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A new bill would ban mandatory arbitration agreements between aggrieved investors and advisors or broker/dealers. The Investor Choice Act, which was introduced in the Senate and House of Representatives by Sen. Jeff Merkley (D-Ore.) and Rep. Bill Foster (D-Ill.), would also ban any prohibitions on class action lawsuits, which are often embedded in clients' contracts.
Fintechs need to include strong consumer protections, diversity, and inclusion, Rep. Ed Perlmutter (D-CO), chair of the House Financial Services Committee's panel on consumer protection and financial institutions said at a hearing on banking innovation today.
"Most banks and credit unions have been a source of strength in the pandemic in part because of the stringent capital, liquidity, and other regulatory requirements we place on these financial institutions," he asserted.
Washington, D.C. – Today, Congressman Bill Foster (D-IL) teamed up with Senator Jeff Merkley (D-OR) to lead 12 lawmakers in the introduction of the Investor Choice Act—legislation to prohibit pre-dispute mandatory (or "forced") arbitration agreements and ban prohibitions on class action lawsuits in customer contracts that investors often must enter into in order to receive services from broker-dealers or investment advisors.
(The Center Square) – Federal and state officials want to take a deeper dive into the future of digital currencies and the backbone of what makes them work.
Digital currencies like Bitcoin work on what's called the blockchain. That's a distributed digital ledger U.S. Rep. Bill Foster, D-Naperville, says is non-falsifiable.
"Something that you cannot go and make a counterfeit copy of something that's already been published on the blockchain," Foster said. "And so that will prevent a lot of document fraud."
Washington, D.C. – Today, Congressman Bill Foster (D-IL) issued the following statement on President Biden's proposed American Jobs Plan:
If there's any group of young people who deserve student loan forgiveness, it's those young people who've made a career out of doing good.
It's an easy call, in our view, to cancel burdensome student debt held by teachers, doctors, nurses, nonprofit employees and others who chose a career in public service, most often forgoing a big paycheck in the process.
Washington, D.C. – Last Friday, Congressman Bill Foster (D-IL) and Congressman French Hill (R-AR) introduced the Central Bank Digital Currency Study Act. The bill directs the Federal Reserve to conduct a study and issue a report on central bank digital currencies in cooperation with other federal agencies. The study would examine the impacts of a central bank digital currency (CBDC) on consumers, businesses, and our economy and would assess the operational functioning of a CBDC system.
Washington, D.C. – Tonight, Congressman Bill Foster (D-IL) voted to pass H.R. 6, the American Dream and Promise Act, and H.R. 1603, the Farm Workforce Modernization Act, two landmark pieces of legislation to modernize and reform our immigration system and secure permanent protections and a pathway to citizenship for undocumented immigrants who have been, and will continue to be, key to the economic recovery of our nation.
Washington, D.C. – Yesterday, Congressman Bill Foster voted to pass H.R. 1620, a bipartisan, long-term Violence Against Women Act reauthorization. The landmark Violence Against Women Act of 1994 ushered in transformative progress by calling for the protection of all Americans from violence and abuse, and working to ensure all victims and survivors have the support they need. This critical reauthorization will safeguard and further strengthen these life-saving protections for women throughout Illinois and across the country.
Washington, D.C. - To highlight the "Payer State" problem, Congressman Bill Foster (D-IL) and Congressman Van Taylor (R-TX) introduced the Payer State Transparency Act of 2021. In a typical year, Illinois taxpayers lose roughly $20 billion because they pay more in federal taxes then they get back in federal spending. In fact, according to figures compiled by the Pew Charitable Trust, Illinois receives the sixth smallest amount of federal spending per-capita in the country.