Reported about 8 hours ago
Federal Reserve Chair Jerome Powell reassured lawmakers on the safety of the Treasury payment system during a Senate Banking Committee hearing, amid concerns over Elon Musk's involvement with the Treasury. Powell emphasized the system's integrity and resilience, while clarifying that the Fed does not dictate spending decisions. He acknowledged the importance of the Consumer Financial Protection Bureau (CFPB) in overseeing consumer finance but expressed concerns over potential lapses in its regulatory functions if it ceases operations.
Source: YAHOO