S.Amdt. 2342

As folks who elect these officials, we need to know that our consumer protections are staying strong. Senator Warren, along with Senators Durbin, Warnock, and Merkley, put forward amendment SA 2342 to make sure that the watchdogs protecting everyday people keep their power. This amendment was proposed for the bill S. 1582, which is about regulating payment stablecoins.

What the amendment changes and adds

• It adds a Federal Consumer Financial Law savings clause to the bill.
• It stops any authority given to primary Federal payment stablecoin regulators or State payment stablecoin regulators from limiting or abridging the authority of the Director of the Consumer Financial Protection Bureau to enforce Federal consumer financial laws against anyone.
• It clarifies that the Consumer Financial Protection Bureau has jurisdiction over permitted payment stablecoins issuers to enforce consumer financial laws under its purview.
• It makes all enumerated consumer protection provisions under the Consumer Financial Protection Act of 2010 applicable to payment stablecoins.