In the News
The House Financial Services Committee advanced legislation this week seeking to strengthen cybersecurity efforts of the financial services industry.
The Strengthening Cybersecurity for the Financial Sector Act of 2022, introduced by U.S. Rep. Bill Foster (D-IL), would empower the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) to oversee third party vendors employed by the entities under their purview.
Self-hosted crypto wallets remain solidly on the radar of US anti-money-laundering regulators.
On April 28, Himamauli Das, acting director of the Treasury's Financial Crimes Enforcement Network, appeared before the House Financial Services Committee to testify on the state of FinCEN."
As has been the case in most finance hearings of the past two months, concerns about the sanctions regime against Russia were central to the conversation. Crypto has never been far from these discussions.
To celebrate Earth Day, the Morton Arboretum kicked off its initiative to plant 3,000 trees throughout the Chicago region. Friday's launch, which included remarks by by Rep. Sean Casten and Rep. Bill Foster, marked the start of the arboretum's Centennial Tree Planting Initiative.
Arboretum President and CEO Gerard T. Donnelly presented the first of the thousands of trees to be planted: a linden tree. Less common to the Chicago area, the linden is one of 20 different types of trees that will be planted through May 2023.
The U.S. needs to create a "road map" to the batteries of the future even as it solves existing supply chain issues, experts told a House panel on Thursday.
President Biden has pushed domestic automakers to electrify their vehicle fleets, a goal that in the short term will require securing supply chains for critical minerals like lithium and cobalt that are used in lithium-ion batteries, experts say.
Electric vehicles are becoming increasingly more popular in the United States at a time when lawmakers acknowledge the country should make better investments in battery technology and its supply chain.
On Thursday, Rep. Bill Foster (D-Illinois) led a field hearing in suburban Woodridge to discuss the expected surge in demand for electric vehicle batteries over the next decade, while considering the implications for the metals required in EV battery manufacturing.
U.S. policy on alternative fuel vehicles is at a turning point in the transition away from gasoline-powered engines, according to witnesses at a congressional hearing Thursday.
Delays in securing the metals and minerals to manufacture rechargeable electric motors are likely to mean China jumps in to take over the market, they said.
"We have a once-in-a-lifetime opportunity" to discover and develop new electric vehicle technologies, said Venkat Srinivasan, a director of energy storage science at the Argonne National Laboratory.
While the fate of a bill to make daylight saving time permanent remains unclear, one suburban Congressman is asking his constituents what they think of the measure.
Rep. Bill Foster, whose 11th District includes portions of Aurora, Naperville and Joliet, sent out an email to constituents this weekend asking their opinion on the idea of putting the United States into daylight saving time permanently.
The Illinois congressional delegation is thus far standing firm in its bid to repeal the $10,000 cap on state and local tax deductions—albeit strictly along party lines.
It's become a potentially divisive issue for Democrats—just as Republicans intended when the cap was instituted as part of the Trump tax cuts at the end of 2017. But it's also proved to cut both ways.
Hoping to end the partisan impasse over lifting the statutory debt ceiling, House leaders are considering taking up legislation designed to relieve Congress of the burden.
On Tuesday, lawmakers from the US House of Representatives heard from three academics who argued that social media companies cannot be trusted to police themselves.