Cmte Financial Services (R) RSS Articles

Chairman Hill: Reform is the Mechanism by Which the Fed Can Become the Best Version of Itself for the American People

Tue, 14 Jul 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a Full Committee hearing featuring testimony from Federal Reserve Chairman Kevin Warsh on the agency's Semi-Annual Monetary Policy Report.

Read Chairman Hill's remarks as prepared for delivery:

"I want to welcome our witness, the Honorable Kevin Warsh, to his first appearance before Congress as Chairman of the Federal Reserve.

"Annual inflation is still running above the Fed's 2 percent target.

"One need only recall the bitter experience of double-dip inflation in the 1970s and 1980s, and the actions that Chairman Paul Volcker was forced to take to defeat it, to know why this second surge needs to be stopped.

"There is no more punishing tax on American industry or our hardworking, innovative citizens than inflation.

"In its first statement under your leadership, the FOMC said that it “will deliver price stability.” Congress expects the Fed to remain focused on that mission and keep at it until price stability is achieved.

"Today, we face the consequences of the Fed’s past choices.

"In August 2020, the Fed adopted a flexible average inflation targeting framework in which it decided to allow inflation to run “moderately above 2 percent for some time” after periods in which it had been “running persistently below 2 percent.”

"This framework, combined with irresponsible fiscal policy and a slow response to the inflation that began in March 2021, led to an inflationary surge the likes of which had not been seen since the 1980s.

"In 2025, the Fed wisely abandoned its flexible average inflation targeting framework.

"Going back further, today we also face the consequences of the Fed’s experiments with large-scale purchases of Treasuries and agency mortgage-backed securities, better known as “quantitative easing” or QE.

"Though perhaps justified in its first round during the immediate onset of the 2008 Global Financial Crisis. Long past the crisis, the Fed repeatedly expanded QE, with the costs of each successive round of QE higher and its benefits lower.

"While emergency facilities and QE were resurrected in early 2020 in response to unknown economic and social ramifications of the COVID-19 pandemic, they were not ended and promptly phased out.

"The result of these decisions was a Fed that held a quarter of federal debt in 2022. Though that share has decreased, it still creates incentives for fiscal policymakers to avoid tough decisions on debt and deficits today and leave the consequences to our children and grandchildren.

"You said recently that 'inflation is a choice.' I want to echo this and say that debt and deficits are also a choice. Congress chooses unrestrained deficits and out-of-control debt, and has repeatedly drafted the Fed into being its enabler. Both need to stop.

"Turning to the Fed’s regulatory and supervisory policy: in the recent past, the Fed has engaged in mission creep resulting from political capture by partisan actors attempting to accomplish policies through the Fed on which they cannot build consensus and pass through Congress.

"From crusades against digital assets to trying to make the Fed a climate regulator, these decisions took the Fed far beyond the boundaries of what Congress has authorized in statute.

"It is not the Fed’s role to make decisions for the American people on major questions of vast political and economic significance. That is Congress’ duty.

"The Fed needs to avoid repeating the mistakes of the past and reform itself to guard its long-term monetary policy independence and to restore the reputation of the Fed as an apolitical agent carrying out Congress’ statutory directives.

"Reform is not intended to be punitive. Rather, reform is the mechanism by which the Fed can become the best version of itself for the American People.

"Thank you for joining us today, Chairman Warsh. I look forward to your testimony.

"I yield back."

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Full Committee Hosts Federal Reserve Chairman Warsh for Hearing on Federal Reserve’s Monetary Policy Report

Tue, 14 Jul 2026 04:00:00 GMT

Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), welcomed Federal Reserve Board Chairman Kevin Warsh for a hearing on his views on the future path of the economy, the Federal Reserve’s monetary policy functions, and efforts to achieve price stability and ensure the Federal Reserve remains focused on its core mission.

On Restoring Price Stability and Economic Confidence:

Chairman Hill said, “... [I]nflation is the result of many factors. The Fed has control only over one: monetary policy, as expressed through its interest rate and balance sheet policy. Today, a potential second surge of inflation is appearing due to factors outside the Fed's control. What the Fed can control is how it reacts. Though upward pressure on prices may diminish on its own, it's not a sure thing. The Fed may be able to look through these inflationary pressures, but the Fed has believed that before and has been wrong. High inflation affects Americans in the here and now, not in some hypothetical future composed of long-term projections or of inflation expectations.”

In June, Chairman Hill published an op-ed in the National Review, outlining the Price Stability Act, which would replace the Federal Reserve’s dual mandate with a single mandate focused on maintaining price stability.

Committee Vice Chairman Bill Huizenga (MI-04) said, “In late 2021 and 2022, as has been referenced by a few others, the Fed had recognized inflation was not transitory. I'm reminded of actually a hearing we had where we had then-Secretary Yellen, former Fed Chair Yellen, sitting next to the then-current Fed Chairman, and when I brought up the question about whether it was transitory, they did not have the same answer. And it was interesting seeing how that lag sort of played into the fear that many of us had, that there had been more to this foot-dragging coming out of the Biden administration.”

