Fair Compensation for Truck Crash Victims Act is legislation that would increase the minimum insurance requirement for interstate motor carriers to $5,000,000.
Congress Members Introduce Stablecoin Legislation
On December 2, 2020, Congresswoman Rashida Tlaib (MI-13), Congressmen Jesús “Chuy” García (IL-04) and Chairman of Task Force on Financial Technology Rep. Stephen Lynch (MA-08), announcedStablecoin Tethering and Bank Licensing Enforcement (STABLE) Act (the Act), which, among other points, proposes to impose obligations on issuers of stablecoins. For example, the Act would:
Require prospective stablecoin issuers to obtain a banking charter;
Require companies offering stablecoin services to follow the appropriate banking regulations under existing regulatory jurisdictions;
Require company or bank stablecoin issuers to (1) notify and obtain approval from the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the appropriate banking agency prior to issuing the stablecoin and (2) maintain an ongoing analysis of potential systemic impacts and risks; and