆ Disgraced FTX CEO Sam Bankman-Fried 'orchestrated yearslong fraud' on investors and customers, SEC and criminal charges say
▼ + stars: | 2022-12-13 | by ( Marlene Lenthang | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +8 min

Sam Bankman-Fried, the former CEO of cryptocurrency giant FTX, defrauded investors by funneling money into his private hedge fund and conspired to commit wire fraud against customers and lenders, federal authorities said Tuesday. The Manhattan panel indicted Bankman-Fried on eight counts: conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to defraud the United States and violate the campaign finance laws. $8 billion loss to customersThe wire fraud on lenders and customers started in or about 2019 and lasted through November, according to the filing. Separately, in a filing Tuesday also in the Southern District of New York, the SEC charged him with defrauding investors and enriching Alameda. FTX CEO pledges continued cooperationAlso Tuesday, the company’s new CEO, John J. Ray III, testified at a congressional hearing on FTX’s collapse and missteps.

☆ Breakingviews: FTX sins don’t absolve its big-money enablers
▼ + stars: | 2022-12-13 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 13 (Reuters Breakingviews) - The U.S. Securities and Exchange Commission wants everyone to know that Sam Bankman-Fried was a bad actor. The financial watchdog and the Commodity Futures Trading Commission on Tuesday alleged that the founder of bankrupt currency exchange FTX committed fraud, while federal prosecutors made a criminal case. The U.S. government, meanwhile, has accused Bankman-Fried of eight criminal violations, ranging from wire fraud to conspiracy to commit money laundering. Follow @thereallsl on TwitterloadingCONTEXT NEWSU.S. federal prosecutors filed a criminal lawsuit against Sam Bankman-Fried, alleging he committed fraud and violated campaign finance laws. The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission also alleged Bankman-Fried committed fraud in complaints filed on Dec. 13.

☆ FTX sins don’t absolve its big-money enablers
▼ + stars: | 2022-12-13 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 13 (Reuters Breakingviews) - The U.S. Securities and Exchange Commission wants everyone to know that Sam Bankman-Fried was a bad actor. The financial watchdog and the Commodity Futures Trading Commission on Tuesday alleged that the founder of bankrupt currency exchange FTX committed fraud, while federal prosecutors made a criminal case. The CFTC focused on customers, whose money it says FTX sent to Bankman-Fried’s hedge fund Alameda Research, which allegedly used it for venture investments and loans to FTX executives. loadingCONTEXT NEWSU.S. federal prosecutors filed a criminal lawsuit against Sam Bankman-Fried, alleging he committed fraud and violated campaign finance laws. The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission also alleged Bankman-Fried committed fraud in complaints filed on Dec. 13.

☆ U.S. House panel chair says she'll subpoena FTX's Bankman-Fried if needed
▼ + stars: | 2022-12-08 | by ( David Morgan | ) www.reuters.com time to read: +2 min

"We've made it clear that we want Sam at our hearing on Dec. 13. If he does not cooperate, then we are prepared to subpoena," Waters said in an interview in the U.S. Capitol. The crypto exchange filed for bankruptcy last month after a liquidity crisis that saw at least $1 billion of customer funds vanish. She declined to say whether Bankman-Fried would be required to appear in person or could testify by video link. Reporting by David Morgan; Additional reporting by Chris Prentice; Editing by Megan Davies and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ House Financial Services Chair Waters doesn't plan to subpoena Sam Bankman-Fried to testify at hearing on FTX collapse
▼ + stars: | 2022-12-07 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

House Financial Services Committee Chairwoman Maxine Waters told Democrats she doesn't plan to subpoena former FTX CEO Sam Bankman-Fried to testify at Tuesday's hearing about the crypto exchange's rapid demise, according to people with direct knowledge of the conversation. Those at the meeting say Waters said she wants committee staff try to convince Bankman-Fried to voluntarily testify, those with knowledge of the meeting said. As of late Wednesday, Bankman-Fried has yet to agree to voluntarily testify to the House committee, two of the people explained. Waters invited Bankman-Fried to voluntarily testify before the panel and could always change her mind and subpoena him before Tuesday. John Jay Ray III, the new FTX CEO, is scheduled to testify at next week's House hearing.

