Financial Services & Economy
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WASHINGTON – Today, Congresswoman Ayanna Pressley (D-MA), Senator Elizabeth Warren (D-MA), Congressman Raja Kristhnamoorthi (D-IL), the Chairman of the House Oversight Subcommittee on Economic and Consumer Policy, and Congresswoman Katie Porter (D-CA) wrote to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger, requesting information regarding a new proposal that would indefinitely exemp
The U.S. payments architecture is antiquated, and the Fed will be launching a “real-time payment” platform. However, big banks have been developing their own private platform and are resisting the measure.
Competition between a Fed-based system and the big banks may ultimately lead to the best outcome for small banks and consumers.
Ultimately, however, swifter payments might assist the underbanked — those who already have access to basic banking services, though not an optimal suite of services — but may do little to help the unbanked.
WASHINGTON – Today, Congresswoman Ayanna Pressley (D-MA), Senators Chris Van Hollen (D-MD) and Elizabeth Warren (D-MA), and Congressman Jesús “Chuy” García (D-IL) applauded the Federal Reserve’s decision to move forward on building a real-time payments system. Currently, Americans lose billions of dollars each year in overdraft fees, driving consumers to turn to more costly financial products because of our inefficient payments system.
The Federal Reserve on Monday announced it will build its own infrastructure for near-instant payments, a move that will have sweeping implications for banks and consumers nationwide.
Such a system would allow people to receive money in their bank accounts within seconds after it’s sent to them, lightning speed by today’s standards. Under the traditional system that handles card payments and direct deposits, transactions are settled en masse three times a day and only during business hours, a costly reality for the millions of Americans living paycheck to paycheck.
WASHINGTON – Today, Congresswoman Ayanna Pressley (D-MA), Senators Chris Van Hollen (D-MD) and Elizabeth Warren (D-MA) and Congressman Jesús “Chuy” García (D-IL) introduced the Payment Modernization Act of 2019. Every year, hardworking Americans lose billions of dollars in overdraft fees, driving consumers to turn to more costly financial products because of our inefficient payments system.
WASHINGTON – Today, Congressmembers Ayanna Pressley (D-MA), Mark Pocan (D-WI), and Pramila Jayapal (D-WA), and Senators Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), and Sherrod Brown (D-OH), Ranking Member of the Senate Banking Committee unveiled the Stop Wall Street Looting Act, a comprehensive bill to level the playing field by forcing private equity firms to take responsibility for the outcomes of companies they take over - empowering workers, and prote
WASHINGTON – Congresswoman Ayanna Pressley (D-MA), Senator Elizabeth Warren (D-Mass.) and Congresswoman Katie Porter (D-CA) today sent a letter to Kathleen Kraninger, Director of the Consumer Financial Protection Bureau (CFPB), urging the CFPB to reconsider its continued employment of Paul Watkins as the Assistant Director of the Office of Innovation after a
WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), a member of the House Financial Services Committee, introduced a resolution honoring the 100th Anniversary of the North American Securities Administrators Association (NASAA). Comprised of securities administrators from all 50 States, the District of Columbia, Puerto Rico, the U.S.
WASHINGTON – Congresswoman Ayanna Pressley (D-MA) joined Senator Elizabeth Warren (D-MA) to cosponsor the Refund Equality Act – legislation that ensures that legally-married same-sex couples -- who until the U.S. Supreme Court's 2013 U.S. v. Windsor decision were barred from filing federal taxes jointly -- are permitted to file amended tax returns back to the date of their marriage.
WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) sent a letter to Treasury Secretary Steven Mnuchin demanding specific information on his department’s decision to drastically delay the redesign of the $20 bill and other U.S. bank notes first announced by his predecessor, Treasury Secretary Jack Lew.