In a letter sent to Congress today, more than 20 state and national groups raised alarms over two bills — the STABLE Act in the House and the GENIUS Act in the Senate — that attempt to create a new regulatory framework for so-called stablecoins.
Senator Elizabeth Warren (D-Mass), the ranking member of the Senate Banking, Housing, and Urban Affairs Committee will host a forum today to investigate the Trump administration’s illegal efforts to dismantle the Consumer Financial Protection Bureau (CFPB).
The Trump administration’s plan to shut down CFPB headquarters is the latest unlawful attack on a government agency that truly works for people. Following mass purges, forcing staff onto administrative leave, slashing funding, freezing regulatory activity, and halting enforcement actions, this step is a blatant attempt to irreversibly shutter the agency in utter defiance of the law, even as the Trump administration is losing court cases for its overreach.
This executive order is an unconstitutional power-grab that delegates supreme authority over congressionally-mandated, court-sanctioned statutes and regulatory safeguards to unelected, unnominated, unconfirmed bureaucrats.
The Trump White House unveiled a new executive order that illegally undermines the congressionally-mandated independence of federal agencies that have a statutory obligation to regulate impartially in order to protect the public. A fact sheet that accompanied the executive order singled out the Securities and Exchange Commission, which regulates the stock markets, the Federal Trade Commission, which enforces antitrust law and consumer protection statutes, and the Federal Election Commission, which oversees electoral ethics and political spending.
The California State Insurance Commissioner Ricardo Lara approved a $1 billion bailout of the state’s FAIR (Fair Access to Insurance Requirements) plan to help cover over 3,400 claims it has received due to the devastating Los Angeles fires. The FAIR plan provides insurance to consumers who were dropped by their private insurers.