On the Federal Reserve’s path forward:

Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) questioned Federal Reserve Chairman Warsh on how he is different from past Chairmen, to which Chairman Warsh answered, "We've made a lot of progress in six weeks, but I think it's important to use this opportunity wisely. The sixty-three months of inflation above target have been an unfair burden and a tax on the American people and businesses. We plan on getting rid of that tax. If that means we need a regime change in policy, and we need new consideration of practices, some of which have been working, some of which haven't, that's what we aim to do."

Rep. William Timmons (SC-04) said, "The Federal Reserve has an important responsibility to carry out the mission Congress assigned to it. Maintaining public confidence depends not only on sound economic policy but also on staying within the statutory mandate. In recent years, many Americans question whether the Federal Reserve has moved beyond that mission through actions involving climate-related financial regulation, digital assets, and reputational risk. I appreciate the steps that have been taken to refocus the institution on its core responsibilities. Looking ahead, it is important to ensure that the Federal Reserve remains focused on the responsibilities Congress has given it."

On the Federal Reserve’s priorities, Chairman Warsh said, “The Fed’s number one objective is to get monetary policy right—or as near to it as we possibly can. That is our clear and constant aim, the star we steer by. And if we get policy right—and we will—the inflation surge of the last five years will be a thing of the past. …I recognize that high inflation has been an undue burden on American households and businesses. While monthly price fluctuations are inevitable—especially in an unsettled world—underlying inflation over longer time horizons is determined largely by monetary policy.”

On Preserving the Strength Our Markets :

Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “Under the previous Administration, we saw a heavy-handed regulatory approach that aimed to strip risk out of our markets entirely. And time after time, the Biden-Harris administration pushed policies that limited financial freedom and stifled growth. Our capital markets are, as we all know, the envy of the world, and that is because we allow Americans to weigh risk and reward for themselves and make the financial decisions that are best for them and their families.”

House Committee on Small Businesses Chairman Roger Williams (TX-25) said, “America's banking system is the engine of prosperity in this country, and it plays a critical role in creating opportunities. From the community banks that serve small towns and main street businesses to the larger institutions that support our capital markets, access to credit is essential for families, entrepreneurs, and job creators. And as a businessman who has owned and operated a small business for 57 years, I know firsthand how important it is to have a banking system that is both safe and accessible. The American public and the American people expect a chance to pursue their American dream, and access to affordable credit is often what makes that possible.”

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21st Century ROAD to Housing Act Becomes Law

Sat, 11 Jul 2026 04:00:00 GMT

Today, the 21^st Century ROAD to Housing Act, a landmark bipartisan, bicameral housing package championed by House Financial Services Committee Chairman French Hill (AR-02), became law.

Chairman Hill said, “Homeownership should be within reach for more Americans, and this law moves us closer to that goal. This bill reduces unnecessary barriers to building, strengthens community banks, and ensures families – not institutional investors – have a fair shot at buying a home. The final product reflects years of bipartisan, bicameral collaboration and proves that when Congress stays focused on results, we can deliver meaningful reforms.”

The following organizations have expressed support for the bill:

AARP, Affordable Homes & Communities, Affordable Housing Tax Credit Coalition, Airbnb, American Bankers Association, American FinTech Council, American Land Title Association, American Planning Association, Appraisal Institute, Arkansas Bankers Association, Bipartisan Policy Center Action, Council for Affordable and Rural Housing, Council of State Community Development Agencies, Defense Credit Union Council, Florida Bankers Association, Home Depot, Homeownership Council of America, Housing Advisory Group, Housing Assistance Council, Housing Policy Council, Independent Bankers Association of Texas, Independent Community Bankers of America, Kentucky Bankers Association, Lincoln Avenue Communities, Manufactured Housing Institute, Mayors and CEOs for U.S. Housing Investment, Modular Building Institute, Mortgage Bankers Association, National Apartment Association, National Association of Affordable Housing Lenders, National Association of Counties, National Association of Home Builders, National Association of Housing Redevelopment Officials, National Association of Realtors, National Association of Residential Property Managers, National Bankers Association, National Community Development Association, National Council of State Housing Agencies, National Housing Conference, National League of Cities, National Leased Housing Association, National Lumber and Building Materials Dealers Association, National Multifamily Housing Council, National Rental Home Council, Public Housing Authorities Directors Association, Small Business & Entrepreneurship Council, Texas Bankers Association, The Community Development Bankers Association, The Housing Advisory Group, The National Association of Mortgage Brokers, The Real Estate Roundtable, U.S. Chamber of Commerce, U.S. Conference of Mayors, Up for Growth, Veterans Association of Real Estate Professionals, Veterans United, Window & Door Manufactures Association, Zillow.

Further Information:

The House passed H.R. 6644, the 21^st Century ROAD to Housing Act and sent the bill to the President’s desk. H.R. 6644 reduces unnecessary regulatory barriers to new home construction, modernizes HUD programs, addresses concerns about large investors unfairly competing with individual homebuyers, and enables community banks to more freely deploy funding.
The bill includes nine House community banking bills to provide needed relief to America’s main streets and expand local lending for housing construction and mortgages, along with 45+ provisions to reduce unnecessary regulatory barriers to new home construction and modernize HUD programs.
Lastly, the bill includes a prohibition on the issuance of a Central Bank Digital Currency (CBDC) until December 31, 2030.

