Patrick T McHenry

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.

Parker Poling’s job: Help win back the House for Republicans
As NRCC executive director she’s tasked with helping GOP pick up 19 seats needed to take back speaker’s gavel

NRCC executive director Parker Poling has tried to increase the committee’s outreach to House Republicans who don’t usually need help from the party’s campaign arm. (Tom Williams/CQ Roll Call file photo)

It was 2015 and Parker Poling was going all out to persuade fellow Republicans to support a top priority of President Barack Obama, a Democrat.

That sounds improbable, but at the time she was chief of staff to North Carolina Rep. Patrick T. McHenry, who was the chief deputy whip for the GOP majority. Republican leaders were trying to persuade skeptical lawmakers to give Obama fast-track authority to negotiate trade deals.

Zuckerberg threatened with Facebook breakup
At hearing, lawmakers press founder and CEO over Libra cryptocurrency plan

Mark Zuckerberg arrives to testify at House Financial Services hearing on its cryptocurrency proposal. (Bill Clark/CQ Roll Call)

Comedian Hasan Minhaj rankles, entertains at student debt hearing
Congressional hearings can be dry but not today

Things got a little testy between Rep. Sean Duffy, seen here, and Hasan Minhaj at Tuesday's hearing. (CQ Roll Call Screenshot)

You may not think a hearing on solving the $1.6 trillion student loan debt crisis would provide many laughs, but comedian Hasan Minhaj racked up a few, to the annoyance of some Republicans, while testifying before the House Financial Services Committee.

Tuesday’s hearing wasn’t short on tense exchanges, either, even from the jump.

Lawmakers hint at regulatory models for Facebook cryptocurrency
Libra: ‘Which is it, fish or fowl?’

“This looks exactly like an exchange-traded fund,” said Rep. Jim Himes, D-Conn., (File photo by Bill Clark/CQ Roll Call)

House members suggested Wednesday that Facebook Inc.‘s proposed cryptocurrency could be deemed an exchange-traded fund, a currency or a commodity, all of which could require some degree of regulatory oversight.

“What we’re struggling with is: What are you?” said Democratic Colorado Rep. Ed Perlmutter summing up a four-hour House Financial Services Committee grilling of a company executive about the proposed cryptocurrency known as Libra.

Facebook cryptocurrency stirs worry and support in both parties
Top Democrat urges Fed and regulators to protect consumers and economy from Facebook’s ‘monopoly money’

Federal Reserve Chairman Jerome Powell, right, was peppered with questions about how the Fed would deal with Libra, Facebook’s new cryptocurrency. (Caroline Brehman/CQ Roll Call)

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.

Fed’s Powell says Trump couldn’t push him to resign
The Fed chairman also said he shared concerns among lawmakers about Facebook Inc.’s proposal to launch a cryptocurrency

Jerome Powell, chairman of the U.S. Federal Reserve, testifies during a House Financial Services Committee hearing on Capitol Hill on Wednesday July 10, 2019. (Caroline Brehman/CQ Roll Call)

Federal Reserve Chairman Jerome Powell told a House panel Wednesday that he would not resign if President Donald Trump ordered him to step down.

Powell, who has been excoriated by Trump on Twitter for his management of the Fed and the nation’s monetary policy, told House Financial Services members he would serve out his term. He made his comments during his semi-annual testimony to the committee.

James Clyburn: Live at the Comedy Cellar
House majority whip kicks off International Joke Day with a 3-joke set (on Twitter)

Despite his best efforts, there is probably no Netflix standup special in House Majority Whip James E. Clyburn’s future. (Courtesy Rep. James E. Clyburn via Twitter)

We may be weeks removed from Father’s Day but that didn’t discourage House Majority Whip James E. Clyburn from unleashing a torrent of dad jokes so corny his district now qualifies for ethanol subsidies.

The South Carolina Democrat logged on to Twitter dot com on Monday to rattle off some turtle-themed material in celebration of International Joke Day. His jokes included gems like this:

North Carolina runoff becomes proxy war for D.C. interests
GOP ‘will never be a majority party’ without more women, Kevin McCarthy says

Joan Perry, who's running in the Republican primary runoff for the special election in North Carolina’s 3rd District, talks with potential voters Saturday at the “The Birth Place of Pepsi-Cola” in New Bern, N.C. (Simone Pathé/CQ Roll Call file photo)

EMERALD ISLE, N.C. — The Republican candidate who has the best chance of adding to the party’s dwindling ranks of women in the House insists she’s running on her own merits, not her gender.

But in the GOP primary runoff for the special election in North Carolina’s 3rd District, pediatrician Joan Perry subtly argues that her gender is an important part of why she’s the real outsider candidate running for Congress. 

House panel advances anti-money laundering bill with only some GOP support
Backers hope it’ll be enough to move in the Senate

House Financial Services ranking member Patrick T. McHenry of North Carolina was wooed to support an anti-money laundering bill but never signed off. Supporters hope that will not jeopardize its chances in the Senate. (Tom Williams/CQ Roll Call file photo)

After holding an anti-money laundering bill for a month in the hopes of winning over the committee’s top ranking Republican, the House Financial Services Committee advanced it without him on Wednesday, in a move that could ultimately undermine the odds of passing it through the Senate.

The legislation would require corporations and limited liability companies to report who actually owns them to the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, in the hopes of curbing the use of anonymous shell companies for hiding illicit assets from criminal investigators and tax officials.