The government has been shut down all of October, with no end in sight. The House remains out of session, and the Senate continues to hold votes on a continuing resolution, nominations, and hold hearings. While the shutdown has been the most discussed topic on Capitol Hill, there have still been a number of important financial regulation developments.

Capitol Hill Responds to the Pardon of Binance Founder

On October 23^rd, President Trump pardoned CZ, the founder of Binance, who pled guilty to anti-money laundering violations. Leaders on Capitol Hill were quick to react. Senate Banking Committee Ranking Member Elizabeth Warren introduced a resolution to condemn the pardon. Be sure to watch her floor speech here.

House Financial Services Committee Ranking Member Maxine Waters issued a statement to condemn the pardon and laid out the history of the criminal behavior of Binance and CZ, as well as his public lobbying of the President for a pardon, to include a Binance listing the Trump stablecoin on its exchange. Be sure to read her statement here.

Better Markets agree with the Ranking Members, and put out a statement highlighting the egregious pardon. The statement lays out how Binance profited from illegal transactions to Iran, Cuba, and Syria among others, and allows Binance to continue operating in the United States. Be sure to read our statement here.

Congress Reacts to Acting CFPB Director Pledge to Shutter the Agency

On October 27^th, Senate Banking Committee Democrats sent a letter to Acting CFPB Director Russell Vought following his comments in an interview where he announced plans to close down the agency within the next few months. In the letter, the Senators highlighted how the CFPB has returned over $21bn back to Americans harmed by predatory financial companies, and the courts blocking attempts from the Trump Administration to close the Bureau. Be sure to read the full letter here.

Senate Holds Nomination Hearing for FDIC Chair

On October 30^th, the Senate Banking Committee held a nomination hearing for Travis Hill to lead the FDIC. During the hearing, Ranking Member Elizabeth Warren and Committee Democrats questioned the nominee about his current time as the Acting Chair and his deregulatory record. Better Markets also released a number of key questions for Travis Hill. These questions cover a range of important topics, including his time as Chair Jelena McWilliams’ Senior Leadership Team, his consumer protection record as acting Chair, and financial regulation policy.