Barr criticizes financial regulators for being distracted by their climate obsession and being “asleep at the switch”  

Washington, D.C.— U.S. Congressman Andy Barr (R-KY) released the following statement on the House Financial Services Committee’s announcement of a bipartisan hearing next month to investigate the FTX collapse.  The Committee expects to hear from the companies and individuals involved, including Sam Bankman-Fried, Alameda Research, Binance, FTX, and related entities, among others. 

“The “effective altruism” that Democrat mega donor Sam Bankman-Fried peddled is perfectly in line with the radical left’s efforts to redefine a corporate purpose.  It’s time for corporations and CEOs to stop putting politics ahead of the people, shareholders, and retail investors for whom they are supposed to deliver maximum financial returns.  The House Financial Services Committee will work to expose any impropriety that led to this historic collapse and hold regulators accountable for being asleep at the switch, obsessing about “climate risk” instead of actually protecting investors vulnerable to crypto exchanges with limited transparency and poor risk management.”

Congressman Barr is the lead Republican on the House Financial Services Subcommittee on National Security, International Development, and Monetary Policy.