Further Background:

On June 23, 2026, the House passed the 21^st Century ROAD to Housing Act 358-32, sending it to the president.
On June 22, 2026, Chairman Hill and Ranking Member Waters issued statements on Senate passage of the 21^st Century ROAD to Housing Act.
On June 16, 2026, Chairman Hill, Ranking Member Waters, Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) released updated bicameral text of the 21^st Century ROAD to Housing Act.
On June 2, 2026, Chairman Hill published a letter to the editor in the Wall Street Journal on the 21^st Century ROAD to Housing Act.
On May 20, 2026, the House’s bipartisan amendments to the 21^st Century ROAD to Housing Act passed the House 396-13.
On May 19, 2026, Chairman Hill and Ranking Member Waters unveiled updated text to the 21^st Century ROAD to Housing Act.
On May 14, 2026, Chairman Hill issued a statement on the House’s amendment to the 21^st Century ROAD to Housing Act.
On March 23, 2026, Ranking Member Waters called for a Conference Committee to reconcile the House-and Senate-passed versions.
On March 12, 2026, Chairman Hill issued a statement on Senate passage of the 21^st Century ROAD to Housing Act.
On February 9, 2026, the Committee’s bipartisan Housing for the 21^st Century Act passed the House 390-9.
On February 6, 2026, Chairman Hill and Housing and Insurance Subcommittee Chairman Flood published an op-ed on the Housing for the 21^st Century Act.
On December 17, 2025, the Committee advanced the Housing for the 21^st Century Act 50-1.
On December 11, 2025, Chairman Hill, Ranking Member Waters, Housing and Insurance Subcommittee Chairman Mike Flood (NE-01) and Ranking Member Emanuel Cleaver (MO-05) released the Committee’s bipartisan housing package – the Housing for the 21^st Century Act.
On December 3, 2025, the full Committee held a hearing entitled “Building Capacity: Reducing Government Roadblocks to Housing Supply.” The Committee reviewed 41 bipartisan solutions to address barriers to affordable housing.
On July 16, 2025, the Subcommittee on Housing and Insurance held a hearing entitled “HOME 2.0: Modern Solutions to the Housing Shortage.”
On June 12, 2025, the Subcommittee on Housing and Insurance held a hearing entitled “Housing in the Heartland: Addressing Our Rural Housing Needs.”
On May 14, 2025, the Subcommittee on Housing and Insurance held a hearing entitled “Expanding Choice and Increasing Supply: Housing Innovation in America.”
On March 4, 2025, the Subcommittee on Housing and Insurance held a hearing entitled “Building Our Future: Increasing Housing Supply in America.”
In the 118^th Congress, on October 15, 2024, Chairman Hill sponsored the first iteration of 21 ^st Century ROAD to Housing Act, H.R. 9990, the ROAD to Housing Act, with Chairman Tim Scott.

Click here for the text of the bill.

Click here for a one-pager.

Click here for a section-by-section.

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Chairman Hill Applauds World Bank Decision to Phase Out Lending to China

Wed, 01 Jul 2026 04:00:00 GMT

House Committee on Financial Services Chairman French Hill (AR-02) issued the following statement after the World Bank announced it will phase out its lending to China by 2031:

“I’m pleased to see the World Bank take long overdue steps to restore common sense policies. As the world’s largest official creditor, China should not benefit from development financing intended for countries in greater need. Following the World Bank’s decision, I hope the Asian Development Bank will quickly follow suit.”

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Financial Services Advances 10 Bills and a Resolution

Wed, 01 Jul 2026 04:00:00 GMT

The House Committee on Financial Services, led by Chairman French Hill (AR-02), successfully reported 10 bills to the full House of Representatives. The Committee also approved a resolution reauthorizing the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity.

The bills reflect the Committee's long-standing efforts to promote economic growth, protect the integrity of our markets, strengthen confidence in our financial system, and reinforce strong regulatory frameworks.

Resolution to Reauthorize the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, passed by voice vote. This resolution reauthorizes the bipartisan task force, chaired by Rep. Frank Lucas (OK-03), to continue examining monetary policy, Treasury market resilience, and policies that promote long-term economic prosperity.

Watch Chairman Hill’s remarks here.

H.R. 1483, the Protecting Investors’ Personally Identifiable Information Act, sponsored by Rep. Barry Loudermilk (GA-11), passed 27-21. This bill protects investors' personally identifiable information by limiting the unnecessary collection and disclosure of sensitive personal data to the consolidated audit trail.

Watch Rep. Barry Loudermilk’s remarks here.
Watch Subcommittee on Capital Markets Chairman Ann Wagner’s (MO-02) remarks here.

H.R. 9329, the SEC Reform and Restructuring Act, sponsored by Subcommittee Chairman Wagner, passed 28-23. This bill modernizes the Securities and Exchange Commission by streamlining its organizational structure, improving its rulemaking process, and increasing accountability.

Watch Subcommittee Chairman Wagner’s remarks here.
Watch Rep. Troy Downing’s (MT-02) remarks here.

