Senate Banking Committee

Sen. Tim Johnson, a former three-term senator and five-term U.S. representative for South Dakota, died after complications from a recent stroke.

Investing in Main Street Act has passed the House three times with overwhelming majorities but has failed to gain traction in the Senate. Backers, including banks that invest in the funds, hope to flip the script with a third version.

Acting Federal Deposit Insurance Corp. Chairman Martin Gruenberg was described even by Republicans as well qualified and experienced, but took heat for a year-old drama that led to the departure of the agency's former chairman.

The Federal Deposit Insurance Corp. said its actions are "consistent with longstanding legal authorities to ensure that banks engaging in crypto-related activities are doing so in a safe and sound way that protects consumers."

Sen. Pat Toomey, the top Republican on the Banking Committee, is demanding answers from the Federal Reserve Bank of Kansas City about the status of a Fed master account for the Colorado fintech firm Reserve Trust, which had figured in a recent confirmation controversy.

The Ohio Democrat and chair of the Senate Banking Committee acknowledged banks’ existing privacy obligations under the Gramm-Leach-Bliley Act but argued that the 1999 law did not go far enough to address the privacy landscape of 2022.

JPMorgan Chase and Goldman Sachs Group are being pressed to hand over extensive information on clients trading Russian debt, as U.S. Sen. Elizabeth Warren and Rep. Katie Porter expand efforts to pry into whether Wall Street is profiting on the invasion of Ukraine.

Senate Democrats plan to hold votes to confirm Lisa Cook’s nomination to be a Federal Reserve governor on Tuesday, they announced Monday night.

Democrats face the brunt of this year’s tough elections among the key financial committees in Congress, but Republicans are retiring in greater numbers.

Senate Banking Committee Chairman Sherrod Brown said Wednesday that the Senate would wait to confirm President Biden’s Federal Reserve picks until the return of Democrats recovering from the coronavirus.