Senate Banking Committee Outlines Priorities for 2023

Source: S&P Global Market Intelligence

The Senate Banking Committee outlined the priorities of its Democrat majority for 2023.

Included in the to-do list is addressing cryptocurrency and shadow bank risk, affordable housing, public transportation, climate-related risks, consumer protection and consumer debt, and defending the Consumer Financial Protection Bureau.

Meanwhile, in the House, the Republican majority is expected to crack down on the CFPB. Republican lawmakers' years-long opposition to the agency has strengthened since CFPB Director Rohit Chopra took over in October 2021 and taken actions such as targeting fees, increasing the power of the agency's examiners, launching lawsuits against banks and other financial companies, and partnering with state regulators on enforcement actions.