H.R. 7187, the Clarity for Compensation Act , sponsored by Rep. Zach Nunn (IA-03) and Rep. Gregory Meeks (NY-05), passed 51-0. This bipartisan bill provides greater legal clarity regarding compensation arrangements by professional service entities in order to reduce regulatory uncertainty.

Watch Rep. Nunn’s remarks here.
Watch Subcommittee Chairman Wagner’s remarks here.

H.R. 5775, the FCRA Liability Harmonization Act, sponsored by Rep. Loudermilk, passed 27-23. This bill reforms the civil liability provisions of the Fair Credit Reporting Act (FCRA) by establishing clearer standards for class action lawsuits while preserving consumers' ability to recover actual damages.

Watch Rep. Loudermilk’s remarks here.
Watch Rep. Scott Fitzgerald’s (WI-05) remarks here.

H.R. 8141, the Fair Credit Reporting Reseller Accuracy Act , sponsored by Rep. Mike Lawler (NY-17) and Rep. Josh Gottheimer (NJ-05), passed by voice vote. This bipartisan bill improves the accuracy and fairness of the consumer reporting system by clarifying the responsibilities of credit report resellers under the FCRA and ensuring that legal liability is born by those with underlying control of consumer data.

Watch Rep. Lawler’s remarks here.

H.R. 5402, the Credit Access and Inclusion Act of 2025, sponsored by Rep. Young Kim (CA-40), passed 28-23. This bill expands access to credit by allowing certain recurring payment data, such as rent and utility payments, to be reported to consumer reporting agencies.

Watch Rep. Kim’s remarks here.

H.R. 9331, the Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act of 2026, sponsored by Rep. Kim, passed 51-0. This bill strengthens financial institution’s ability to stop fraudulent payments by adding necessary flexibility to fund availability schedules, explicitly permitting payment holds when fraud is suspected, and permitting holds on wire transfers.

Watch Rep. Kim’s remarks here.

H.R. 9330, the Earned Wage Access Consumer Protection Act, sponsored by Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01), passed 29-22. This bill establishes a federal regulatory framework for earned wage access services while providing strong consumer protections.

Watch Subcommittee Chairman Steil’s remarks here.
Watch Chairman Hill’s remarks here.

H.R. 1640, the HEIRS Act of 2025, sponsored by Rep. Nikema Williams (GA-05) and Rep. Byron Donalds (FL-19) passed 51-0. This bipartisan bill allows HUD to create a program for states and localities that adopt heirs property best practices laws to offer grants to owners of heirs property document property ownership rights and cover other legal costs.

Watch Chairman Hill’s remarks here.
Watch Subcommittee on Housing and Insurance Chairman Mike Flood’s (NE-01) remarks here.

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House Passes Committee Bill to Reauthorize the Terrorism Risk Insurance Program

Tue, 30 Jun 2026 04:00:00 GMT

Today, the U.S. House of Representatives passed H.R. 7128, the TRIA Program Reauthorization Act of 2026, by a vote of 373-15. Sponsored by Subcommittee on Housing and Insurance Chairman Mike Flood (NE-01), this bipartisan bill reauthorizes the Terrorism Risk Insurance Program, ensuring continued stability in the marketplace, protecting American businesses, and providing certainty for insurers against acts of terrorism.

Full Committee Chairman French Hill (AR-02) said, “The purpose of TRIA is spelled out in the original law. The law states that TRIA is designed to provide for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism in order to protect consumers. That's the goal here: to give policyholders access to the financial protection they need and the confidence they need to build skyscrapers, sports venues, and malls, and employ workers that drive our economy.”

Watch Chairman Hill’s opening floor remarks here.

Watch Chairman Hill’s closing floor remarks here.

Subcommittee Chairman Flood said, “This legislation would reauthorize TRIA, the program established by Congress in the aftermath of the September 11, 2001, terrorist attacks, through 2034. We are so fortunate that we have never seen a TRIA claim in the program's entire history, and I hope that we never, ever see one. However, if this program is going to continue to exist with a public backstop, we should ensure we update its charter to protect taxpayers in the event of future claims, and we should work to ensure the certification process is transparent.”

Watch Chairman Flood’s Floor remarks here.

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Chairman Hill: The Bills Before Us Today Reflect a Common-Sense Approach to Financial Services Policy

Tue, 30 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a markup of various bills that reflect the Committee's long-standing efforts to promote economic growth, protect the integrity of our markets, strengthen confidence in our financial system, and reinforce a strong regulatory framework.

Read Chairman Hill's remarks as prepared for delivery:

"Today, we will consider a strong slate of bills that promote economic opportunity, protect consumers and investors, strengthen our financial system, and reinforce regulatory accountability.

"Americans expect their personal information to be protected from bad actors, expect financial institutions to have the tools necessary to combat fraud, and regulators to operate with transparency and accountability.

"A key part of that effort is ensuring that Congress continues to examine the economic and monetary policies that affect American families.

"That is why we will vote to reauthorize our Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, led by Chairman Lucas.

"Protecting the integrity of our markets also means protecting the investors who participate in them.

