The TRP Financial Services Report - and we're back edition!

Good morning-

Following a two-week Congressional recess, both the House and Senate returned last week to confront the same unresolved issues they left behind — chief among them, reauthorization of Section 702 of the Foreign Intelligence Surveillance Act (FISA). After a series of fits and starts driven by Republican infighting — including failed votes on both a five-year and an 18-month renewal favored by the President — the House approved a two-week extension in the early hours of Friday morning. If this is any indication of how the remainder of the year will unfold on other major policy priorities that Speaker Johnson and Leader Thune are working to advance, including the Reconciliation 2.0 effort, it may mean more turbulence ahead.

As discussed in greater detail below, we are looking at another busy week driven by a significant number of committee hearings. Several high-profile Administration officials — including Treasury Secretary Bessent, Commerce Secretary Lutnick, and USTR Greer — are all scheduled to appear on the Hill this week, with Lutnick and Greer each testifying before both House and Senate subcommittees.

As always, Thorn Run Partners will provide comprehensive coverage of these developments in next week's newsletter. In the interim, please do not hesitate to reply directly to this email with any questions or requests for additional analysis.

Have a great week!

-Jason

Jason Rosenstock

Partner

Thorn Run Partners

Thorn Run Partners Financial Services Report

Looking Ahead

While both chambers have a relatively light week scheduled for the floor, it will be an incredibly busy week in across the Committee rooms, as the combination of Administration officials coming to the various Appropriations and Authorizing Committees to justify (or depending on your perspective, defend) the President's budget requests augments the normal volume of hearings.

Starting on Tuesday, when the Senate Banking Committee is scheduled to convene a hearing to consider the nomination of Kevin Warsh to serve as Chair of the Federal Reserve (Fed). While Ranking Member Warren and the rest of the Democrats urged Chairman Scott to delay the hearing until the criminal investigation into current Fed Chairman Powell is resolved, the hearing is still on the schedule. At issue, and one we anticipate coming up at the hearing is whether Senator Tillis (R-NC) will move off his position that he will not vote for Warsh until the Powell matter is resolved. Across the complex on Tuesday the House Financial Services Committee (HFSC) will markup several legislative several bills, including one aimed at repealing the Corporate Transparency Act (CTA), and another modifying enforcement of and narrowing the scope of compliance requirements under the Consumer Financial Protection Bureau's (CFPB) Section 1071 small business lending data rule.

Then on Wednesday, the House Ways & Means Committee will hold a hearing on the Trump Administration's 2026 Trade Policy Agenda, featuring testimony from U.S. Trade Representative (USTR) Jamieson Greer. At the same time a House Small Business Subcommittee will hold a hearing examining the implications of digital assets for small businesses. Also that day, the HFSC Subcommittee on Housing and Insurance will convene a morning hearing focused on reinsurance and credit risk transfers (CRTs), while the HFSC Subcommittee on National Security, Illicit Finance, and International Financial Institutions will hold an afternoon hearing on U.S. sanctions programs. In the Senate, Treasury Secretary Scott Bessent will appear before the Senate Appropriations Subcommittee on Financial Services and General Government, and Commerce Secretary Howard Lutnick will testify before the Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies to present their agencies' fiscal year (FY) 2027 budget requests.

On Thursday, USTR Greer will come across the Capitol to appear before the Senate Finance Committee, Commerce Secretary Lutnick will do the same but come over to the House Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies to present the agency's FY 2027 budget request.

Last Week in the House

Floor Activity

Last week, at 3am on Friday morning the House was able to pass a two-week extension of controversial Foreign Intelligence Surveillance Act (FISA) authorities by unanimous consent after negotiations over a longer term renewal failed amid Republican infighting. Earlier in the week The chamber also passed three bills (H.R.6387; H.R.6398; H.R.6409) aimed at changing emissions limits and environmental reviews under the Clean Air Act.

In other House floor activity last week, lawmakers cleared suspension bills that would: (1) require certain civilian and military aircraft to install collision prevention technology (H.R.7613); and (2) allow for higher upfront payments of federal disaster relief funds to farmers and timber producers (H.R.1011). House lawmakers also passed a measure to extend temporary protected status for Haitian migrants through 2029, with 10 Republicans joining Democrats in favor of the resolution in a rebuke to President Trump.

Click here for the House’s legislative agenda last week and here for a list of roll call votes.

Hearings

HFSC Subcommittee Tackles Financial Fraud

On Wednesday, the House Financial Services (HFSC) Subcommittee on Capital Markets held a hearing entitled “Safeguarding Main Street: Combatting Fraud and Exploitation in Our Capital Markets.” Not surprisingly, Democrats and Republicans used the hearing as a forum to vocalize very different policy perspectives, with Republicans directing their comments towards combatting fraud emanating from China, while Democrats used the hearing to criticize the Trump SEC for reducing the number of enforcement actions as well as highlighting suspected insider trading - especially in the prediction markets - by those close to the Administration.

Despite the partisan posturing, there were also areas of bipartisan consensus expressed, specifically on:(1) the benefits of “speed bump” rules; (2) holding social media firms more accountable; (3) improving federal coordination and data sharing; and (4) supporting seniors.

Click here to read TRP’s hearing summary.

House Ed & Workforce Panel Considers AI’s Economic Impact

On Wednesday, the House Education and Workforce Subcommittee on Workforce Protections held a hearing on artificial intelligence’s (AI) economic impact on workers and employers. During the hearing, Members on both sides of the aisle acknowledged AI’s potential to reshape productivity, job tasks, and workplace practices, while also recognizing the need to better understand how workers are being impacted.

Republicans and their invited witnesses largely signaled support for a more measured approach to AI regulation. They emphasized concerns about regulatory fragmentation stemming from differing state and local AI laws, as well as the impact of compliance burdens on businesses — particularly small and mid-sized firms. GOP members also highlighted the importance of maintaining U.S. leadership in AI, supporting innovation, and improving federal guidance to help employers adopt AI responsibly within existing legal frameworks.

Meanwhile, Democrats on the panel placed greater emphasis on the potential risks AI poses to workers, including job displacement, workplace surveillance, and discriminatory outcomes. They raised concerns about the adequacy of existing protections and stressed the importance of ensuring workers have a voice in how AI is deployed.

Click here to read TRP’s hearing summary.

House Oversight Panel Evaluates Fraud in State Administered Programs

On Wednesday, the House Oversight Subcommittee on Government Operations held a hearing entitled “Fraud Prevention: Understanding Fraud in Federally Funded Programs Run by the States.” Throughout the session, lawmakers highlighted various fraud prevention tools — including the Pandemic Response Accountability Committee (PRAC) and U.S. Treasury’s Do Not Pay resource — that have proven to be effective in combating fraudulent activity. The discussion touched on challenges faced by states, as well as ways in which states and the federal government can refine their efforts to address fraud.

