Michael D Crapo

After only 25 House Republicans voted for passage of a bill that would curb the use of anonymous shell companies, the bipartisan drafters of a Senate version are negotiating tweaks designed to win more GOP support.

The House on Tuesday voted 249-173 to pass its version of the bill, sponsored by Democratic Rep. Carolyn B. Maloney of New York, after adding the text of another bill from Democratic Rep. Emanuel Cleaver of Missouri that would update the nation’s anti-money laundering laws.

This week’s Campus Notebook highlights senators who recently jetted off to Mozambique, Israel and France and a staffer who sold a bunch of stocks, including from the tech industry. 

Idahoans in Africa: Sen. Mike Crapo and his wife Susan joined Sen. Jim Risch and his wife Vicki for a trip to Johannesburg, South Africa and Mozambique. Crapo and his wife’s trip, paid for by the International Conservation Caucus Foundation, cost $14,113. Risch and his wife’s trip, paid for by the same group, cost $13,758.

A pair of anti-money laundering bills are expected to be merged and head to the House floor soon after Congress returns from recess.

The House Financial Services Committee voted 55-0 in May to advance one of the bills, a measure co-sponsored by Democrat Emanuel Cleaver II of Missouri and Republican Steve Stivers of Ohio, that would update the framework used by federal investigators to combat money laundering.

At least 10 judicial nominees who couldn’t even get a confirmation vote in the final years of President Barack Obama’s administration ended up on the bench after Donald Trump’s election.  

Those nominees, blocked by Senate Majority leader Mitch McConnell and other Republicans while Obama was in the White House, got a second chance. Rather than blocking them under Trump, McConnell sought to speed up the confirmation process. Thanks to the shift in political priorities, Republicans confirmed them with bipartisan support.

Sen. Elizabeth Warren is putting pressure on Capital One to answer questions about the recent data breach that affected more than 100 million of the bank’s customers.

In a letter on Wednesday to Richard Fairbank, Capital One’s chief executive, the Massachusetts Democrat and 2020 presidential candidate requested information on how the breach was conducted and when the bank plans to notify customers whose data — including possibly their Social Security numbers — was taken in the breach.

Concerns over data privacy and skepticism about just how unique and beneficial cryptocurrencies and other blockchain-based digital assets could be dominated Tuesday’s Senate Banking Committee hearing on regulating the new technology.

“This new digital currency and blockchain technology is a very real — and potentially helpful — innovation,” said Chairman Michael D. Crapo, R-Idaho. “It’s also potentially harmful as there can be some serious risk involved in it.”

Senate Banking Chairman Michael D. Crapo and New York state Attorney General Letitia James said they will probe the data breach suffered by credit card issuer Capital One, which the company reported late Monday.

“I have concerns about all aspects of this,” Crapo said about the Capital One breach during a Tuesday morning hearing on cryptocurrencies. “We want to understand how this happened, how other breaches happened ... and we want to know how vulnerabilities [appear] in systems and figure out what we must do to deal with them at a policy level. I don’t have answers yet, but yes, we need to figure that out and we do have concerns about those vulnerabilities.”

Senators from both parties questioned at a hearing Tuesday why Americans should trust Facebook’s new digital currency system with their paychecks given the social media giant’s repeated data privacy scandals.

Libra, a cryptocurrency under construction by a Facebook subsidiary called Calibra, was announced in May to a blast of bipartisan incredulity by lawmakers and the Trump administration. Critics asked how the company could ensure that Libra, which is designed to be anonymous, could be prevented from being used by money launderers, traffickers or terrorists.

Facebook Inc. got a preview Wednesday of what to expect next week when executives come to testify about plans to launch Libra, a digital currency and online payment system.

At a hearing Wednesday morning, Democrats and Republicans on the House Financial Services Committee peppered Federal Reserve Chairman Jerome Powell with questions about how the central bank would respond to Libra.

Federal Housing Finance Agency Director Mark Calabria said he hopes to have a roadmap for ending the federal conservatorship of Fannie Mae and Freddie Mac by the end of the year.

Speaking at a National Association of Realtors event Tuesday, Calabria said it was his job as FHFA director to develop a plan for recapitalizing and releasing the government-sponsored entities, or GSEs. The two mortgage giants have been under federal control since they accepted bailouts in 2008 in the wake of the housing market collapse.