fintech

House leaders give modernization panel more time
A second year of work ahead for committee that seeks to make Congress more efficient

Chairman Derek Kilmer, D-Wash., right, and vice chairman Rep. Tom Graves, R-Ga., are seen during a Select Committee on the Modernization of Congress meeting in the Capitol in March. (Tom Williams/CQ Roll Call file photo)

Like most any fixer-upper endeavor, renovating Congress for the modern era will take at least a year longer than originally planned.

The House’s temporary Select Committee on the Modernization of Congress is on track to get more time to finish its effort to update the legislative branch amid the increasing political polarization of the 2020 elections. The House Rules Committee approved a rule Wednesday extending the modernization panel through next year. The full chamber voted Thursday, making the extension official.

Google looks past Project Maven to work anew with the Pentagon
Company’s 2018 withdrawal from drone video program sent shockwaves through national security world

A Google sign at its 2019 Developer Days conference in Shanghai, China. (Lyu Liang/VCG via Getty Images)

More than a year after pulling out of a contract with the Pentagon that relied on technologies based on artificial intelligence to sort through drone videos, Google says it is ready to work with the Defense Department on a wide variety of applications that don’t involve weapons.

Google’s decision to engage with the Pentagon on non-weapons-related technologies stems from the company’s artificial intelligence principles published last year, said Kent Walker, senior vice president for global affairs at Google.

Proposed foreign investment scrutiny adds to fintech deal risk
New rules would expand the types of transactions that come under CFIUS jurisdiction

New foreign investment rules proposed by the Treasury Department are compounding regulatory risks for mergers and acquisitions in the global fintech market. (Bill Clark/CQ Roll Call file photo)

New foreign investment rules proposed by the U.S. Treasury Department are compounding regulatory risks for mergers and acquisitions in the global financial technology market, analysts say.

The proposed rules, which are expected to be finalized and in force by early 2020, expand the types of transactions that come under the jurisdiction of the Committee on Foreign Investment in the United States, a Treasury-led interagency panel that probes national security issues in cross-border deals.

Fintech Beat explains how open banking is poised to revolutionize financial services
Open Banking 101, Ep. 28

Open banking is shaking up financial experiences for customers across the globe (iStock).

Open banking is set to shake up financial experiences for customers across the globe, enabling customers to allow third parties to access financial information needed to develop new apps and services. Fintech Beat sits down with the head of policy at Plaid, a unicorn fintech sitting in the middle of the revolution, to discuss the process of information sharing and how regulation shapes it.

How America’s mayor became America’s State Department
As Trump’s de facto secretary of State, Rudy Giuliani makes a mockery of the Senate Foreign Relations panel

He was neither nominated nor appointed to the job, but that hasn’t stopped Rudy Giuliani from acting as de facto secretary of State since Donald Trump’s election, Murphy writes. (Tom Williams/CQ Roll Call file photo)

OPINION — With friends like Rudy Giuliani, who needs the State Department? Not Donald Trump. And as long as we’re on the subject, who needs the Senate Foreign Relations Committee? Or the full Senate? Or any of the other pillars of the U.S. government that were created to both support and oversee the executive branch.

The Senate Foreign Relations panel alone is made up of 22 senators and 75 professional staff. As one of the 10 original standing committees of the Senate, its job literally spans the globe, with jurisdiction over international treaties, U.S. foreign policy and all diplomatic nominations. All ambassador appointments are supposed to go through the committee for debate and approval, as are international treaties, declarations of war, State Department oversight and changes to official U.S. foreign policy.

Libra’s regulatory hurdles appear taller after House hearing
Still to be decided: How the cryptocurrency would be regulated

Libra, known as a stablecoin, would be backed by a basket of dollars, euros and other traditional currencies called the Libra Reserve. (iStock)

Facebook CEO Mark Zuckerberg provided only a few additional details about the company’s proposed cryptocurrency to a House Financial Services Committee on Oct. 23 that generally didn’t like what it heard. 

Zuckerberg said Facebook wouldn’t proceed with the proposed Libra until it had satisfied regulators’ concerns. That pledge and the harsh criticism from lawmakers on both sides the aisle appears to narrow, if not eliminate, the company’s path to approval, at least for a project as sweepingly ambitious as Libra is.

Fintech Beat and FRT team up to cover all things fintech in DC
Fintech Beat, Ep. 27

An attendee at Fintech Week 2019 asks a question during a panel. (Photo by CQ Roll Call)

Warren ‘Medicare for All’ plan has $20.5 trillion price tag
The plan would dramatically reshape the health care system and the nation’s tax structure

Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., speaks in Iowa on August 9, 2019. On Friday she unveiled her ‘Medicare for All’ plan, after facing criticism that she hadn’t explained how to pay for the health care plan. (Caroline Brehman/CQ Roll Call)

Presidential contender Sen. Elizabeth Warren, D-Mass., unveiled a $20.5 trillion plan Friday to finance a government-run “Medicare for All” system, after facing criticism that she hadn’t explained how to pay for the pricey health care plan.

Warren’s plan would dramatically reshape the health care system and the nation’s tax structure. It would draw trillions of dollars from employers and raise taxes on the financial sector, large corporations and the richest 1 percent of Americans. She says she also would pay for the shift to a single-payer program that would cost less than some projections of the existing system by reducing health costs, cutting defense spending and assuming an immigration overhaul saves $400 billion.

Photos of the Week: Halloween and impeachment collide
The week of Nov. 1 as captured by Roll Call’s photojournalists

Rep. Thomas Massie, R-Ky., walks by a protester outside the Capitol after the House voted on its resolution outlining the next steps in the impeachment inquiry of President Donald Trump on Thursday. (Tom Williams/CQ Roll Call)

Giuliani: I never lobbied or represented foreigners
Trump lawyer says scrutiny of his work represents a smear campaign against him

Former New York Mayor Rudy Giuliani says the recent scrutiny of his work amounts to a smear campaign against him because of his high-profile defense of the president. (Tom Williams/CQ Roll Call file photo)

Rudy Giuliani has become a regular feature in President Donald Trump’s capital city, attracting scandal — and scrutiny from law enforcement — for his far-flung international endeavors. But unlike his most prominent White House client, Giuliani, who spent more than a dozen years with two well-known K Street firms, has deep ties to the influence industry.

The former New York mayor and onetime Republican presidential candidate logged a decade with the law and lobbying firm then known as Bracewell & Giuliani and a two-year stint after that with Greenberg Traurig, the professional home of notorious ex-lobbyist Jack Abramoff before he went to prison.