Powell to Skip Testimony to Congress, Says Steil

Summary

Rep. Bryan Steil discusses his committee-passed bill to restrict congressional stock trading, the DOJ investigation into Fed Chair Jerome Powell and Powell's expected skip of Humphrey-Hawkins testimony, and crypto market-structure legislation. Steil calls Powell's skipped testimony a missed oversight opportunity and says the Senate should pass the CLARITY Act. He argues crypto market structure is needed for digital asset companies to invest and innovate in the United States.

• Steil says his stock-trading bill passed committee and would bar members of Congress from buying new individual stocks.
• The bill requires seven days' advance notice for sales and is intended to give the STOCK Act more enforcement teeth.
• Steil says Powell's expected absence from Humphrey-Hawkins testimony is a missed oversight opportunity amid a DOJ investigation.
• He wants the Senate Banking Committee to advance the CLARITY Act crypto market-structure bill.
• Steil says stablecoin legislation already passed and should not be reopened during the market-structure debate.
• He argues crypto market structure is essential to keep digital asset companies investing in the United States.