While there was considerable bipartisan agreement upon the widespread existence of fraud, Democrats criticized the Trump administration's dismantling of related infrastructure, specifically focusing on the elimination of Inspector General (IG) positions throughout the U.S. Alternatively, Republicans’ conversations centered on generating ideas for ways in which fraud, waste, and abuse can be both detected and prevented altogether. In addition to emphasizing the importance of data sharing, witnesses encouraged more robust risk management capacities among state and federal agencies, stronger partnerships between the different levels of government, and a greater ability to access real-time information.

Click here to read TRP’s hearing summary.

House Small Business Committee Holds Hearing on Republican Tax Bill's Small Business Benefits

On Wednesday, which coincided with national tax filing day, the House Small Business Committee held a hearing entitled “Lower Taxes, Stronger Main Street: The Benefits of the Working Families Tax Cuts.” The witness panel for the hearing included: Mr. Garrett Watson, Director of Policy Analysis at the Tax Foundation; Ms. Traci Tapani, Co-President and Owner of Wyoming Machine, Inc.; Ms. Becky Renfro Borbolla, Senior Vice President at Renfro Foods, Inc.; and Mr. Michael Negron, Senior Fellow for Economic Opportunity at the Center for American Progress.

In his remarks during the hearing, Chair Roger Williams (R-TX) touted what he described as the benefits of Republicans’ One Big Beautiful Bill Act (OBBBA) for small businesses, workers, and local economies. Chair Williams argued that measures such as full expensing and the elimination of taxes on tips are increasing disposable income and supporting Main Street businesses. He emphasized that the Committee’s goal is to ensure the tax code promotes entrepreneurship, economic growth, and opportunities for working families.

For her part, Ranking Member Nydia Velázquez (D-NY) criticized the OBBBA, arguing that its business tax benefits, including the passthrough deduction, are disproportionately directed toward higher-income individuals while providing limited relief to many small business owners. She contended that reductions to Medicaid, food assistance, and other supports, along with higher health insurance premiums, tariffs, and rising energy costs, could offset or outweigh any benefits for small businesses and consumers. Ranking Member Velázquez also warned that economic uncertainty and higher operating costs make it harder for small businesses to plan, hire, and invest.

House Oversight DOGE Subcommittee Holds Roundtable on IRS Operations

On Wednesday, the House Oversight Subcommittee on Delivering on Government Efficiency (DOGE) conducted a roundtable entitled “The IRS Under Audit: A Review of Operations at the Nation’s Tax Collector.” The witness panel included: Mr. Dave Hinchman, Acting Director of Information Technology and Cybersecurity at the U.S. Government Accountability Office (GAO); Mr. Pete Sepp, President of the National Taxpayers Union; and Ms. Janet Holtzblatt, Senior Fellow at the Urban-Brookings Tax Policy Center.

In his opening remarks during the roundtable, Chair Tim Burchett (R-TN) criticized the allocation of prior IRS funding toward enforcement rather than taxpayer services and technology modernization, arguing that improving front-end compliance and customer experience should be the agency’s priority. Chair Burchett emphasized the need to modernize the IRS’s aging information technology systems, including core return-processing and case-management platforms, to improve operations and service delivery. He also noted recent tax filing and refund activity while saying further reforms are needed to make the agency more efficient and user-friendly.

For her part, Ranking Member Melanie Stansbury (D-NM) called for addressing both IRS operations and what she described as broader inequities in the tax code. She argued that recent administrative changes and workforce reductions weakened IRS customer service, delayed modernization efforts, and raised concerns about the handling of sensitive taxpayer data by members of the so-called Department of Government Efficiency (DOGE). Ranking Member Stansbury also criticized the OBBBA as disproportionately benefiting higher-income households while reducing support for other programs. Drawing on constituent cases involving delayed responses, confusing notices, and difficulty obtaining assistance, she called for renewed investment in IRS staffing, technology upgrades, mobile-friendly tools, the restoration of Direct File, clear accountability metrics, and stronger data protections.

HFSC Subcommittee Examines Credit Reporting

On Thursday, the HFSC Subcommittee on Financial Institutions held a hearing entitled “Promoting Access to Credit for Everyday Americans.” Throughout the hearing, Republicans argued the credit reporting system is under strain from fraudulent claims and emphasized the importance of complete credit reports, opposing efforts to exclude negative reports. Republicans also supported incorporating new, alternative data on consumers to help issuers craft more comprehensive, accurate credit reports. For their part, Democrats said including medical debt in reports unfairly harms people’s credit scores and claimed medical debt does not accurately reflect financial responsibility. In response, Chair Andy Barr (R-KY) explicitly pushed back against excluding medical debt from credit reports, claiming such an omission harms the accuracy of consumer reports. Democrats broadly criticized the Trump administration’s reductions in funding for the Consumer Financial Protection Bureau (CFPB), stating it provides remedy for consumers facing inaccurate credit reports from credit reporting agencies (CRAs).

Of note, four pieces of legislation were highlighted during the hearing: (1) the FCRA Liability Harmonization Act (H.R.5775); (2) the Credit Access and Inclusion Act (H.R.5402); (3) the Eliminating Fraud in the CFPB’s Complaint Database Act (H.R.7588); and (4) the Fair Credit Reporting Reseller Accuracy Act (H.R.8141). As author of the FCRA Liability Harmonization Act, Rep. Barry Loudermilk (R-GA) spent considerable time discussing the Fair Credit Reporting Act’s (FCRA) liability framework, warning against burdensome compliance standards and abusive litigation practices. Notably absent from any discussion during the hearing was any mention of President Trump’s recent proposal to cap credit card fees.

Click here to read TRP’s hearing summary.

Selig Testifies Before the House Agriculture Committee

On Thursday, the House Agriculture Committee held a hearing to receive testimony from Commodity Futures Trading Commission (CFTC) Chair Michael Selig.

In his opening remarks during the hearing, Chair Glenn Thompson (R-PA) noted that the CFTC is operating during a period of significant change in financial markets, citing developments such as digital assets, blockchain technology, increased retail participation, and evolving business models. He pointed out that Congress has directed the Commission to promote responsible innovation while maintaining its core mission of protecting commodity markets and market participants through effective oversight and principle-based regulation. Chair Thompson highlighted the emergence of prediction markets as a key policy issue, saying they have raised questions about the scope of the Commission’s authority and the appropriateness of certain event contracts for public trading. He indicated that the Committee would review whether existing CFTC authorities are sufficient or whether targeted legislation may be needed.

For her part, Ranking Member Angie Craig (D-MN) noted that the CFTC’s responsibilities have expanded significantly with the growth of digital assets and prediction markets. She called for the Commission to receive adequate staffing, full commissioner appointments, stable funding, and clear statutory authority to oversee increasingly complex and fast-moving markets. Ranking Member Craig also raised concerns about potential misconduct and consumer risks in event-based prediction markets, including the possible use of nonpublic information and conflicts with state, local, and Tribal gaming frameworks. She said effective oversight of these markets is necessary to protect consumers, preserve market integrity, and support innovation without abuse.

