Congressional Oversight

The Bipartisan Group That Once Defended Crypto Firms From SEC Investigations May Have Gone Silent In Recent Months, But Their Crypto Loyalties Remain.

However, in their ongoing quest to appear “neutral” and “balanced,” some media outlets are saying that the damage will be done by the deficit ceiling fight itself, not by the Republican push to default on our loans.

Early into his administration, President Biden signed his Executive Order on Promoting Competition in the American Economy, a key first move to rein in Big Tech and other corporate monopolies. But the White House and executive branch agencies cannot act alone to return economic power to consumers and small businesses. Congress must also act.

The FTX disaster should be all the impetus needed to kill off any new crypto industry–approved legislation. Instead, we need Congress to provide material support for financial regulators in the form of increased appropriations to guard against the next collapse. Much of the crypto industry is already subject to laws—the very ones that the SEC seeks to enforce and that the crypto industry broadly (not just Sam Bankman-Fried) seeks to evade by reducing the SEC’s jurisdiction ex post facto. Both the CFTC and SEC urgently need funds to fulfill their mandates. Crypto stretches these needs even further, but the need has existed for years. For decades, financial crimes have too often gone unpunished. This wasn’t for a lack of rules, but a lack of will, funds, and people willing to enforce them. Crypto doesn’t need special treatment, it needs to face the music.

White collar crooks are behind the campaign to kill the CFPB, but don’t expect the mainstream media to tell you that.

The news was flooded in September with images, reports, and increasingly abhorrent context for Florida Governor Ron DeSantis’ trafficking of migrants from Texas to Martha’s Vineyard as a political stunt. DeSantis’ actions, and those of his aides, are of course potentially illegal, as was asserted by a Texas sheriff who opened a criminal investigation into the spectacle. This latest sadistic political posturing came at the cost of real people fleeing real persecution, but there is also a crucial piece of this awful puzzle that hasn’t been fully explored. Why did Department of Homeland Security (DHS) agents, funded by federal dollars, allegedly forge documents for migrants knowing (even if the migrants themselves didn’t) that their flights were not destined for the locales DHS agents made their immigration proceedings beholden to?

The Department of Housing and Urban Development is lacking vital staff during a crisis of housing affordability.

As we at the Revolving Door Project have long argued, the crisis surrounding the confirmations (or rather, the lack thereof) of Biden’s highly qualified nominees remains an issue of critical importance. 

The public hearings conducted by the House Select Committee have exceeded many Democrats’ expectations, not only as conversation-changing political theater, but also as a venue to uncover vital information. For example, the country now knows that Secret Service text messages from January 6th were deleted from phones shortly thereafter in what the agency has called a “planned migration.” This is what congressional oversight activities should do: extract truths from the halls of power and pursue public accountability accordingly.

Better still, the government could consider more aggressive action. Application of existing law would bring some stability to the stablecoin space, but there is one more simple and effective option: banning them outright. Stablecoins are an essential component of a deeply fraudulent industry that is financially and environmentally destructive. Guaranteeing their existence is an unnecessary risk.

Earlier this month, The New York Times broke the story that former FBI director James Comey and his former deputy director Andrew McCabe, both loathed and eventually fired by President Trump, also both underwent rare and intensive tax audits under the National Research Program, which studies tax compliance and calculates the “tax gap” (the difference between legally owed tax and what is actually paid). Out of around 154 million annual tax returns, the National Research Program selected just 5,000 tax returns in 2017 and 8,000 in 2019 to audit. Neither man knew the other had undergone the same audit until a Times reporter told them.

Despite a disclosure law, the Honest Leadership and Open Government Act, only one of 56 retiring members of Congress has filed reports on their potential new jobs this election cycle.