February is always a busy month at the start of a new Congress, and this February was no different: Committees continue to hold hearings to move their priorities forward and lawmakers eagerly bring forward legislation to deliver on campaign promises. This month was even more hectic as lawmakers also had to push back against the Department of Government Efficiency (DOGE) as it aimed its sights at the CFPB.

“Debanking” Takes Over the Senate and House Committees

On February 5^th and 6^th, the Senate Banking Committee and House Financial Institutions Oversight and Investigations Subcommittee held hearings on the issue of debanking. Better Markets Director of Banking Policy, Shayna Olesiuk, testified during the House hearing. She pointed out how the crypto industry has put itself in the crosshairs of regulators and how those regulators need to be empowered to find and reduce risk in the banking system, no matter where it may come from. You can read her full testimony here.

Chair Powell Oversight Hearings

On February 11^th and 12^th, the Senate Banking and House Financial Services Committees held oversight hearings with the Chairman of the Federal Reserve, Jay Powell. During the hearings, both House Financial Services Ranking Member Rep. Maxine Waters (D-CA) and Senate Banking Ranking Member Sen. Elizabeth Warren (D-MA) pressed Chair Powell on the independence of the Fed as it has increasingly come under political pressure from the administration. Senator Warren also pressed Chair Powell on how the dismantling of the CFPB will harm supervision of our banking sector and put consumers at risk.

House Holds Hearing to Usher in a “Golden Age” of Crypto

On February 11^th, the House Financial Services Crypto Subcommittee held a hearing entitled, “A Golden Age of Digital Assets: Charting a Path Forward.” During the hearing, many of the witnesses advocated for new legislation to bring “clarity” to the crypto sector. While these arguments have been made, and debunked, before, this marks the first hearing focused on potential legislation during this Congress. Additionally, as we point out in this fact sheet, any ‘golden age’ of crypto will really lead to a ‘golden age of crypto crime.’

Lawmakers Push Back Against DOGE at the CFPB

Ranking Members Elizabeth Warren and Maxine Waters have both been extremely active in defending the CFPB and other financial regulators from continued attacks from the new Trump administration and the Elon Musk-led DOGE. Both Ranking Members have joined protests, led letters, and publicly detailed how the efforts of DOGE will harm average Americans. Both lawmakers have been on the front line to defend all of the regulatory agencies against unlawful cuts and protecting consumers.