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WEEK IN REVIEW

Committee Questions Yellen About Interest on Excess Reserves On Wednesday, the Financial Services Committee held its semi-annual hearing on monetary policy and the economy with Federal Reserve Chair Janet Yellen. In its coverage of the hearing, the Wall Street Journal reported that Republicans “pressed the Fed chairwoman to justify how much interest the Fed pays banks on the excess reserves they keep at the Fed” as well as “the slew of regulations implemented in the wake of the 2010 Dodd-Frank l...

Financial CHOICE Act Released for Public Review, Nobel Prize Winning Economists and Former Treasury Secretaries Announce Support for Reforms

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) today publicly released a discussion draft of the Financial CHOICE Act, the Republican plan to replace the failed Dodd-Frank Act and promote economic growth. CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs. “We want the American people to see our proposal because it will result in economic growth for all and bank bailouts for none,” said Chairman Hensarling. “Dodd-Frank has f...

Hensarling Opening Statement at Monetary Policy Hearing

Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s full committee hearing to receive the Monetary Policy and State of the Economy report from Federal Reserve Chair Janet Yellen: I have been struck by some of the headlines I’ve reviewed as of recent. For example: “Economy barely grew in first three months of the year” – Associated Press; “U.S. added only 38,000 jobs in May, Weakest performance since September 2010” – Wall Street Journa...

Hensarling Statement on Continued Discrimination Problems at the CFPB

One-quarter of black, Asian and female employees responding to a government watchdog’s confidential survey of employees said they have been the victims of discrimination at the Consumer Financial Protection Bureau (CFPB). The Government Accountability Office (GAO), which did the survey at the request of members of the House Financial Services Committee, has released its findings. The Committee began an investigation of the CFPB’s treatment of its employees after whistleblowers came forward star...