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Congressman Sessions and Congressman Lucas in conversation at an HFSC markup |
The House Financial Services Committee held a subcommittee hearing with the Subcommittee on National Security, Illicit Finance, and International Financial Institutions on Tuesday. In this hearing, I emphasized the urgent need to improve how we address and prevent financial fraud, especially when it comes to restitution and recovery for victims. I spoke about the importance of strengthening our reporting tools to better track fraudulent activity and help law enforcement take faster action. Investment scams, including romance schemes and phishing attacks, are on the rise, costing Americans $5.7 billion in 2024 alone, according to the FTC. Unfortunately, many cases go unreported due to the shame victims feel. Fighting fraud is about more than numbers, it’s about protecting people. I remain committed to pushing for solutions that strengthen our safeguards and ensure better outcomes for victims. You can see my remarks here.
On Wednesday, the House Committee on Financial Services held a legislative markup. We discussed various legislation related to our committee. One piece of legislation that passed out of committee was H.R. 2392, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025. For years, the House Financial Services Committee has debated legislation surrounding stablecoin. The STABLE Act was developed to allow innovation like stablecoin to thrive in our free markets. I am proud to support this legislation and will continue to champion greater economic access. Other bills that passed out of committee this week include:
H.R. 2384 – Financial Technology Protection Act H.R. 976 – 1071 Repeal to Protect Small Business Lending Act H.R. 1919 – Anti-CBDC Surveillance State Act H.R. 478 – Promoting New Bank Formation Act
I’m proud to co-sponsor each of these commonsense bills that promote innovation, protect small businesses, and safeguard consumer privacy. |