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Message from Congressman Scott Fitzgerald
Good morning! Thank you for reading my newsletter. As August recess stretches on, so does the work too!
Last week I sent out a letter with my colleagues on the Financial Services Committee regarding a special purpose broker-dealer for digital assets - Prometheum. I find it concerning that SEC Chair Gensler’s first and only approval of such a dealer for digital assets was done for a company with strong ties to the CCP. Even more troubling, the circumstances surrounding Prometheum raise serious national security and data privacy concerns.
In 2018, Prometheum and Shanghai Wanxiang Blockchain Inc. (Wanxiang) entered into an agreement to jointly develop blockchain trading software. While the agreement was later terminated, and Prometheum claims all software was independently developed, the involvement of a Chinese entity in technology development in the early stages of Prometheum raises serious concerns.
Keep reading to stay up-to-date on the latest.
Have a great week!
- Scott
The Appropriations Clause and the CFPB Funding Debate
The power of the purse is one of the most powerful checks Congress has on the Executive Branch. A landmark Supreme Court case, OPM v. Richmond, underscored the importance of the Appropriations Clause in upholding the integrity of government spending. However, recent controversies surrounding the Consumer Financial Protection Bureau's (CFPB) funding mechanisms have thrust this constitutional provision into the spotlight once again.
I was proud to recently join a bicameral group of over 130 members of Congress in filing an amicus curiae brief to the Supreme Court urging the Court to uphold the Fifth Circuit’s decision that the CFPB’s funding structure is unconstitutional and to make the Bureau’s funding subject to Congressional appropriations.
The CFPB’s funding structure as it stands completely undermines the separation of powers and allows the agency to function as a quasi-legislative body without direct accountability to the people’s house. On October 19, 2022, U.S. Court of Appeals for the Fifth Circuit held that the funding mechanism for the CFPB is unconstitutional and vacated the CFPB’s Payday Lending Rule as the product of the unconstitutional funding scheme. The Supreme Court will decide the case in 2024.
For an agency that was founded on the very premise of creating transparency, the CFPB strays far from the principles it preaches. We must uphold the principles upon which the nation's governance was founded and include the CFPB’s funding mechanism within the Appropriations Clause to restore accountability to this corner of government.
Read the full column on the CFPB funding debate here.
Green & Gold Congressional Aide Program
ICYMI, my office is seeking a veteran for a position in WI-05’s Oconomowoc district office. If you or a person you know are interested, I encourage you to apply!
The person chosen for the special position will work with military and veteran constituents to handle veterans-related casework and act as a facilitator between constituents and federal, state, and local agencies.
The Green & Gold Congressional Aide Program was established by the House of Representatives to provide employment opportunities for veterans within member offices.
The program is limited to veterans who meet all of the following requirements:
- Honorably discharged
- Released from active duty within the last six years
- Terminal pay grades at or below E-5, O-3, or W-2
- Veterans promoted to the pay grades of E-6, O-4, and W-3 within 6-months of separation from active duty are eligible, granted they meet ALL other eligibility requirements.
- Veterans who are in receipt of a 20-year or Temporary Early Retirement Authorization (TERA) retirement are not eligible for the program.
Click here to learn more about the job posting.
Congressional App Competition
I am are pleased to announce that my office will be participating in the Congressional App Challenge (CAC), a competition designed to encourage student participation in computer science and coding.
The Congressional App Challenge is open to all middle school and high school students who reside in or attend a school in Wisconsin’s Fifth District. Students may compete as individuals or in teams of up to four, as long as two of the teammates are eligible to participate (reside in the 5th Congressional district).
A panel of judges from Wisconsin’s Fifth District will select the winning entry, and the winning app will be eligible to be featured on a display in the United States Capitol building, on the ‘House.gov’ website, and on the Congressional App Challenge website.
Students can register and find more information on the Congressional App Challenge website at: https://www.congressionalappchallenge.us/ and visit the “Students” section.
Submissions are due November 1, 2023 at 5:00 pm CT.
Interested in a Service Academy Nomination? Don’t Miss Academy Day!
Interested in a Service Academy Nomination? If so, I am pleased to invite all interested students, teachers, and parents to join staff from Wisconsin's Congressional Delegation to meet representatives from the Air Force Academy, Coast Guard Academy, Merchant Marine Academy, Military Academy, and Naval Academy. This event is a terrific opportunity to learn if a military academy is the right fit for your student and what steps you can take to have a successful path into our nation’s most revered academies.
Logistical details are below:
Date: Saturday, September 16, 2023
Time: 9 A.M. — 12:30 P.M.
Place: Experimental Aircraft Association
EAA Aviation Center
3000 Poberezny Road Oshkosh, WI 54902
That’s a wrap for this week’s eNewsletter! Follow me on Twitter and Facebook to stay up to date on my work for the 5th District of Wisconsin.
Sincerely,
Scott Fitzgerald
Member of Congress
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