The Treasury Department is preparing a $250 bill featuring President Donald Trump’s portrait, pending congressional approval. The bill would be the first U.S. currency to depict a living person in over 150 years as part of the nation’s 250th anniversary celebrations.
Posts tagged as “the House Financial Services Committee”
Barney Frank, a Massachusetts congressman who co-authored the Dodd-Frank financial reform law and was a pioneering openly gay politician, has died at 86. He served 32 years in Congress and was known for his sharp wit and advocacy on banking and civil rights.
Rep. Patrick McHenry, R-N.C., announced Tuesday that he will not seek re-election in 2024, shocking many of his colleagues. McHenry has served in Congress since 2005 and is the longest-serving Republican from North Carolina, recently gaining national attention when he became the first House Speaker pro tempore in history to be removed in a no-confidence vote. His retirement will further thin the ranks of Republican institutionalists in Congress, leaving many of his colleagues unsure of who will take his place and fill the role of chair of the House Financial Services Committee.
Treasury Secretary Janet Yellen has warned of "economic and financial catastrophe" if the debt ceiling is not lifted or suspended by June 1. Congressman Patrick McHenry of North Carolina, Chairman of the House Financial Services Committee, is working to come up with a solution to the debt ceiling issue, noting that a "protracted" default could trigger a Great Recession type of scenario. Both are urging Congress and the White House to come to an agreement before the June 1 deadline in order to avoid economic disaster.
The House Financial Services Committee is investigating two of the largest bank failures in history, with Chairman Rep. Patrick McHenry (R-N.C.) returning donations from a fundraiser with bank executives days before the collapse. The episode highlights the power of bankers in Washington, where the industry spends heavily to fight regulation and hires former lawmakers to shape policy. The investigation into the bank failures is ongoing, and the results of the probe will be closely watched to determine if the rollback of the 2010 law and the lobbying campaign had any impact.
Key takeaways: Congress must investigate the circumstances that led to the closures of Silicon Valley Bank and Signature Bank of New York. Allowing a large,…