August is typically a slow month in DC and on Capitol Hill, as Members return to their districts and on the campaign trail. While there were no Committee hearings this month, lawmakers still played a role in the regulatory process through letter writing, to both agencies and companies.

Senators and Representatives Weigh in on Election Betting Rule Proposal

On August 5^th, Senators Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI) and Representatives Jamie Raskin (D-MD), John Sarbanes (D-MD) and Eleanor Holmes Norton (D-DC), submitted a comment letter to the CFTC on their proposed rule to ban gambling on elections through event contracts. In the letter the lawmakers highlighted the ethics concerns that gambling on elections would cause. The lawmakers also expressed concerns with how election gambling would expand the outsized influence that the wealthy have on the election process. Be sure to read their full letter here. Better Markets agrees with the lawmakers. You can read our letter here, and a coalition sign-on letter with 22 other organizations expressing our support of the proposal here.

Lawmakers Press Insurance Commissioners for Updates on Climate-Related Risk 

On August 12^th, House Financial Services Ranking Member Maxine Waters (D-CA), Representative Sean Casten (D-IL), and Senator Sheldon Whitehouse (D-RI) sent a letter to the President of the National Association of Insurance Commissioners (NAIC). In the letter the lawmakers press the NAIC for updates on recommendations made from the Treasury Department last year on how to integrate climate related financial risk in the insurance industry. Better Markets has been following this critically important issue, and issued a report on the growing insurance crisis and how it will impact banks. Be sure to read our report here.

Senators Push Back on New Checking Account Fees from JPMorgan Chase

On August 9^th, Senators Elizabeth Warren (D-MA) and Chris Van Hollen (D-MD) sent a letter to JPMorgan Chase urging them to go back on plans to impose fees on checking accounts for up to 80 million customers. JPMorgan Chase announced the new fees in response to the CFPB’s new rule to cap overdraft fees and prevent banks from charging these excessive fees to their customers. The Senators point out that 2023 was the most profitable year ever for the bank and that these fees will disproportionately harm low-income consumers. Better Markets supports the CFPB’s efforts to curb overdraft fees charged by the largest banks. Read our comment letter on the proposal here.