House Ed & Workforce Panel Conducts Oversight of EBSA

On Thursday, the House Education & Workforce Subcommittee on Health, Employment, Labor, and Pensions held a hearing to examine the policies and priorities of the Employee Benefits Security Administration (EBSA), featuring testimony from Assistant Secretary of Labor and EBSA head Daniel Aronowitz.

During the hearing, Chair Rick Allen (R-GA) emphasized EBSA’s oversight of retirement and health plans covering millions of individuals and stated that retirement savings should be managed to maximize returns rather than advance political objectives. To that end, he promoted his Protecting Prudent Investment of Retirement Savings Act (H.R.2988), which passed the House in January and would generally require employer-sponsored retirement plan fiduciaries to make investment decisions based only on “pecuniary” factors, as well as prohibit plan fiduciaries from discriminating when selecting, monitoring, and retaining any fiduciary, counsel, employee, or service provider of the plan. Chair Allen also called for greater transparency and competition in employee benefit markets and argued that federal oversight should be targeted and efficient, rather than imposing unnecessary burdens on employers.

Meanwhile, Ranking Member Mark DeSaulnier (D-CA) argued that the agency is being asked to do more with insufficient staffing and funding. He said many families are facing economic pressure and financial insecurity, making strong oversight of benefit plans especially important. Ranking Member DeSaulnier criticized recent Department of Labor (DOL) actions that he said could increase risks for workers, including changes affecting retirement investment oversight, the treatment of higher-risk assets in 401(k) plans, and enforcement of health coverage protections. He contended that EBSA should prioritize the interests of workers and families and maintain robust enforcement of benefit protections.

House Appropriations Subcommittee Considers USTR’s FY27 Budget Request

On Thursday, the House Appropriations Subcommittee Commerce, Justice, Science, and Related Agencies held a hearing to discuss the fiscal year (FY) 2027 budget request for the Office of the U.S. Trade Representative (USTR), featuring testimony from Ambassador Jamieson Greer. Both parties agreed on the need to: (1) reshore manufacturing; (2) expand market access; and (3) bolster national security, but they disagreed sharply on how tariffs were contributing to those goals. Republicans argued that tariffs were proving successful in expanding domestic manufacturing capacity and discussed how USTR was combatting unfair Chinese trading practices and using trade agreements to advance U.S. interests. Democrats, for their part, contended tariffs were raising costs for consumers and businesses and failing to bring back manufacturing jobs.

Click here to read TRP’s hearing summary.

House Oversight Panels Conduct Roundtable on AI

On Thursday, the House Oversight Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs and Subcommittee on Military and Foreign Affairs held a roundtable entitled “Artificial Intelligence and American Power: Leadership, Security, and Prosperity.” The witnesses for the event included: Dr. Robert Atkinson, Founder and President of the Information Technology & Innovation Foundation (ITIF); Dr. Chris Mattmann, Chief Data and AI Officer for the University of California, Los Angeles; Mr. Charles Crain, Managing Vice President of Policy for the National Association of Manufacturers (NAM); Mr. Mark Beall, President of Government Affairs at the AI Policy Network; Mr. Jahmy Hindman, Chief Technology Officer at John Deere; Mr. Kevin Czinger, Founder & Executive Chairman of Divergent Technologies; and Mr. Spencer Overton, Patricia Roberts Harris Research Professor of Law at the George Washington University Law School.

Economic Growth, Energy Policy, and Regulatory Affairs Subcommittee Chair Eric Burlison (R-MO) opened the roundtable by framing AI as a defining economic and national security competition, arguing that U.S. leadership in AI will shape future global standards, economic growth, and military capabilities. He warned that China is pursuing an aggressive strategy to expand its AI influence through global infrastructure and technology deployment, and said gaps in U.S. leadership could create strategic vulnerabilities. Chair Burlison praised Trump Administration actions to reduce regulatory barriers, expand domestic AI infrastructure, and strengthen AI partnerships with allies. He said continued U.S. competitiveness will require policies that support innovation, investment, and broad economic benefits for U.S. workers, businesses, and communities.

Economic Growth, Energy Policy, and Regulatory Affairs Subcommittee Ranking Member Maxwell Frost (D-FL) acknowledged AI’s potential benefits but argued that those benefits depend on responsible governance and clear safeguards. He warned that AI policy should ensure the gains of innovation are broadly shared rather than concentrated among a small number of powerful actors, and said deployment should not come at the expense of affordability, environmental sustainability, or civil rights. Ranking Member Frost also emphasized the need for strong oversight and human accountability in national security applications, particularly where AI could influence life-and-death decisions. He said Congress must determine how the U.S. can lead in AI in a way that is accountable, fair, and sustainable, and questioned what protections may be needed to guide AI use in finance, among other areas.

House Appropriations Subcommittee Marks Up FY27 FSGG Bill

On Friday, the House Appropriations Subcommittee on Financial Services and General Government (FSGG) held a markup of the FY2027 FSGG spending bill (text; summary) after releasing it the day prior. Ultimately, the bill was reported favorably by the subcommittee in a 9-6 party-line vote after rejecting an amendment from Subcommittee Ranking Member Steny Hoyer (D-MD) aimed at increasing IRS enforcement funding, sending the spending measure to the full committee for consideration as soon as this week.

In remarks during the markup, Subcommittee Chair David Joyce (R-OH) said the bill is intended to build on prior funding measures while emphasizing fiscal restraint, technology modernization, national security, and efforts to reduce waste, fraud, and abuse. He outlined funding levels for major accounts, noting reductions for several programs and agencies, including the IRS and certain D.C. accounts, while maintaining or increasing funding for selected priorities such as CFIUS and anti-drug initiatives. Full Committee Chair Tom Cole (R-OK) stated that the measure reduces spending from the prior FY and seeks to curb waste and bureaucratic overreach. Chair Cole also highlighted provisions aimed at strengthening cybersecurity, reviewing foreign investment threats, combating illicit finance, and supporting entrepreneurship, small businesses, and consumer choice. He described the bill as a results-oriented measure that aligns federal spending with administration priorities.

In contrast, Subcommittee Ranking Member Hoyer criticized the process surrounding consideration of the bill, arguing that lawmakers lacked sufficient hearings, agency testimony, and finalized budget allocations to properly evaluate funding decisions. He said key departments and agencies had not appeared before the subcommittee, limiting Congress’s ability to assess priorities, tradeoffs, and the impact of proposed cuts. Ranking Member Hoyer also contended that the bill underfunds important government functions, particularly IRS enforcement and taxpayer services. Full Committee Ranking Member Rosa DeLauro (D-CT) also criticized the bill, arguing that it favors wealthy individuals and large corporations while offering little relief to families facing higher costs. She objected to proposed reductions for agencies including the Consumer Product Safety Commission (CPSC), Small Business Administration (SBA), IRS enforcement, Federal Trade Commission (FTC), and Election Assistance Commission, contending that the cuts would weaken consumer protections, reduce support for entrepreneurs, limit tax enforcement, lessen competition, and undermine election administration.

Bills introduced

H.R.8265 (Rep. Huizenga) — To amend the Investment Advisers Act of 1940 to establish requirements for proxy voting of passively managed funds, and for other purposes.