"As one of the largest repositories of financial data in the world, the Consolidated Audit Trail presents significant privacy and cybersecurity risks.

"That is why we will consider Congressman Loudermilk's Protecting Investors' Personally Identifiable Information Act.

"Consistent with the SEC's recent exemption, this bill protects investors' personally identifiable information from unnecessary collection and storage in the CAT while preserving regulators' ability to oversee our markets.

"Building confidence in our financial system also requires accurate and reliable information.

"Those same principles of transparency and accountability should guide our financial regulators.

"H.R. 9329, the SEC Reform and Restructuring Act, introduced by Capital Markets Subcommittee Chairman Ann Wagner, strengthens SEC and public-company audit oversight, improves transparency and cybersecurity, modernizes agency operations, and reinforces the Commission's focus on its core mission.

"We are also considering Congressmen Nunn and Meeks' Clarity for Compensation Act, a bipartisan bill that amends outdated compensation regulations for independent financial advisors while preserving important investor protections.

"We must also create pathways for Americans to build credit, achieve greater financial security, and preserve the wealth they have worked years to build.

"Congresswoman Kim's Strengthening Transaction Oversight and Preventing Payments Fraud Act of 2026 provides financial institutions with additional flexibility to detect suspicious transactions and prevent Americans’ hard-earned dollars from getting into the hands of criminals.

"We will also consider Congresswoman Kim’s Credit Access and Inclusion Act.

"H.R. 5402 helps ensure Americans get credit for their responsible financial behavior by allowing public housing authorities, utility providers, and telecommunications companies to share payment information with consumer reporting agencies - helping to build credit and expand economic opportunity.

"Congressman Loudermilk's FCRA Liability Harmonization Act promotes a fair and balanced liability framework under the Fair Credit Reporting Act, encouraging greater participation and competition in the credit reporting system.

"We will also consider Congressmen Lawler and Gottheimer's Fair Credit Reporting Reseller Accuracy Act, a targeted FCRA clarification that protects mortgage credit resellers for inaccuracies in data they do not create or control while preserving consumer protections, supporting an efficient mortgage lending process.

"As our financial system continues to evolve, our regulatory framework must keep pace with innovation.

"To that end, we will consider Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil's Earned Wage Access Consumer Protection Act.

"This bill establishes a clear federal framework for earned wage access services that protects consumers while supporting innovation.

"Another important measure before us is H.R. 7030, the Securing Facilities for Mental Health Services Act, introduced by Republican Whip Tom Emmer and Congressman Ritchie Torres, which removes an outdated restriction on inpatient psychiatric hospitals and expands access to mental health care.

"As we all know, for many families, financial security is inseparable from homeownership.

"Too often, when a loved one passes away without a will, an unclear title leaves family property vulnerable to forced partition sales and the loss of generational wealth.

"That is why we will consider Congresswoman Williams of Georgia's HEIRS Act of 2025, which helps states adopt uniform heirs' property protections and provides legal assistance to help families clear title and preserve generational wealth.

"The bills before us today reflect a commonsense approach to financial services policy.

"I look forward to today's discussion, and I yield back."

Capital Markets Subcommittee Reviews the Evolving Investment Landscape and Market Regulation

Fri, 26 Jun 2026 04:00:00 GMT

The House Financial Services Subcommittee on Capital Markets, led by Subcommittee Chairman Ann Wagner (MO-02), held a hearing to examine the modern investment ecosystem and assess the investment strategies available to Americans.

On Expanding Investment Opportunities for Americans:

Full Committee Chairman French Hill (AR-02) said, “Last year, retail flows in the stock market, [saw a] 53% increase from 2024. Passive investing and index investing have grown significantly, with the number of ETFs having surged. This growth means individual investors have more options than ever to tailor a financial strategy to their exact timeline and risk tolerance. And that's a good thing. And this hearing is really going to explore the impact of that in the mix of active and passive investment strategies and how they both contribute to our markets.”

Subcommittee Chairman Wagner said, "Whether saving for a child’s tuition, a first home, or retirement, Americans deserve investment opportunities that fit their unique circumstances and provide steady, long-term returns. We’re not here today to pick winners and losers. Our goal is to understand what these trends mean for retail investors and retirement savers.”

Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) asked Mr. Tom Quaadman, Chief of Government Affairs and Public Policy at the Investment Company Institute, about the importance of the INVEST Act being signed into law, to which he replied, "The INVEST Act has, you know, several different components to it, but one, obviously, it deals with a lot of the issues that will allow for growing public capital markets. But more importantly, it also provides for different investor opportunities as well.”

On Continuing to Strengthen America’s Capital Markets:

Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson (OH-08) said, “Healthy capital markets depend on competition, transparency, and accurate price signals. We want retirement savers to have access to low-cost investment options, but we also want markets that continue to allocate capital efficiently, support innovation, [and] provide opportunities for the next generation of Americans and American companies.”

Homeland Security Chairman Andrew Garbarino (NY-02) said, “The United States remains the world's leading destination for investment, supported by deep and liquid capital markets, strong investor protections, transparent disclosures, and a long history of innovation and capital formation. Those strengths have helped American businesses access capital, fuel economic growth, and create investment opportunities for millions of retirement savers and individual investors.”

