Financial Services

Impeachment managers all represent safe Democratic seats
GOP faces steep challenge to oust prosecutors of Trump

Speaker Nancy Pelosi at a Wednesday news conference to announce the House impeachment managers: from left, Reps. Hakeem Jeffries, Sylvia R. Garcia, Jerrold Nadler, Adam B. Schiff, Val B. Demings, Zoe Lofgren and Jason Crow. (Caroline Brehman/CQ Roll Call photo)

Updated Jan. 16 10:45 a.m. | Speaker Nancy Pelosi went with Democrats from politically safe districts to prosecute the impeachment case against President Donald Trump in the Senate.

All seven impeachment managers named Wednesday are in races that Inside Elections with Nathan L. Gonzales rates Solid Democratic. Many of their Republican challengers haven’t even raised any money yet. That could change given these Democrats’ new, high-profile role, but the fundamentals of their races would have to shift significantly to make a difference in the outcome.

Impeachment news roundup: Jan. 14
House committees release trove of new documents produced by Lev Parnas

Speaker Nancy Pelosi departs from Tuesday’s Democratic Caucus meeting with House Intelligence Chairman Adam B. Schiff. (Caroline Brehman/CQ Roll Call)

House committees investigating President Donald Trump as part of the impeachment process released a trove of documents Tuesday night including phone records, documents and materials produced by Lev Parnas, an associate of President Donald Trump’s personal attorney Rudy Giuliani.

The evidence the committees released showed Parnas was a key figure, as other witnesses testified, in working with Giuliani to try to get Ukraine to open the investigations Trump wanted.

Crypto enthusiasts say new products lend bitcoin credibility
Futures considered crucial to gain buy-in from financial industry

The big development at the end of 2019 was the first trading of what’s known as physically settled bitcoin futures, following approval from state and federal regulators. Those bitcoin futures trade through regulated exchanges and clearinghouses. (Avishek Das/SOPA Images/LightRocket via Getty Images photo illustration)

The cryptocurrency industry is hailing the emergence of complex bitcoin investment products as a needed step to attract new investors while lending credibility to the digital asset and building a pathway to regulatory clarity.

The big development at the end of 2019 was the first trading of what’s known as physically settled bitcoin futures, following approval from state and federal regulators. And while the launch of these investment products hasn’t convinced everyone that they will lead to buy-in from a skeptical financial industry, those leading the charge say it’s a crucial step.

Fintech Beat sits down with the former chief of the Federal Reserve’s open banking unit
Fintech Beat, Ep. 34

The Federal Reserve building. (Caroline Brehman/CQ Roll Call)

Open banking’s benefits involve using customer consent to develop new financial products to revolutionize financial services. But critics claim open banking can at times bypass customer consent by using digital avatars and other online tools to infiltrate and collect customer data. Fintech Beat sits down with the former chief of the Federal Reserve’s open banking unit to get answers.

The Year in Fintech
Fintech Beat podcast, Ep. 33

LONDON, ENGLAND - OCTOBER 24: A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England. (Photo by Dan Kitwood/Getty Images)

Photos of the week
The week of Dec. 16 as captured by Roll Call’s photojournalists

Rep. Carolyn Maloney, D-N.Y., speaks with reporters as she passes the Merry Christmas, Happy New Year sign in the basement of the Capitol while leaving the House Democrats’ caucus meeting on Tuesday morning. (Bill Clark/CQ Roll Call)

Senate clears final spending package, wraps for the year
The bills now head to Trump's desk for his signature

Senate Majority Leader Mitch McConnell, R-Ky., leaves the Senate chamber in the Capitol after making remarks on the House’s impeachment of President Donald Trump on Thursday. (Tom Williams/CQ Roll Call)

The Senate cleared two spending packages totaling $1.4 trillion Thursday, sending the measures to President Donald Trump ahead of a Friday deadline.

Debate over the massive packages was tucked in between floor speeches about the House's Wednesday vote to impeach Trump — making for a strange mix of bitter partisanship over the impeachment process and broad bipartisan support for a wide-ranging year-end appropriations package.

Fintech Beat sits down for a one-on-one with Maxine Waters
Fintech Beat podcast, Ep. 31

House Financial Services Committee Chairwoman Maxine Waters, D-Calif., departs from a meeting of the House Democratic Caucus in the Capitol on Tuesday. (Caroline Brehman/CQ Roll Call)

Massive spending, tax packages headed for Senate
Lawmakers pointed out both sides had to make sacrifices in order to pass the bills

Speaker Nancy Pelosi, D-Calif., makes her way to a meeting of the House Democratic Caucus in the Capitol on Tuesday. (Caroline Brehman/CQ Roll Call)

The House approved $1.4 trillion in spending for the fiscal year that began almost three months ago, in an almost surreal business-as-usual fashion that seemingly ignored the historic articles of impeachment scheduled for the floor the very next day.

Lawmakers made a show of dividing the spending measures into two bundles, in order to avoid the oft-ridiculed omnibus bill that both sides say represents the worst of the “swamp.” But the rushed nature of the vote, and in particular the late-night deal that tacked on a nearly $54 billion tax package, runs counter to promises of a more transparent process where the rank-and-file has input and time to study the legislation.

Rules, privacy issues loom for fintech industry in 2020
Advocates foresee sparse congressional activity for 2020

Facebook changed the fintech industry's focus this year when the social media giant announced plans to launch its own cryptocurrency called Libra. (Photo by Chesnot/Getty Images)

The nascent financial technology industry started the year faintly optimistic that the 116th Congress would pass bills in its favor. But as 2019 comes to an end without legislation, the industry isn’t even expecting action in 2020. And for that, they’re feeling relieved, not disappointed.

Facebook Inc.’s midyear announcement that it planned to launch a cryptocurrency, Libra, upended the industry’s focus, tilting the legislative strategy from pressing hard for beneficial bills to staying clear of measures aimed at checking the social media giant’s ambitions to transform commerce.