President Trump Nominates Kathy Kraninger to Lead CFPB as Permanent Director
President Donald Trump selected Kathy Kraninger, who works under Mick Mulvaney at the Office of Management and Budget (OMB) to head the CFPB. The nomination had to be made by June 22 since Mick Mulvaney is an acting director of the bureau while also heading OMB. The announcement came about a week before Mulvaney's interim term was set to end. The White House hopes that she will be promptly confirmed by the Senate but all indications are that Mulvaney will likely remain the interim head until late this year, after the Senate confirmation process concludes.
Congressional Research Service Report on Regulatory Relief
Nacha has a copy of the Congressional Research Service report, “Economic Growth, Regulatory Relief, and Consumer Protection Act” (P.L. 115-174). You can read or download the report here.
Senators Announce Bipartisan Effort to Open Banking Opportunities for Marijuana Businesses
On June 7, 2018, Senators Elizabeth Warren (D-Mass.) and Cory Gardner (R-Colo.) introduced the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act, which would permit each state and Washington D.C. to determine appropriate marijuana regulation within its borders without interference from the federal government. The bipartisan bill would amend the Controlled Substances Act so that it would no longer apply to businesses operating in compliance with their state or tribal laws regarding marijuana production and distribution. The legislation seeks to alleviate barriers marijuana businesses currently face that prevent access to a U.S. financial system concerned with avoiding federal law violations.
House Representatives David Joyce (R-Ohio) and Earl Blumenauer (D-Ore.) have also introduced a companion bill to Congress.
Legislative Calendars for 2018