On Potential Risks to Investment Opportunities:

Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) asked about market development stemming from the SEC’s 2019 ETF Rule (Rule 6c-11), to which Ms. Jody Jonsson, Vice Chair, Capital Group, replied, “I think the rule change leveled the playing field between active and passive ETFs. I think up to that point, ETFs had been synonymous with passive and basically passive was the only way to get exposure to the vehicle which was, in some cases, much more attractive for the investor. Now that you have an active ETF market as well, active ETFs are actually taking share from passives and growing much faster, which to us suggests that it isn’t passive that was so attractive it was the vehicle that was attractive.”

Rep. Troy Downing (MT-02) asked the witnesses to compare the costs of active and passive funds, to which Mr. Jeffrey Ptak, Managing Director, Morningstar, replied, “Yes, indeed, we have seen the cost of active funds come down. That's for a few reasons. One is, so if you're looking at something like an asset-weighted average expense ratio for active funds, I think as of the end of last year, it was 0.57%. I think that's about 30 basis points or so lower than it was ten years ago. And that's the product of two things. Fund managers have been lowering their fees, and investors have been responding by directing monies towards cheaper active funds. And so that's brought that asset-weighted average expense ratio lower.”

Witnesses Echoed the Work of the Committee:

Ms. Jonsson said, “Active management is critical to capital formation, providing a long-term stable source of capital across market caps, market conditions, industries, and geographies. This is particularly important for small- and mid-size companies that are a vital engine for the U.S. economy, jobs, and innovation.”

Dr. Matthew Ringgenberg, Emma Eccles Jones Professor of Finance, David Eccles School of Business, University of Utah, said, “The United States has the deepest, most liquid, and most innovative capital markets in the world, and this has been a fundamental source of American economic strength. But capital markets are an ecosystem. Their health depends on the coordinated, competitive functioning of many different types of participants: active investors who discover prices, passive investors who provide low-cost access to market returns, institutional investors who monitor corporate managers, and retail investors who provide liquidity and participate in economic growth. The structural changes of the past three decades have conferred enormous benefits on ordinary American investors by reducing costs and expanding access.”

Mr. Ptak said, “The evidence suggests that over the past two decades, a combination of rising standards, market competition, growing investor cost-consciousness, and sound regulatory stewardship has contributed to outcomes for ordinary Americans that would have seemed remarkable not long ago. Morningstar’s research documents three dimensions of that progress: a dramatic reduction in what investors pay, a decisive shift toward more cost-efficient investment vehicles, and evidence that investors are capturing more of the market's returns than ever before.”

Mr. Quaadman said, “ICI strongly supports H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025. The INVEST Act, a bipartisan package of legislative reforms passed by this Committee and on the floor of the U.S. House of Representatives with strong bipartisan support, would help protect and strengthen Americans’ ability to invest and secure their financial futures. It should be noted that the INVEST Act has strong bipartisan support as witnessed by its passage through a vote of 302-123 last December.”

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Wagner: Understanding How and Where Americans Invest is Crucial to Crafting Policies that Support Them

Thu, 25 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Capital Markets Subcommittee hearing, led by Subcommittee Chairman Ann Wagner (MO-02), to examine the evolving relationship between active and passive investing and to assess whether the current regulatory framework keeps pace with market innovation.

Read Subcommittee Chairman Wagner's opening remarks as prepared for delivery:

"Good morning, and thank you all for joining us today.

"Today’s hearing will examine the changing dynamics between active and passive investing, and whether our regulations are keeping pace with market innovation.

"Whether saving for a child’s tuition, a first home, or retirement, Americans deserve investment opportunities that fit their unique circumstances and provide steady, long-term returns.

"We’re not here today to pick winners and losers. Our goal is to understand what these trends mean for retail investors and retirement savers.

"Today, people can choose from a wide variety of investment products tailored to match their specific time horizons, risk tolerances, and financial goals.

"Americans can now pick from hundreds of types of index funds, ETFs, and mutual funds covering nearly every sector of the economy.

"Much of this investor choice can be attributed to actions taken by the SEC under the first Trump administration. The Commission’s 2019 ETF Rule modernized how these products come to market, speeding up timelines and eliminating red tape.

"After the rule’s enactment, the total number of ETFs grew significantly, with a 66 percent increase between 2020 and 2024. This demonstrates how sound regulation can promote innovation and competition.

"However, as passive investing continues to grow, we must understand how different investment strategies affect market dynamics.

"Healthy markets depend on effective price discovery—the process where investors evaluate information, assess risk, and determine the value of companies. Active investors play an important role in that process by researching companies, analyzing fundamentals, and incorporating new information into market prices.

"At the same time, passive investment products have delivered substantial benefits to investors by providing low-cost diversification and broad market exposure.

"Understanding how active and passive strategies interact is essential to ensuring our markets remain efficient, competitive, and resilient while continuing to deliver strong outcomes for investors.

"This conversation would not be complete without talking about the importance of capital formation. The role of active and passive funds ties directly into access to capital and public offerings.

