S.Amdt. 2341

As folks keeping an eye out for the public good and holding our elected officials accountable, we need to know what our lawmakers are trying to do with our financial systems. This amendment, submitted by Ms. Warren to the bill S. 1582, focuses on setting up strict rules for payment stablecoin mergers and changes in control.

Here is what the amendment aims to change or add to the bill:

• It requires payment stablecoin issuers to get prior written approval from the appropriate Federal permitted stablecoin regulator before they merge, consolidate, take on liability for another issuer's stablecoin, or transfer reserve assets.

• It mandates that regulators request a report on competitive factors from the Attorney General regarding these mergers, with specific timelines for when those reports must be delivered.

• It prohibits regulators from approving mergers that would create a monopoly, lessen competition, or restrain trade, unless the anticompetitive effects are outweighed by the public interest and community needs.

• It requires a 60-day advance written notice to regulators before any person can acquire control of a payment stablecoin issuer through voting stock.

• It gives regulators the power to disapprove of an acquisition if it creates a monopoly, harms competition, threatens the issuer's financial stability, or if the acquiring person lacks the proper competence, experience, integrity, or fails to provide required information.