Capitol Hill Update: April 2024 Newsletter Review

**Congress Addresses Important Issues During Short April Session**

Treasury Deputy Secretary Testifies on Danger of Crypto

House Holds a Hearing on SEC Climate Disclosure Rule

Senate Judiciary Holds Hearing on Forced Arbitration

Capitol Hill Reacts to DOL Fiduciary Duty Rule

Despite only being in session for two weeks in April, Congress managed to cover a wide range of important topics, including crypto, climate change, and forced arbitration. Lawmakers also reacted to a significant rule from the Department of Labor (DOL) aimed at protecting retirement savers from conflicts of interest.

Treasury Deputy Secretary Wally Adeyemo testified before the Senate Banking Committee on the dangers of crypto, highlighting how terrorist organizations and rogue nations use digital currencies to fund illegal activities. Lawmakers emphasized the need for regulations to protect consumers and prevent criminal exploitation of the crypto ecosystem.

The House Financial Services Committee held a hearing on the SEC’s Climate Disclosure Rule, with members debating the impact of the new regulation on American markets. While some criticized the rule, others, like Ranking Member Maxine Waters, defended it as crucial for providing investors with essential information on climate risks.

The Senate Judiciary Committee also addressed the issue of forced arbitration, with Chair Durbin highlighting how companies use arbitration agreements to harm employees and consumers. Better Markets has long advocated against this practice and called on the SEC to ban it for brokers and investment advisors.

Finally, Capitol Hill reacted positively to the DOL’s new Fiduciary Duty Rule, which aims to protect retirement savers from harmful advice and conflicts of interest. Lawmakers praised the rule for closing loopholes and ensuring that financial professionals act in the best interest of workers and retirees.

Overall, Congress made significant strides in addressing key issues during its brief April session, demonstrating a commitment to protecting consumers and investors in the financial sector.

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