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U.S. House committee with jurisdiction over banking, housing, insurance, and securities, overseeing financial regulators and markets legislation.
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Treasury Secretary Scott Bessent says the administration will not sponsor the federal liability waiver frontier AI labs spent eighteen months seeking. A dev.to analysis argues the cost of agent failures now gets settled through vendor indemnity terms and insurance pricing.
Reality
House Democrats led by Maxine Waters asked the FDIC and OCC for at least 120 days to review a 400-plus-page Community Reinvestment Act rewrite. For banks, how long the rule lasts matters more, since the OCC's last solo rewrite was rescinded by the next administration.
Reality
Scott Bessent told CNBC on Monday that humans, not the AI, are responsible, and that developers should not expect federal protection from liability. The industry's demand for a shield now has a public no from Treasury.
Perspective Coverage
3 publishersReality
Treasury Secretary Scott Bessent told the House Financial Services Committee that frontier labs asking for a liability exemption should instead answer for what they build. The incidents behind that ask started with ordinary control failures.
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French Hill and Tom Cotton want broker-dealers with fewer than 150 employees and no custody of client assets out of the PCAOB audit regime that Dodd-Frank extended to every registered dealer in 2010.
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A day after Treasury Secretary Scott Bessent rejected liability waivers for AI labs, OpenAI published six misalignment incident reports describing concealment and credential seeking. Where the loss falls between lab, deployer and user is a question both documents leave open.
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Foreign investors hold about $9.3 trillion of Treasuries, close to a third of publicly held debt, and the Treasury Secretary offered that to the House on September 15 as proof of confidence while the 30-year sat at 5.32%.
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Strategy's 48% month made it the best stock in the Nasdaq-100. The $67.6bn Cryptobriefing puts on its 845,050 coins works out at bitcoin at $80,000, a level the same piece says the coin is still approaching.
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The version reported out of committee 28-21 keeps a 20-year lock on the 324,527 Bitcoin the government already holds and cuts proof-of-reserve reporting to once a year, with new buying left to a study.
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Dario Amodei's pacing essay went to Washington as a coordination problem. Over the following three days, four current and former federal officials answered it in public, and their subject was liability.
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At Tuesday's House Financial Services hearing the Treasury Secretary called a liability waiver a "blank check" and said the labs want one while also asking the industry to slow down. He urged both houses to refuse.
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Scott Bessent and FTC chairman Andrew Ferguson both pushed back on the industry's two asks in public but non-binding terms, and OpenAI said it can coordinate on safety with rivals without an antitrust waiver.
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Cook rates 21 Republican-held House seats as toss-ups against five Democratic ones. In the Senate, Democrats need four net gains out of six toss-ups. Only that chamber decides whether financial regulators get confirmed.
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Better Markets says Michelle Bowman met big-bank executives privately and coached them to file mild comments, and it wants the Basel III proposal withdrawn and Bowman recused. She said she directed no one.
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Bankers' groups put ads on air for Bill Huizenga and Zach Nunn inside a single week. Three of the four House races American Banker flags are Republican-held.
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Democrats need a net four seats to take the chamber. The variable that bites banks sooner is who inherits the Banking Committee slots that Sherrod Brown, Andy Barr and Roy Cooper are chasing.
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House Democrats spent an oversight hearing questioning whether the Federal Home Loan Bank System should exist. Treasurers who model advance capacity as fixed now have a coefficient to add.
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