Two Democrat senators introduced legislation on May 18 that would create an expert federal agency to provide regulation of digital platforms, specifically artificial intelligence. Sens. Michael Bennet (D-Colo.) and Peter Welch (D-Vt.) introduced the Digital Platform Commission Act, which aims to establish a dedicated federal agency responsible for regulating digital platforms. In a press release…
Lawmakers Clash Over Regulation of Stablecoins
May 18, 2023
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House lawmakers took part in a contentious debate over how stablecoins should be regulated at a hearing held by the Financial Services Committee’s digital assets panel—where there were also some hopeful signs from both sides. At the heart of the debate on May 16 was the level of involvement of state regulators and the Federal…
Senators Accuse Financial Regulators of Lack of Accountability, Competence
Sens. Tim Scott (R-S.C.) and Jon Tester (D-Mont.) grilled a panel of financial regulators on Thursday morning, with Scott going so far as to demand immediate dismissals at the Federal Reserve in response to the central bank’s failure to effectively regulate Silicon Valley Bank in view of its collapse. During the Senate Banking Committee hearing,…
IRS Flags Over 1 Million Tax Returns for Review Citing Possible Identity Theft
The Internal Revenue Service (IRS) has flagged over 1 million 2022 tax returns for additional review over potential identity fraud, according to a recent report. The Treasury Inspector General for Tax Administration’s interim results (pdf) of the 2023 filing season, which they released on May 10, cited 1.1 million identified as of March 2 that…
Ex-First Republic CEO Blames Failure on Collapse of Other Regional Banks, Says Regulators Did Not Raise Warnings
Former First Republic CEO, Michael Roffler, testified before House lawmakers on Wednesday, revealing that his bank fell victim to the widespread panic that ensued following the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond their control, he said. “No one…
Former First Republic CEO Blames Failure on Other Banks’ Collapse, Says Regulators Didn’t Raise Warnings
Former First Republic CEO Michael Roffler told House lawmakers on May 16 that the California bank fell victim to the widespread panic caused by the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond First Republic’s control, he said. “No one…
Kyiv Rejects Russian Claims That Hypersonic Missile Destroyed US Patriot Battery
May 17, 2023
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Ukrainian officials have denied Russian claims that a United States-supplied Patriot air-defense system was destroyed in Kyiv by a Kinzhal-type hypersonic missile. “Don’t worry about the fate of the Patriot [system],” Yuriy Ihnat, a Ukrainian Air Force spokesman, said in televised comments on May 17. “Destroying the system with some kind of ‘Kinzhal’ is impossible,”…
OpenAI CEO Sam Altman Calls for Congress to Regulate AI Technology
In a recent hearing before the U.S. Senate Committee on the Judiciary, Sam Altman, the CEO of OpenAI, appealed to lawmakers to regulate artificial intelligence (AI), specifically addressing the advancements made in developing the advanced chatbot ChatGPT. Altman highlighted both the possibilities and potential pitfalls of this cutting-edge technology. “I do think some regulation would…
COVID-19 Patient With Lungs Destroyed by Ventilator Passes Away After Long Fight Against Hospital Protocol
May 16, 2023
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Toy designer Mark Boudreaux has died after being left on a ventilator by a Cincinnati hospital for more than a year following his diagnosis with COVID. “We lost Mark this morning,” his wife Judy said in a text sent to The Epoch Times on Mother’s Day (May 14). Mark Boudreaux designed some of America’s most…
McCarthy Wants House Ethics Committee to Investigate Santos
House Speaker Kevin McCarthy said that he would like to refer the issue of accusations against Rep. George Santos (R-N.Y.) to the House Ethics Committee to consider. “I don’t want to wait around for the courts to act,” McCarthy told reporters on May 16. “What I would like to do is have the house take…
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