H.R.8278 (Rep. Stutzman) — To require certain supervisory agencies to assess their technological capabilities, and for other purposes.

H.R.8286 (Rep. Steil) — To amend the Federal securities laws with respect to the materiality of disclosure requirements, to establish the Public Company Advisory Committee, and for other purposes.

H.R.8290 (Rep. Sessions) — To require the use of the voice and vote of the United States to oppose any quota increase at the International Monetary Fund for member countries that employ certain exchange rate practices, and for other purposes.

H.R.8291 (Rep. Green) — To establish a community disaster assistance fund for housing and community development and to authorize the Secretary of Housing and Urban Development to provide, from the fund, assistance through a community development block grant disaster recovery program, and for other purposes.

H.R.8292 (Rep. Green) — To authorize a pilot program under section 258 of the National Housing Act to establish an automated process for providing additional credit rating information for mortgagors and prospective mortgagors under certain mortgages.

Other Activity

HFSC Republicans Seek Probe of Arkansas Housing Authority

On Monday, HFSC Chair French Hill (R-AR), Oversight and Investigations Subcommittee Chair Dan Meuser (R-PA), Housing and Insurance Subcommittee Chair Mike Flood (R-NE), and Reps. Troy Downing (R-MT) and Tim Moore (R-NC) wrote to the U.S. Attorney for the Eastern District of Arkansas urging expedited criminal investigation and prosecution of alleged misconduct at the Little Rock Housing Authority, doing business as the Metropolitan Housing Alliance (MHA). Citing committee oversight work, Department of Housing and Urban Development (HUD) and HUD Inspector General findings, and recent testimony, the lawmakers allege that former commissioners engaged in self-dealing, nepotism, theft of taxpayer funds, unlawful contract steering, misuse of public housing resources, and severe financial mismanagement. The letter highlights findings of, among other things, assets that contributed to deteriorating housing conditions, vacancies, and financial distress that threatened residents’ housing stability. The Republicans request a briefing by April 27 on the status of the investigation, framing the matter as a test of federal efforts to combat waste, fraud, and abuse in public housing programs.

Torres Urges SEC, CFTC Investigation of “Highly Unusual” Oil Futures Trades

On Tuesday, Rep. Ritchie Torres (D-NY), a member of the HFSC, wrote to Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Michael Selig raising concerns about reports of unusually large trading activity in crude oil futures markets shortly before the public announcement of a ceasefire between the U.S. and Iran. Citing press accounts that traders placed an approximately $950 million wager on declining oil prices just hours before the announcement, Rep. Torres argues that the timing and scale of the trades raise serious questions about potential insider trading, misuse of material nonpublic information, and broader market integrity. He is urging the agencies to open a joint investigation to identify the individuals or entities involved, assess possible violations of federal securities and commodities laws, coordinate with the Department of Justice (DOJ) and relevant national security agencies regarding any leaks of sensitive information, and provide public updates on investigative findings.

Democrats Request Info on Student Loan Oversight Report

On Tuesday, a group of House Democrats wrote to Education Secretary Linda McMahon and CFPB Student Loan Ombudsman Geoffrey Gradler requesting information regarding reports that a federally required student loan oversight report was substantially altered before publication. The lawmakers cite reporting that findings related to borrower harm, loan servicing failures, and institutional practices contributing to rising student debt were removed or significantly edited from the report originally drafted by the former Student Loan Ombudsman. They argue that any suppression of substantive findings could deprive policymakers of critical information as millions of borrowers face heightened risks of delinquency and default, and also question whether the Ombudsman’s office had adequate access to information and stakeholder engagement as required by law. The letter further notes reports that the Administration may transfer responsibility for defaulted student loans from the Department of Education to Treasury, contending that major administrative changes should not proceed amid unresolved oversight concerns.

Small Business Democrats Release Report on Tariff Impacts

On Wednesday, the House Small Business Committee Democratic Minority released a staff report entitled “Main Street in Crisis: The Trump Trade War” arguing that the Trump Administration’s tariff policies have imposed disproportionate costs on small businesses while failing to deliver promised gains in manufacturing, trade balances, or economic growth. The report contends that broad-based tariffs function as a tax on importers and consumers, citing estimates that tariffs raised federal customs duties to $287 billion in 2025 while costing households roughly $1,000 and slowing GDP growth, increasing prices, and weakening job creation. It further argues that small businesses — described as more deeply integrated into global supply chains but less able than large firms to absorb higher costs or compliance burdens — have been particularly harmed through thinner margins, lost jobs, rising bankruptcies, and planning uncertainty caused by frequent tariff changes. The report also highlights sector-specific impacts on manufacturing and agriculture, including higher input costs, retaliatory export barriers, and reduced incentives for reshoring, and warns that the overall effect of the tariff regime has been to favor larger incumbent firms over smaller competitors.

Last Week in the Senate

Floor Activity

Last week, the Senate followed the House in passing, by voice vote, a two-week extension of FISA authorities. Senators also unanimously cleared House-passed legislation (H.R.2066) to reduce the maximum outstanding financing available to a Small Business Investment Company (SBIC) from 300 percent to 200 percent of the SBIC's private capital, as well as to expand the amounts that may be excluded from the calculation of the financing limit and expand what is considered the private capital of an SBIC.

In other Senate floor activity last week, the chamber agreed to a Congressional Review Act (CRA) resolution (H.J.Res.140) to allow mining near Minnesota’s Boundary Waters wilderness and continued working through pending judicial nominees.

A full list of recorded Senate floor votes held last week can be found here.

Hearings

Senate Commerce Committee Conducts Oversight of the FTC

On Wednesday, the Senate Commerce Committee held a hearing to conduct oversight of the Federal Trade Commission (FTC), featuring testimony from FTC Chair Andrew Ferguson and Commissioner Mark Meador. While Chair Ferguson emphasized the FTC’s role as a law enforcement agency rather than that of a regulator, Republicans on the panel were supportive of the Commission’s enforcement activity on a number of fronts, including on data privacy, AI, and free speech. Democrats on the panel were critical of several of the FTC’s actions and called for greater enforcement activity while promoting a full, bipartisan Commission to support the agency’s efforts to regulate anticompetitive practices and provide adequate consumer protections.

Click here to read TRP’s hearing summary.

Senate Finance Committee Examines IRS 2026 Filing Season & Operations

On Wednesday, the Senate Finance Committee held a hearing to examine the Internal Revenue Service’s (IRS) 2026 filing season and operations, featuring testimony from IRS CEO Frank Bisignano. Discussion was largely partisan, centering on the following topics: (1) tax policy implementation under the OBBBA; (2) digital services and IRS modernization; (3) workforce reductions; and (4) enforcement strategies addressing the tax gap. Republicans praised new OBBBA tax deductions for the 2026 filing season and emphasized efficiency gains related to expanded electronic filing and direct deposit tax refunds. Conversely, Democrats focused on the consequences of workforce reductions — including increased wait times for phone assistance and reduced audit capacity — and frequently criticized interagency data sharing policies. To a lesser extent, members also discussed the Social Security Administration (SSA), under the purview of Mr. Bisignano’s dual role as SSA Commissioner.