"An initial public offering is, at its core, a price discovery event. While index inclusion remains a vital milestone for mature companies, our public markets are most vibrant when they also include smaller, high-growth companies.

"To keep America’s capital markets the envy of the world, we must ensure capital formation is supported across the full lifecycle of a public company, not merely when it has reached the size and scale necessary to attract significant index-based investment.

"To conclude, this hearing is first and foremost about improving the outcomes of individual investors.

"Understanding how and where Americans invest is crucial to crafting policies that support them.

"Today’s witnesses bring a wealth of experience in investments, markets, and fund management. Thank you all for your time and your expertise, and I look forward to our discussion."

House Passes Committee Bill to Combat Financial Fraud and Scams

Thu, 25 Jun 2026 04:00:00 GMT

Today, the U.S. House of Representatives passed H.R. 2478, the Financial Exploitation Prevention Act of 2025, by a vote of 414-2. Sponsored by Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) and Rep. Josh Gottheimer (NJ-05), this bipartisan bill provides financial institutions greater authority to help prevent suspected financial exploitation of older Americans and individuals with mental or physical disabilities by allowing them to temporarily delay certain transactions when such exploitation is reasonably suspected.

Chairman Hill said, "Protecting Americans from financial exploitation requires strong coordination among families, financial institutions, and law enforcement. This bill will help strengthen those partnerships and provide additional tools to safeguard vulnerable individuals from fraud and abuse. Importantly, this bill is tailored to address suspected exploitation while preserving the rights of customers and maintaining appropriate oversight. No American should lose their hard-earned money because an investment firm or financial institution lacks the authority or certainty to intervene when there are clear signs of financial exploitation. H.R. 2478 is a commonsense, bipartisan measure that helps protect our most vulnerable citizens from the growing number of financial predators.”

Watch Chairman Hill's floor remarks here.

Chairman Wagner said, "It's far too often that back home in Missouri and across this nation, our senior citizens are directly targeted for financial fraud.... According to the FTC, fraud perpetrated against those over the age of 60 increased by nearly 400% between 2020 and 2024. The total cost to American seniors reached almost $2.5 billion… My bill, the Financial Exploitation Prevention Act, allows financial institutions, including investment companies like mutual funds, to temporarily delay a transaction if they have a reasonable belief that the transaction is the result of financial exploitation. This gives potentially vulnerable investors, including our seniors, as well as those with certain disabilities, a crucial extra layer of defense that will help preserve the hard-earned savings they have built over decades.”

Watch Chair Wagner's floor remarks here.

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Hearing Entitled: “Oversight of the Federal Home Loan Bank System”

Tue, 21 Jul 2026 18:00:00 GMT

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Hearing Entitled: “Oversight of the Financial Crimes Enforcement Network”

Tue, 21 Jul 2026 14:00:00 GMT

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Field Hearing Entitled: “Building the Future of Finance: How the CLARITY Act Unlocks Innovation”

Fri, 17 Jul 2026 14:00:00 GMT

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Witnesses

Ms. Sarah Aberg, Chief Legal Officer, Nova Labs Inc.
Ms. Randi Abernethy, Head of Cleraing and Group Risk, Bullish
Mr. Ryan Louvar, Chief Legal Officer, WisdomTree
Mr. Jason Somensatto, Director of Policy, Coin Center

Legislation

H.Res. 111, Expressing support for blockchain technology and digital assets
H.R. 8957, the American Reserve Modernization Act

Full Committee Hearing Entitled: “The Semi-Annual Report of the Bureau of Consumer Financial Protection”

Wed, 15 Jul 2026 14:00:00 GMT

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Witnesses

The Honorable Russell Vought, Acting Director, Consumer Financial Protection Bureau

Legislation

H.R. __, the CFPB Reform Act of 2026

Hearing Entitled: “The Federal Reserve’s Semi-Annual Monetary Policy Report”

Tue, 14 Jul 2026 14:00:00 GMT

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Witnesses

The Honorable Kevin M. Warsh, Chairman, Board of Governors of the Federal Reserve System

Markup of Various Measures

Tue, 30 Jun 2026 14:00:00 GMT

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Click here for e-voting pictures.

Legislation:

Resolution to Reauthorize the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, was AGREED TO by voice vote.

H.R. 1483, the Protecting Investors’ Personally Identifiable Information Act, was AGREED TO by a recorded vote of 27 YEAS and 21 NAYS. (FC Vote #287)

H.R. 1640, the HEIRS Act of 2025, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #302)

H.R. 5402, the Credit Access and Inclusion Act of 2025, was AGREED TO by a recorded vote of 28 YEAS and 23 NAYS. (FC Vote #296)

H.R. 5775, the FCRA Liability Harmonization Act, was AGREED TO by a recorded vote of 27 YEAS and 23 NAYS. (FC Vote #293)

H.R. 7030, the Securing Facilities for Mental Health Services Act was not considered.

H.R. 7187, the Clarity for Compensation Act, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #291)

H.R. 8141, the Fair Credit Reporting Reseller Accuracy Act, was AGREED TO by voice vote.