The suspect in last month's deadly rampage at a Colorado LGBTQ nightclub was charged Tuesday with 305 criminal counts in what could be the most heavily prosecuted murder case in state history, authorities said. The 305 charges filed in court include first-degree murder, attempted first-degree murder, first- and second-degree assault and bias-motivated crimes, District Attorney Michael Allen told the court. Allen said he couldn't recall a murder trial with so many counts. "But there could be others out there that I’m just not thinking of right now.”Lawyers on both sides asked the judge to schedule Aldrich's preliminary hearing for May. But 4th Judicial District Judge Michael McHenry insisted the hearing can start sooner and ordered both sides to be ready on Feb. 22 for a preliminary hearing he expected to last two days.

☆ Yellen sees key role for Treasury's racial equity council despite Republican criticism
▼ + stars: | 2022-12-06 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 5 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said a new racial equity advisory committee, which has drawn the ire of Republican lawmakers, would play a big role in helping the department address acute economic disparities faced by communities of color. Yellen told the inaugural meeting of the 25 members of the Treasury Advisory Committee on Racial Equity that the Biden administration remained focused on ensuring that disadvantaged communities were no longer left behind in the U.S. economy. "The Treasury Advisory Committee on Racial Equity will play a major role in our effort," she said. Yellen in 2021 named Janis Bowdler, a Latina activist and former head of the philanthropic arm of JPMorgan Chase & Co (JPM.N), as the department's first-ever counselor for racial equity. A spokesperson for Brady said the lawmakers had not yet received a reply from Yellen or the Treasury.

☆ The New Congress, Part 1: House
▼ + stars: | 2022-12-06 | by ( Ylan Mui | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe New Congress, Part 1: HouseThe "red wave" didn't materialize, but Republicans still managed to win back control of the House of Representatives, which includes claiming committee chairmanships. The powerful House Financial Services Committee will be run by Rep. Patrick McHenry of North Carolina. He'll share his views on. the Republican-led chamber's legislative priorities, and his committee's investigative priorities, including next month's hearing on the stunning collapse of the cryptocurrency exchange FTX. CNBC's Ylan Mui interviewed him at the 2022 CNBC CFO Council Summit on November 30, 2022.

☆ Stablecoins fall few cents short of respectability
▼ + stars: | 2022-11-23 | by ( John Foley | ) www.reuters.com time to read: +8 min

That will reignite the debate over how to regulate digital assets – especially when it comes to stablecoins, the most money-like part of the cryptoverse. Stablecoins are digital assets designed to have a steady value, usually by being pegged to a real-world currency like the U.S. dollar. For each dollar of stablecoin a user holds, there’s supposed to be a dollar, or something like a dollar, sitting in a metaphorical vault. And in the case of some so-called algorithmic stablecoins, what backs the stablecoin might be another digital token with no fundamental value. The total sum of major U.S. dollar stablecoins outstanding is just under $145 billion, according to CoinGecko.

☆ 'There is no such thing as a free lunch.' 4 lessons for crypto investors from the FTX collapse
▼ + stars: | 2022-11-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users. "I think the collapse of FTX will end up being good for traditional finance companies like Fidelity who are entering the crypto space, because they come with a certain level of trust," Lum said. Earlier this month, Fidelity Investments announced plans to launch a commission-free crypto product, allowing investors to buy and sell bitcoin and ether. The FTX collapse has also renewed interest in cold storage, or taking digital currency offline, making it less susceptible to hacks. The [FTX] collapse should be a lesson that any individual company — be it a crypto exchange or more traditional business — can go bankrupt in times of distress.

Jennifer Schulp, a director at the libertarian think tank Cato Institute, said the Republicans' unexpectedly tight margin of control in the House will not prompt them to tone down their rhetoric. 'REGULATORY EXUBERANCE'Patrick McHenry, a North Carolina Republican in line to lead the House Financial Services Committee in the new Congress, said in an emailed statement to Reuters before the election that Biden's administration "is pushing its agenda through financial regulators because they don’t have the votes to pass it in Congress." "Committee Republicans will work together to conduct appropriate oversight of activist regulators and market participants who have an outsized impact," McHenry said. "The appropriations process in the House will be a messaging exercise, and it's less worrisome since the Democrats will have the Senate," McGannon said. While those Senators will not be in the majority, House Republicans have also criticized companies on ESG-related matters.