Click here to read TRP’s hearing summary.

Senate Aging Committee Holds Hearing on Financial Literacy

On Wednesday, the Senate Aging Committee held a hearing to examine financial literacy, retirement security, and fraud prevention among older adults. The hearing focused on the growing complexity of financial decision-making in retirement, the increasing prevalence of scams targeting seniors, and the policy and educational tools needed to improve financial outcomes and protections for aging populations. The Committee also highlighted available resources for seniors, including educational tools and support services, emphasizing the importance of connecting older adults with existing guidance and assistance mechanisms.

Both parties emphasized the urgent need to strengthen financial literacy as demographic shifts place greater pressure on individuals and public systems. Members broadly agreed that older adults are facing increasingly complex decisions related to Social Security, Medicare, and retirement income, often without clear or accessible guidance. Republicans highlighted the importance of improving access to existing financial education resources without increasing federal spending, while Democrats emphasized the need for a more coordinated federal response to protect seniors from financial abuse and ensure equitable access to financial and digital literacy tools, particularly in underserved communities.

Witnesses reinforced the critical role of financial literacy in promoting retirement security and preventing fraud, while emphasizing that education alone is not sufficient. Panelists highlighted the rise of sophisticated scams and the need for “persuasion literacy” to help individuals recognize manipulation tactics. They also underscored structural challenges, including low retirement savings, limited understanding of benefits, and barriers to using financial technologies. The witness panel also emphasized the importance of coordinated national strategies, public-private partnerships, accessible financial planning services, and targeted education efforts to help older individuals make informed decisions, avoid exploitation, and maintain financial independence.

Click here to read TRP’s hearing summary.

Bills introduced

S.J.Res.166 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity".

S.J.Res.167 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Consumer Information Requests to Large Banks and Credit Unions".

S.J.Res.168 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Consumer Financial Protection Circular 2024-01: Preferencing and Steering Practices by Digital Intermediaries for Consumer Financial Products or Services".

S.J.Res.169 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Consumer Financial Protection Circular 2022-06: Unanticipated Overdraft Fee Assessment Practices".

S.J.Res.170 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Compliance Bulletin 2016-03: Detecting and Preventing Consumer Harm From Production Incentives".

S.J.Res.174 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Bulletin 2022-04: Mitigating Harm From Repossession of Automobiles".

S.J.Res.175 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Consumer Financial Protection Circular 2022-02: Deceptive Representations Involving the FDIC's Name or Logo or Deposit Insurance".

S.J.Res.176 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Disclosure of Consumer Complaint Narrative Data".

S.J.Res.177 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission".

S.J.Res.178 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Procedures for Supervisory Designation Proceedings".

S.J.Res.179 (Sen. Warren) — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Disclosure of Consumer Complaint Data".

S.4281 (Sen. Ricketts) — A bill to provide for export restrictions on certain semiconductor manufacturing equipment and components therefor, and for other purposes.

S.4308 (Sen. Kennedy) — A bill to prohibit the Export-Import Bank of the United States from providing financing to persons with seriously delinquent tax debt.

Other Activity

Grassley Presses UBS on Nazi-Linked Accounts

On Tuesday, Senate Judiciary Committee Chair Chuck Grassley (R-IA) delivered floor remarks providing an update on his investigation into legacy Credit Suisse accounts potentially linked to Nazi looting and Holocaust victims’ assets, sharply criticizing Credit Suisse parent company UBS for what he described as reduced cooperation and obstruction of congressional oversight. Chair Grassley cited testimony from investigator Neil Barofsky alleging that UBS newly withheld or heavily redacted relevant materials after learning of a potential Senate hearing despite earlier representations minimizing the scope of withheld records. He also accused UBS of failing to adequately answer committee questions, refusing to pursue credible investigative leads related to Nazi facilitators and looted assets, and imposing an arbitrary July 31 deadline that could compromise the quality of the review. Chair Grassley warned that UBS’s conduct risks undermining confidence in the final investigative report, noted the bank’s heightened responsibilities following its recent U.S. national bank charter approval, and announced plans to seek a follow-up hearing on the matter before year-end.

Warren Seeks Info on Musk’s New Payments Platform

On Tuesday, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) sent a letter to Elon Musk requesting information about the planned launch of X Money, X Corp.’s new payments platform, raising concerns about potential consumer protection, financial stability, data privacy, and national security risks. Ranking Member Warren argues that X Money’s rollout follows Musk’s prior efforts to weaken the Consumer Financial Protection Bureau (CFPB) — the agency positioned to supervise digital payment platforms — and could involve crypto integration or stablecoin issuance under what she describes as a favorable carveout in the GENIUS Act for private commercial companies. The letter also questions reports that X Money may partner with Cross River Bank and offer deposit products paying up to 6 percent APY, citing the bank’s prior Federal Deposit Insurance Corporation (FDIC) enforcement actions and asking how such returns would be generated. She requests detailed responses regarding X Money’s launch timeline, products, fraud and anti-money laundering (AML) controls, data monetization practices, possible stablecoin plans, any involvement in shaping the GENIUS Act, and whether Musk or Department of Government Efficiency (DOGE) personnel accessed confidential CFPB information related to potential competitors.

Senate Democrats Introduce Bill to Reverse IRS Clawbacks

On Wednesday, Sen. Angus King (I-ME), Senate Finance Committee Ranking Member Ron Wyden (D-OR), and more than two dozen other Senate Democrats introduced the Stop Corporations and High Earners from Avoiding Taxes and Enforce the Rules Strictly (Stop CHEATERS) Act (text; one-pager), legislation that would provide more than $83 billion in mandatory funding to rebuild and expand IRS enforcement, technology, modernization, and taxpayer service functions through FY2031. The bill would direct $45.6 billion toward enforcement activities focused on high-income individuals and large corporations, $25.4 billion for technology and operations support, $3.1 billion for business systems modernization, and $9.6 billion for taxpayer services such as free filing assistance and taxpayer advocacy. It would also require the IRS Commissioner to submit a plan to Congress for shifting audit and enforcement resources toward complex high-income and corporate cases, including workforce recruitment and retention strategies, with subsequent oversight by the Treasury Inspector General for Tax Administration (TIGTA). In introducing the legislation, the Democrats cited an estimate from the Yale Budget Lab projecting the bill would raise roughly $1 trillion in net revenue over 10 years. While this bill’s provisions are almost certain not to pass in the Republican-controlled Congress, it offers some insight into the changes Democrats may pursue if they retake the Majority.

