Press Releases

WEEK IN REVIEW


 

Washington, February 3, 2017 -

House Stops Rule that Disadvantaged American Companies

Legislation to repeal a controversial Dodd-Frank Act regulation that puts American public companies at a disadvantage against many foreign competitors is headed to President Trump’s desk after its passage this week by the House and Senate.

The House voted 235-187 on Wednesday for House Joint Resolution 41 to disapprove the regulation under the Congressional Review Act.  The Securities and Exchange Commission (SEC) estimates the rule will cost American public companies nearly $600 million annually in ongoing compliance costs.  The SEC noted the cost would divert funds from other productive uses, which could include creating jobs and investing in American workers, said House Financial Services Committee Chairman Jeb Hensarling (R-TX).

As reported by Reuters, Capital Markets, Securities and Investment Subcommittee Chairman Bill Huizenga (R-MI), the sponsor of the legislation, said, “The SEC continues to propose a resource extraction rule that is overly burdensome, puts U.S. companies at a competitive disadvantage, and fails to provide investors with useful information.”

The Senate passed the legislation on Friday by a vote of 54-47.

President Takes Executive Action to Begin Dismantling Dodd-Frank

Chairman Hensarling and Oversight and Investigations Subcommittee Chairman Ann Wagner (R-MO) proudly stood next to President Trump in the Oval Office on Friday as he signed two executive orders on financial services.  The first outlined the Trump Administration’s core principles for regulating the financial system, and the second relates to implementation of the Department of Labor’s fiduciary rule.

“I’m very pleased that President Trump signed this executive action, which closely mirrors provisions that are found in the Financial CHOICE Act to end Wall Street bailouts, end ‘too big to fail,’ and end top-down regulations that make it harder for our economy to grow and for hardworking Americans to achieve financial independence,” said Chairman Hensarling.

Chairman Wagner said, “Today is a great day for low- and middle-income American families. I applaud President Trump’s executive order to delay the Department of Labor Fiduciary Rule, listening to the concerns of everyday Americans and protecting their ability to access retirement investment advice.”

Committee Adopts Rules and Appoints Members to Subcommittees

The Financial Services Committee held its organizational meeting on Thursday and approved its rules for the 115th Congress.

Chairman Hensarling discussed his hope for the Committee’s continued bipartisan success.  “Over the last two years, nearly 60 Committee bills passed the House on suspension and over 30 bills were enacted into law.  Again, I stand ready to work with all Members, regardless of party, to advance the cause of freedom and opportunity, and I look forward to a productive 115th Congress,” he said.

Full text of the resolution to adopt rules of the committee and the vote tally can be found here.

Member Spotlight

Rep. Robert Pittenger (R-NC) | Dodd-Frank chokes banks; here’s a better way

Those of us who subscribe to free market principles, with reasonable guidelines and restraints, attest to the albatross of Dodd-Frank, which has impeded access to capital and credit for small businesses and entrepreneurs, the lifeblood of our economy and job creation.

Weekend Must Reads

Investor’s Business Daily |Final Tally: Obama's Subpar Economy Cost Americans $2.4 Trillion

The GDP report for the fourth quarter last year was a fitting end to President Obama's time in office. At a tepid 1.9% growth, it means that the economy once again underperformed everyone's expectations.

Washington Examiner | Obama turned over an anemic economy to Trump

 On his way out the White House door, it looks like President Obama handed Trump the keys to an economic jalopy.

On the Horizon 

Tuesday, February 7 at 10:00 a.m.
Full Committee

Meeting to approve the Authorization and Oversight Plan of the Committee on Financial Services for the 115th Congress

In the News

Bloomberg BNA | Lawmakers Blocked From Case Testing Cordray’s Independence

Associated Press |Congressional Republicans Move to Dismantle Obama Rules

Washington Examiner | No rate change, few hints from first Fed meeting of Trump presidency

Morning Consult |Congressional Review Act Could Play Key Role in Dismantling Financial Rules

Wall Street Journal | Trump Administration Looks to Restructure CFPB

Washington Examiner | Trump orders two regulations cut for every regulation added

New York Times | Trump Vows to Dismantle Dodd-Frank ‘Disaster’

Politico Pro | Community banks urge Trump to rein in 'overzealous' fair lending enforcement

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