☆ FTX is the 'Enron moment' for the crypto industry, says Rep. Patrick McHenry
▼ + stars: | 2022-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX is the 'Enron moment' for the crypto industry, says Rep. Patrick McHenryNorth Carolina Rep. Patrick McHenry, the lead Republican on the Financial Services Committee, joins CNBC's 'Squawk Box' to discuss how lawmakers are responding to the collapse of crypto exchange FTX.

☆ House Committee to Hold Hearing on FTX Collapse
▼ + stars: | 2022-11-16 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

The ranking members of the House Financial Services Committee, Rep. Patrick McHenry (R., N.C.) and Rep. Maxine Waters (D., Calif.). The ranking members of the House Financial Services Committee, Rep. Maxine Waters (D., Calif.), and Rep. Patrick McHenry (R., N.C.), said Wednesday they would hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX. The committee said it expects to hear from FTX founder Sam Bankman-Fried , as well as his trading firm, Alameda Research LLC, and rival platform Binance.

☆ Key House lawmaker calls collapse of crypto exchange FTX 'a dumpster fire' as Financial Services Committee investigates
▼ + stars: | 2022-11-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C. Ecosystem in limbo," Rep. Patrick McHenry, the top Republican of the House Financial Services Committee said at a hearing examining the safety of the U.S. financial system Wednesday. McHenry, who is the likely incoming chair of the committee if Republicans seize control of the House as expected, announced a bipartisan hearing on the FTX collapse along with current committee Chairwoman Maxine Waters, D-Calif., earlier Wednesday morning. Cryptocurrency lender BlockFi Inc. is reportedly weighing bankruptcy, telling investors it has "significant exposure" to the FTX failure. "And it's time for the regulators to update the rulebook to strengthen protections for consumers and investors as well as safeguards for our financial system and the risk of digital access ecosystem."

☆ U.S. House committee to hold hearing on collapse of FTX
▼ + stars: | 2022-11-16 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 16 (Reuters) - The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX. The committee said it expects to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, FTX and related entities, among others. House Financial Services committee top Republican Patrick McHenry said "we must get to the bottom of this for FTX’s customers and the American people. It’s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system." Last week, U.S. Senate Agriculture Committee chair Debbie Stabenow said Congress needs to pass legislation after the FTX collapse.

☆ House lawmakers call Sam Bankman-Fried, other executives, to testify at hearing on FTX collapse
▼ + stars: | 2022-11-16 | by ( Dawn Kopecki | In Dawnkopecki | ) www.cnbc.com time to read: +2 min

CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC. House lawmakers are calling FTX founder Sam Bankman-Fried and other executives to Capitol Hill to testify about the crypto exchange's collapse at a hearing in December. House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and the ranking Republican Rep. Patrick McHenry, of North Carolina, are holding a rare bipartisan hearing on the matter. They plan to haul up executives from FTX, Alameda Research, Binance and others to testify as well. FTX founder Bankman-Fried admitted last week that he "f---ed up."

☆ Washington turns up heat on crypto 'darling' Sam Bankman-Fried following FTX bankruptcy
▼ + stars: | 2022-11-11 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022. As FTX teeters on the brink of collapse, former CEO Sam Bankman-Fried has fallen out of favor as the industry "darling" in Washington and drawn scrutiny from regulators and lawmakers in both parties. Bankman-Fried stepped down as CEO of the cryptocurrency exchange he founded, and FTX filed for Chapter 11 bankruptcy protection, the company announced Friday. A spokesman for FTX and Sam Bankman-fried didn't return a request for comment. White House Press Secretary Karine Jean-Pierre told reporters Thursday the near collapse of FTX proves more regulation is needed.

☆ Explainer: Crypto industry spends millions on U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Crypto companies are eager to back industry-friendly political candidates. The election comes at a time of turmoil for the crypto industry. FTX's CEO Sam Bankman-Fried has far outspent all others in the crypto industry. WHAT IS THE CRYPTO INDUSTRY LOOKING TO GET IN RETURN? Crypto companies such as Circle want lawmakers to create a framework for stablecoins to help mature the industry and codify consumer protections.

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