Warren Presses Atkins on SEC Enforcement

On Wednesday, Senate Banking Committee Ranking Member Warren wrote to SEC Chair Paul Atkins criticizing the agency’s FY2025 enforcement results and pointing to a significant pullback in securities law enforcement under his leadership. Ranking Member Warren notes that newly released SEC data shows total enforcement actions fell 20 percent to 456 cases — the lowest level in more than two decades — and that, after adjusting for legacy recoveries tied to the Stanford Ponzi scheme, monetary relief and distributions to harmed investors also declined to five-year lows. She further contends that the results call into question Chair Atkins’s February testimony before the Banking Committee, when he disputed or declined to validate public reports of falling enforcement activity, and suggests his statements may have misled Congress. The letter also points to reported staffing losses within the Division of Enforcement, the recent resignation of its director, and press accounts alleging internal resistance to pursuing certain politically sensitive matters. Ranking Member Warren is asking Chair Atkins to explain whether he knew of the declining enforcement figures when he testified, whether the Commission intentionally shifted resources away from case volume, and how the agency’s reduced enforcement output is consistent with its investor protection and market integrity mandate.

Bipartisan Senators Urge Steady Funding for CDFI Fund

On Wednesday, a bipartisan group of 43 senators led by Sens. Mark Warner (D-VA) and Mike Crapo (R-ID) — both of whom sit on the Senate Banking Committee — sent a letter to the Senate Appropriations Subcommittee on Financial Services and General Government requesting at least $324 million for the Treasury Department’s Community Development Financial Institutions (CDFI) Fund in FY 2027. The senators in their letter highlight the CDFI Fund’s mission and note that the program has awarded more than $8 billion since inception, allocated $91 billion in New Markets Tax Credits, and guaranteed nearly $3 billion in bonds. They write that CDFIs leverage each federal dollar into roughly eight dollars of private investment and have financed nearly $300 billion in loans and investments since 2010, supporting more than 1.3 million businesses and over 550,000 affordable housing units. The letter also notes that FY 2025 appropriated funds have not yet been awarded and requests directive language requiring Treasury to establish a timely schedule for publishing applications and making awards consistent with congressional intent.

Warren Requests Fed Records on Kevin Warsh

On Wednesday, Senate Banking Committee Ranking Member Warren wrote to Federal Reserve (Fed) Chair Jerome Powell requesting records related to Fed Chair nominee Kevin Warsh’s role during the lead-up to and response to the 2008 financial crisis. Specifically, Ranking Member Warren is seeking calendars, communications, ethics waivers, and other documents from Warsh’s tenure as a Fed Governor from 2006 to 2011 concerning the Fed’s oversight of subprime mortgage and derivatives risks, as well as its emergency interventions involving Bear Stearns, Morgan Stanley, Goldman Sachs, and AIG. The letter argues that Warsh failed to adequately recognize systemic risks before the crisis and later played a central role in facilitating large-scale bailouts and emergency regulatory approvals for major financial institutions, including his former employer, Morgan Stanley. Ranking Member Warren contends that these records are necessary for the Senate Banking Committee to evaluate Warsh’s judgment, regulatory approach, and potential conflicts of interest as it considers his nomination to lead the central bank, and requests production of the materials by April 24.

Booker, Warren Urge CFIUS Review of Paramount-Warner Merger

On Wednesday, Senate Judiciary Subcommittee on Antitrust Ranking Member Cory Booker (D-NJ) and Senate Banking Committee Ranking Member Warren sent a letter to Treasury Secretary Scott Bessent urging the Committee on Foreign Investment in the United States (CFIUS) to conduct a full national security review of the proposed Paramount-Warner Bros. Discovery merger. The senators argue that the transaction’s financing structure — reportedly involving significant commitments from Gulf sovereign wealth funds and potential participation by Tencent, a company designated by the Department of Defense (DOD) as a Chinese Military Company — raises concerns about foreign influence over a combined media company controlling major assets. They contend that structuring foreign investments as passive or nonvoting stakes should not preclude scrutiny, particularly where foreign capital could create indirect leverage over editorial, political, or strategic decisions affecting U.S. public discourse. The letter urges CFIUS to review the aggregate foreign capital structure before the merger closes and to coordinate with the Department of Justice (DOJ) and Federal Communications Commission (FCC) on antitrust and foreign ownership considerations.

Warren Requests Data on State Escheatment

On Wednesday, Senate Banking Committee Ranking Member Warren sent a letter to the National Association of Unclaimed Property Administrators (NAUPA) requesting information on state escheatment laws and whether recent policy changes are harming investors and consumers by increasing the transfer of dormant assets to state control. Ranking Member Warren argues that shifts from traditional “returned by post office” standards to broader inactivity-based triggers, along with shortened dormancy periods, may sweep in legitimately held savings and long-term investment accounts — particularly buy-and-hold retirement assets — before owners realize action is required. The letter also raises concerns that some states liquidate securities after escheatment, potentially depriving owners of subsequent market gains, and cites growing litigation over notification practices, return processes, and states’ use of unclaimed funds. Ranking Member Warren requests a state-by-state accounting of dormancy triggers, dormancy periods, reserve growth, reclamation rates, owner outreach practices, and the role of third-party auditors, as well as NAUPA’s views on recent legal changes and the incentives driving states to expand unclaimed property collections.

Banking Democrats Urge Delay of Warsh Nomination Hearing

On Thursday, all Democratic members of the Senate Banking Committee wrote to Chair Tim Scott (R-SC) urging him to delay any nomination proceedings for Kevin Warsh to serve as Fed Chair until ongoing DOJ investigations involving current Fed Chair Jerome Powell and Governor Lisa Cook are closed. The lawmakers argue that the probes appear politically motivated and part of a broader effort by President Trump to pressure or gain control over the central bank, citing a recent federal court decision that quashed subpoenas issued to Chair Powell and found the asserted justifications for the investigation to be pretextual. They also point to Trump’s public criticism of Chair Powell and attacks on the judge who blocked the probe as evidence warranting further scrutiny. The letter contends that it would be inappropriate to proceed with Warsh’s nomination while criminal investigations of sitting Fed officials remain unresolved and asks that the Committee instead hold public hearings examining the President’s role in directing or influencing those investigations before moving forward on the nomination.

Banking Democrats Raise Concerns Over CFPB Layoffs Plan

On Thursday, Sen. Angela Alsobrooks (D-MD) led all her Senate Banking Democratic colleagues on a letter to Acting CFPB Director Russ Vought seeking answers regarding the Administration’s plan to eliminate roughly half of the CFPB’s remaining workforce. The Democrats argue that the proposed reduction-in-force — coming after earlier court-blocked efforts to cut up to 90 percent of staff — would further undermine the CFPB’s ability to fulfill its statutory mission, particularly by reducing the Office of Enforcement by approximately 80 percent. They contend that the cuts would weaken oversight of financial institutions, reduce consumer complaint resolution capacity, diminish deterrence against unlawful conduct, and continue what they describe as an unlawful effort to dismantle the agency through staffing and funding decisions rather than congressional action. The letter also disputes claims that budget constraints necessitate the layoffs, citing the CFPB’s recent spending levels and revised funding cap under the OBBBA as evidence that current staffing could be maintained. The senators request information on how the Bureau would continue enforcing 21 consumer protection statutes, the projected impact on redress and enforcement, and whether the Administration will revise its court representations regarding plans for the agency.

