Secretary of Housing and Urban Development Ben Carson appeared not to recognize a commonly known real estate term during a congressional hearing on Tuesday.
Rep. Carolyn Maloney said Tuesday that her legislation aimed at restricting anonymous shell companies could get a vote in the Financial Services Committee as early as the end of June, after consideration was postponed last week.
House lawmakers postponed a committee vote on legislation to require beneficial ownership disclosures, nearly a year after a different anti-money-laundering bill stalled over a similar provision.
Lawmakers are poised to advance a bill requiring that commercial customers identify their beneficial owners — taking that burden away from their financial institution — but the anti-money-laundering reform arguably most favored by banks has fallen off the radar.
Democratic lawmakers made clear at a hearing Wednesday that they do not intend to abandon the issue following the GOP's repeal of regulatory guidance last year.
The Treasury secretary told the House Financial Services Committee that he has been in coordination with the U.S. bank regulators to soften the impact of the United Kingdom potentially failing to strike a deal on its exit from the European Union.
Nearly a dozen Republicans joined all of the committee's Democrats in supporting the legislation, which would enable banks to serve legal marijuana businesses.
More than two years after Wells Fargo's consumer scandals first came to light, the congressional backlash facing the bank is bipartisan and just as fierce.
Following the State of the Union speech Tuesday night, members of the House and Senate banking committees said they were intent on trying to address the biggest unresolved piece of financial services policy: housing finance reform.
