|
WASHINGTON -- The House of Representatives passed two Financial Services Committee bills today to bring needed accountability to Washington bureaucracies and to help small banks serve their customers and communities.
H.R. 3340, Financial Stability Oversight Council Reform Act
Sponsor: Rep. Tom Emmer (R-MN)
The Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) – two new powerful Washington bureaucracies created by the Dodd-Frank Act – are able to spend money without accountability to taxpayers. These agencies have power over the financial decisions of Americans and must be accountable and transparent.
To provide accountability, this bill makes the FSOC and OFR subject to the normal and transparent appropriations process.
The bill also requires the OFR to:
(1) submit quarterly reports to Congress regarding its activities; and
(2) provide a public notice and comment period of at least 90 days before issuing any report, rule, or regulation.
“FSOC typifies not only the shadow regulatory system but also the unfair Washington system that Americans have come to fear and loathe: powerful government administrators, secretive government meetings, arbitrary rules, and unchecked power to punish or reward. Thus, oversight and reform is paramount,” said Chairman Jeb Hensarling.
H.R. 3340 passed the House 239-179.
H.R. 3340 passed the Financial Services Committee on November 3, 2015.
H.R. 3791, to raise the consolidated assets threshold under the small banking holding company policy statement
Sponsor: Rep. Mia Love (R-UT)
Community financial institutions and their holding companies are currently subjected to arbitrary rules and regulations determining how much capital they can raise and, in turn, fuel growth and job creation in the communities they serve. This is yet another example of Washington’s Financial Control Law, the Dodd-Frank Act, hurting consumers on Main Street.
H.R. 3791 makes it easier for small community banks to raise capital so that capital can be turned into local jobs and economic growth. The bill helps to ensure the nation’s smallest financial institutions can continue to lend in their communities and serve their customers.
“Wouldn’t it be nice to hear for a change that community banks are once again hiring new loan officers to serve their communities as opposed to more regulatory compliance officers to serve their Washington masters? That’s how you help capitalize more small businesses and help families pay their bills, plan for the future, and achieve the dream of financial independence,” said Chairman Hensarling
H.R. 3791 passed the House 247-171.
H.R. 3791 passed the Financial Services Committee on December 8, 2015.
|