Hassan Presses AI Voice Cloning Companies on Scams, Fraud

On Thursday, Joint Economic Committee Ranking Member Maggie Hassan (D-NH) sent letters to ElevenLabs, LOVO, and Speechify seeking information on the safeguards each company has in place to prevent the misuse of AI voice-generation tools in scams, fraud, and political deception. The letters argue that increasingly realistic voice-cloning tools are being used in impersonation scams targeting consumers, businesses, and financial institutions, including schemes involving fake bank officials, cloned family members, executive payment fraud, and election-related robocalls. Ranking Member Hassan also points to outside reports alleging that many leading voice-cloning platforms rely heavily on user self-attestation rather than robust consent verification or identity checks. She requests responses on each company’s monitoring of user activity and scam-related content, enforcement actions against violators, reporting to law enforcement, methods for verifying consent before cloning a voice, protections against unauthorized cloning of public figures and minors, tools for detecting whether audio was generated on their platforms, watermarking or provenance systems, customer due diligence practices, and contractual liability arrangements for misuse.

Blumenthal Presses Administration on Binance Money Laundering Compliance

On Friday, Senator Richard Blumental (D-CT), the Ranking Member of the Permanent Subcommittee of Investigations (PSI), sent letters to Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and Acting Attorney General Todd Blanche seeking information regarding Binance's compliance with the settlement it agreed to in 2023 with both FinCen and DOJ designed to limit illegal activites on the world's largest cryptocurrency exchange. Blumenthal's letter was based on several reports about the exchange's role in sanctions evasion by the Iranian government and follows on his efforts earlier this year to open an investigation by PSI into the company.

Last Week in the Administration

White House Releases 2026 Economic Report

On Monday, the White House Council of Economic Advisers (CEA) released the Trump administration’s 2026 economic report, highlighting the effects of the president’s economic policies and their impact on future policies the administration may pursue. The report broadly centers on: (1) the effects of the One Big Beautiful Bill Act (OBBBA); (2) regulatory reform efforts; (3) the president's trade and tariff regime; (4) artificial intelligence (AI) development; (5) efforts to promote housing affordability; and (6) strengthening domestic supply chains and the defense industrial base. It also emphasizes projecting continued GDP growth, stable inflation, and a strengthening macroeconomic outlook. The report is intended to underscore the administration’s economic strategy amid ongoing concerns about economic conditions and fiscal priorities.

Bessent Says Administration Working on Citizenship Collection Requirements in Banking

On Tuesday, Treasury Secretary Scott Bessent told Semafor that the White House is drafting an executive order to require banks to collect information about customers’ citizenship status. Such a move could require that customers supply identification from customers such as passports, which prove citizenship status. In comments to Semafor, Bessent stated, “I don’t think it’s unreasonable, because why don’t we have information on who’s in our banking system … and how do we know [they are] not part of a foreign terrorist organization?” Some lawmakers have expressed support for Treasury reviewing whether existing legal authorities allow for the department to restrict financial services in the U.S. to those legally residing in the U.S.

FTC Takes Enforcement Action Under “Made in the USA” Campaign

On Tuesday, the Federal Trade Commission (FTC) announced three enforcement actions against companies accused of making false country of origin claims. The federal regulator brought cases against the companies — TouchTunes, Americana Liberty LLC, and Oak Street Manufacturing Company — alleging deceptive advertising related to U.S.-origin claims across products including electronic dartboards, flag merchandise, and footwear. The FTC reached settlements requiring monetary payments, consumer redress, and prohibitions on misleading or unsubstantiated claims, while also issuing warnings to additional firms to encourage compliance. These actions are part of a larger “Made in the USA” effort as directed by President Trump in an executive order to discourage companies from making such false claims.

FTC Proposes Rule on Deceptive Fees on Online Food and Grocery Delivery Services

On Tuesday, the FTC issued an advanced notice of proposed rulemaking (ANPRM) related to unfair or deceptive fees on online food and grocery delivery services. The FTC cited concerns about hidden fees, price markups, and unclear disclosures that can unduly increase costs for consumers and stifle competition, noting that delivery orders may cost substantially more than brick and mortar purchases. The Commission is evaluating potential regulations related to upfront price transparency and fee disclosures, building on prior enforcement actions involving a number of companies. Public comments are due on May 18, with the input informing whether the Commission proceeds with formal rulemaking.

Treasury Reportedly Requests Information from Private Credit Firms

On Wednesday, Punchbowl News reported that the Treasury Department has begun requesting information from private credit firms on their business models, performance, and connections to the broader financial system, as part of an effort to assess potential risks amid recent market volatility. The outreach, led by Treasury’s Office of Capital Markets, seeks details on firms’ relationships with banks and insurers, liquidity risks, while continuing ongoing engagement through meetings with industry participants. While industry representatives and some financial leaders have downplayed systemic risk, others have raised concerns about potential spillover effects, particularly for regional banks.

USTR to Travel to Mexico for USCMA Negotiations

Later today, U.S. Trade Representative (USTR) Jamieson Greet will travel to Mexico City, Mexico, to meet with President Claudia Sheinbaum and other government officials on the U.S.-Mexico-Canada trade agreement, which is up for mandatory review this year. According to reports, the two delegations are set to discuss a range of issues, including steel, aluminum, the auto and agriculture sectors, rules of origin and reducing imports from other countries. The meeting follows previous negotiations undertaken by Amb. Greer and Mexican officials ahead of trilateral talks expected to take place between the USMCA stakeholders in July.

SEC Seeks Comments on CAT Framework

On Thursday, the Securities and Exchange Commission (SEC) issued a request for comments related to a concept release (fact sheet) as part of a review of the Consolidated Audit Trail (CAT) framework and other audit trails used to regulate securities markets. The CAT, established under SEC rules in 2016, was designed to enhance regulators’ access to timely cross-market trading data and has since replaced legacy systems. The SEC noted that CAT operating costs have grown beyond initial estimates amid higher trading volumes, and that stakeholders have raised concerns related to funding, governance, and scope, including through petitions and legal challenges. The SEC is seeking input on issues including cost management, system design, regulatory purpose, and cybersecurity and data privacy, as well as the appropriate balance between regulatory needs and civil liberties protections, with comments due in mid-June.

OCC Seeks Preemption of Illinois Interchange Law

On Tuesday, the Office of the Comptroller of the Currency (OCC) submitted a regulatory proposal to the White House indicating its intent to implement a rule preempting Illinois’ Interchange Fee Prohibition Act. The law is a first-of-its-kind measure targeting card fees on taxes and tips that is set to take effect in July 2026. The proposed action, currently under review by the Office of Management and Budget (OMB), follows ongoing legal challenges from banks and payments industry groups, who argue the Illinois law interferes with federally authorized banking powers. The move comes amid broader litigation and appeals, and could have implications for similar legislation under consideration in other states.

