PANews reported on March 22 that according to Bloomberg, the U.S. House Financial Services Committee is expected to review the draft stablecoin legislation on April 2. Arkansas Chairman French Hill said last week that a well-regulated stablecoin market would "strengthen the dominance of the dollar, modernize our payment infrastructure, and promote the popularization of financial services without excessive government intervention." But critics such as Maxine Waters, the Democratic leader of the House Committee, and Elizabeth Warren of the Senate Banking Committee believe that the bill is not enough to protect consumers and advocate a ban on technology companies from issuing stablecoins and other reforms. Critics also worry that if stablecoins fail, there will be a lack of insurance backed by the Federal Deposit Insurance Corporation (FDIC); while bankers warn that stablecoins could siphon off deposits and reduce credit channels.