H.R. 9329, the SEC Reform and Restructuring Act, was AGREED TO by a recorded vote of 28 YEAS and 23 NAYS. (FC Vote #290)

H.R. 9330, the Earned Wage Access Consumer Protection Act, was AGREED TO by a recorded vote of 29 YEAS and 22 NAYS. (FC Vote #301)

H.R. 9331, the Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act of 2026, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #297)

Amendments:

ANS to H.R. 8141, offered by Rep. Lawler of New York, designated as ANS_H8141, was AGREED TO by voice vote.

An amendment, designated HR8141B (Waters 3), was NOT AGREED TO by voice vote.
An amendment, designated Gotthe_253 (Gottheimer 1), was WITHDRAWN.

ANS to H.R. 7030, offered by Rep. Emmer of Minnesota, designated as ANS_H7030

ANS to H.R. 5402, offered by Ms. Kim of California, designated as ANS5402, was AGREED TO by voice vote.

An amendment, designated HR5402B (Waters 4), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #294)
An amendment, designated Bynum_091 (Bynum 1), as NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #295)

ANS to H.R. 5775, offered by Rep. Loudermilk of Georgia, designated as ANS_H5775, was AGREED TO by voice vote.

An amendment, designated HR5775B (Waters 2), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #292)

ANS to H.R. 7187, offered by Rep. Nunn of Iowa, designated as NUNN_170, was AGREED TO by voice vote.

ANS to H.R. 9329, offered by Rep. Wagner of Missouri, designated as WAGNER_057, was AGREED TO by voice vote.

An amendment, designated Waters_176 (Waters 1), was NOT AGREED TO by a recorded vote of 22 YEAS and 27 NAYS. (FC Vote #288)
An amendment, designated Lynch_069 (Lynch 1), was NOT AGREED TO by a recorded vote of 22 YEAS and 27 NAYS. (FC Vote #289)

ANS to H.R. 9330, offered by Rep. Steil of Wisconsin, designated as STEIL_052, was AGREED TO by voice vote.

An amendment, designated 9330_Amend1 (Waters 5), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #298)
An amendment, designated Pressma_087 (Pressley 1), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #299)
An amendment, designated Liccar_116 (Liccardo 1), was AGREED TO by a recorded vote of 46 YEAS and 5 NAYS. (FC Vote #300)

ANS to H.R. 9331, offered by Rep. Kim of California, designated as KIMCA_130

ANS to H.R. 1483, offered by Rep. Loudermilk of Georgia, designated as LOUDER_037

ANS to H.R. 1640, offered by Rep. Williams of Georgia, designated as ANS_1640

Hearing Entitled: “From Wall Street to Main Street: The Future of How America Invests”

Thu, 25 Jun 2026 14:00:00 GMT

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Witnesses

Ms. Jody Jonsson, Vice Chair, Capital Group
Dr. Matthew Ringgenberg, Emma Eccles Jones Professor of Finance, David Eccles School of Business, University of Utah
Mr. Jeffrey Ptak, Managing Director, Morningstar
Mr. Tom Quaadman, Chief of Government Affairs and Public Policy, Investment company Institute
Ms. Natalia Renta, Associate Director for Corporate Governance & Power, Americans for Financial Reform

Legislation

H.R. 3248, the American Ownership and Resilience Act
H.R. 7187, the Clarity for Compensation Act
H.R. ____, the Consumer-Led Enhancement of Annuity and Insurance Registration (CLEAR) Forms Act
H.R. 9329, the SEC Reform and Restructuring Act

Hearing Entitled: “Future of Payments: Promoting Innovation and Fair Markets”

Wed, 24 Jun 2026 14:00:00 GMT

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Witnesses

Mr. David Portilla, Partner and Co-Head, Financial Institutions, Davis Polk & Wardell LLP
Mrs. Paige Paridon, Executive Vice President a& Co-Head of Regulatory Affairs, Bank Policy Institute
Mrs. Eileen O'Mara, Vice Chair, Stripe
Ms. Rachel Anderika, Head of Global Operations, Anchorage Digital
Ms. Tara Flynn, Policy Director, National Community Reinvestment Coalition

Field Hearing Entitled: “Examining the Structure of the Federal Reserve System”

Fri, 12 Jun 2026 15:00:00 GMT

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Witnesses

Mr. Thomas Hoenig, Distinguished Senior Fellow, Mercatus Center at George Mason University
Ms. Esther George, Former President and Chief Executive Officer, Federal Reserve Bank of Kansas City
Mr. Gary Kelly, Deputy Chair, Board of Directors, Federal Reserve Bank of Dallas
Mr. Benjamin Keen, Associate Professor of Economics, University of Oklahoma

Hearing Entitled: Examining Local Needs in Disaster Recovery

Wed, 10 Jun 2026 14:00:00 GMT

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Witnesses

Mr. Joseph V. Jaroscak, Analyst in Economic Development Policy, Congressional Research Service
Mr. J. Patrick Cave, Senior Vice President of Policy, Enterprise Community Partners
Ms. Heather Lagrone, Senior Deputy Director, Texas General Land Office
Mrs. Stephanie McGarrah, Deputy Secretary, North Carolina Department of Commerce