Trump Announces Treasury International Affairs Nomination

On Monday, President Trump announced the nomination of Erin Browne to serve as Under Secretary of the Treasury for International Affairs. The Treasury Department noted that Ms. Browne is a managing director at PIMCO, an investment management firm, having also previously held senior roles at UBS Asset Management, Point72, Citigroup, and Lehman Brothers, among others. A graduate of Georgetown University, Ms. Brown would be responsible for advising the Secretary on international economic issues, developing policies in the areas of economic development, international investment, and global debt investment. The position, often referred to as Treasury’s top economic diplomacy role, often leads negotiations before the International Monetary Fund (IMF), the World Bank, and other international fora. The position is subject to Senate confirmation.

FDIC Announces Senior Leadership Appointments

On Monday, the Federal Deposit Insurance Corporation (FDIC) announced the appointment of four individuals to serve in senior leadership roles. Among them, Benjamin Olson, a former Capital One and private sector executive, was appointed director of the Division of Depositor and Consumer Protection (DCP). Shawn Khani ascended to the role of director of the Division of Resolutions and Receiverships (DRR) after serving as the deputy director, and Trey Maust was appointed as the FDIC’s chief innovation officer, having served as a banking executive. Meanwhile, Sam Lupas, a former Housing and Urban Development (HUD) policy advisor, was appointed deputy chief of staff of the FDIC, reporting to Chair Travis Hill.

This Week's Schedule

Mon. (4/20)

No events scheduled.

Tues. (4/21)

SEC Chair Atkins Remarks — 8:00 AM — Securities and Exchange Commission (SEC) Chair Paul Atkins will deliver remarks before The Economic Club on achievements during his first year leading the SEC and key priorities for the agency in the year ahead. Details.
Punchbowl Conversation with Representative Fedorchak — 8:30 AM — Punchbowl News will sit down for a conversation with Rep. Julie Fedorchak (R-ND) on U.S. leadership in artificial intelligence (AI), wireless, and spectrum. Details.
House Financial Services Committee Markup — 10:00 AM — The House Financial Services Committee will conduct a markup of various measures. Details.
House Small Business Committee Hearing on the Gig Economy — 10:00 AM — The House Small Business Committee will hold a hearing entitled "Independent Work, Real Opportunity: The Gig Economy and the Future of Entrepreneurship." Details.
House Homeland Security Subcommittee Hearing on Scams, Fraud, & Extortion — 10:00 AM — The House Homeland Security Subcommittee on Border Security and Enforcement will hold a hearing entitled "Online Scams, Crypto Fraud, and Digital Extortion: An Examination of How Transnational Criminal Networks Target Americans." Details to be posted here.
Senate Banking Committee Nomination Hearing — 10:00 AM — The Senate Banking Committee will hold a hearing to consider Kevin Warsh's nomination to be Chair of the Federal Reserve. Details.
US Chamber Global IP Summit — 11:00 AM — The U.S. Chamber of Commerce will hold its Global IP Summit, featuring a conversation with U.S. Patent & Trademark Office (USPTO) Director John Squires. Details.
Urban Institute Event on BNPL — 12:00 AM — The Urban Institute will hold an event entitled "Buy Now, Pay Later: Recent Developments and Implications for Mortgage Lending." Details.
House Veterans' Affairs Subcommittee Hearing on Veteran Benefits — 1:15 PM — The House Veterans' Affairs Subcommittee on Disability Assistance and Memorial Affairs will hold a hearing entitled "Examining VA Benefits: Pension and Fiduciary, and VA Life Insurance Options." Details.
ITIF Discussion on EU Digital Regulation — 2:00 PM — The Information Technology & Innovation Foundation (ITIF) will hold a webinar entitled "How Global Turnover Fines in EU Digital Regulation Are Disproportionate and Harm U.S. Innovation." Details.
Brookings Conversation with Fed Governor Waller — 2:30 PM — The Brookings Institution will host a conversation with Federal Reserve (Fed) Governor Christopher Waller on "Transforming the Fed’s operations for the 21st century." Details.

Wed. (4/22)

House Financial Services Subcommittee Hearing on Reinsurance and CRTs — 10:00 AM — The House Financial Services Subcommittee on Housing and Insurance will hold a hearing entitled "Diversifying Risk: The Benefits of Reinsurance and Credit Risk Transfers." Details.
House Small Business Subcommittee Hearing on Digital Assets — 10:00 AM — The House Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development will hold a hearing entitled "Main Street Meets Crypto: What Digital Assets Mean for Small Businesses." Details.
House Ways & Means Committee Hearing on the U.S. Trade Policy Agenda — 10:00 AM — The House Ways & Means Committee will hold a hearing on the Trump Administration's 2026 trade policy agenda, featuring testimony from U.S. Trade Representative (USTR) Jamieson Greer. Details.
Senate Appropriations Subcommittee Hearing on Treasury's FY27 Budget — 10:00 AM — The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing to consider the Treasury Department's fiscal year (FY) 2027 budget request, featuring testimony from Treasury Secretary Scott Bessent. Details.
Senate Appropriations Subcommittee Hearing on Commerce's FY27 Budget — 10:00 AM — The Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies will hold a hearing to consider the Commerce Department's fiscal year (FY) 2027 budget request, featuring testimony from Commerce Secretary Howard Lutnick. Details.
Senate Judiciary Committee Hearing on Chinese Theft of U.S. Innovation — 10:15 AM — The Senate Judiciary Committee will hold a hearing entitled "Stealth Stealing: China’s Ongoing Theft of U.S. Innovation." Details.
House Financial Services Subcommittee Hearing on Sanctions Programs — 2:00 PM — The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions will hold a hearing entitled "Evaluating the Effectiveness of U.S. Sanctions Programs." Details.

Thu. (4/23)

Senate Finance Committee Hearing on the U.S. Trade Policy Agenda — 10:00 AM — The Senate Finance Committee will hold a hearing on the Trump Administration's 2026 trade policy agenda, featuring testimony from U.S. Trade Representative (USTR) Jamieson Greer. Details.
Senate Judiciary Committee Business Meeting — 10:15 AM — The Senate Judiciary Committee will meet in executive session to consider various bills and pending nominees. Details.
House Appropriations Subcommittee Hearing on Commerce's FY27 Budget — 11:00 AM — The House Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies will hold a hearing to consider the Commerce Department's fiscal year (FY) 2027 budget request, featuring testimony from Commerce Secretary Howard Lutnick. Details to be posted here.
AEI Discussion on Federal Student Loans — 12:00 PM — The American Enterprise Institute (AEI) will host a conversation with Under Secretary of Education Nicholas Kent on the future of student loans. Details.

Fri. (4/24)

No events scheduled.

Further Out

House Financial Services Committee Hearing on Capital Proposals — April 28 — The House Financial Services Committee will hold a hearing entitled "Prioritizing Main Street: Evaluating the Impact of Capital Proposals on Economic Growth and American Communities." Details.
House Financial Services Task Force Hearing on Derivatives — April 29 — The House Financial Services Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity will hold a hearing entitled "Examining Derivatives’ Role in the Treasury Market." Details.