Hardworking American taxpayers, who are paying more for gas (“Gasoline prices at six-year high – AAA”) and “more for almost everything this year” (CNBC), might be wondering why President Obama refuses to approve the Keystone Pipeline but is using their tax dollars to finance foreign corporate welfare -- like the nearly $5 billion in direct loans to help build a venture developed by Saudi Aramco, Saudi Arabia’s state-owned oil company. This is the same Saudi Aramco, by the way, that one report this week said is “pulling the rug out from under the U.S. gas industry” and has announced plans to s... Read More »
Committee Seeks Accountability and Transparency at the Federal Reserve On Thursday, the Financial Services Committee held a hearing to examine H.R. 5018, the Federal Reserve Accountability and Transparency Act. The proposal is the first piece of legislation to arise from the Committee’s Federal Reserve Centennial Oversight Project. "We do not suggest for a moment that Congress, much less the White House or Treasury, should conduct monetary policy operations. We continue to respect the Federal Reserve’s independence in monetary policy. But that independence and discretion must be paired with ap... Read More »
The House is in session Tuesday through Friday this week. On Thursday at 10:00 a.m. the full committee will hold a hearing on legislation to reform the Federal Reserve on its 100-year anniversary. Be sure to check back here on the Bottom Line Blog -- and sign up for our email updates -- for additional information throughout the week. Read More »
1. The Ex-Im Bank doesn’t create jobs. Government export finance assistance programs like Ex-Im “largely shift production among sectors within the economy rather than raise the overall level of employment in the economy.” - Government Accountability Office, “Export-Import Bank: Key Factors in Considering Ex-Im Bank Reauthorization” “[A]t best the Ex-Im Bank creates jobs in export industries by destroying jobs in non-export industries.” – Donald Bodreaux, Ph.D, Professor of Economics at George Mason University “By some estimates, the Bank’s loan guarantees have resulted in up to 7,500 lost U.S.... Read More »
WASHINGTON -- The House Financial Services Committee on Wednesday held an in-depth, day-long hearing focused on the Export-Import Bank. The Washington Post - Fred Hochberg, chairman of the “embattled” Export-Import Bank, “refused to answer repeated questions” about whether he was aware of a criminal investigation being conducted into bank officials who are accused of corruption and taking kickbacks. The allegations “turned a harsher light on the agency – and fueled the arguments of the bank’s long-standing critics.” The Daily Caller - There is “a history of reforms being ignored” at the Bank. ... Read More »
In the News | The Committee on Financial Services Committee Seeks Openness and Transparency at FSOC On Tuesday, the full committee held an oversight hearing with Treasury Secretary Lew on the activities of the Financial Stability Oversight Council (FSOC). Under questioning from Chairman Jeb Hensarling (R-TX), Secretary Lew admitted that he could not say the Dodd-Frank Act ended "Too Big to Fail" as Democrats promised. "Can you tell this committee today with an honest, straight face that we have ended 'Too Big to Fail'?" Chairman Hensarling asked. "I'm not sure we'll know the answer to that qu... Read More »
June 26, 2014 By Charles Lane Of all the purposes for which you might put U.S. taxpayer dollars at risk, helping wealthy petro-states borrow millions to buy Boeing jets would not rank among the most urgent. Yet that is what the Export-Import Bank does: In fiscal 2013, Ex-Im backed$8.3 billion in aircraft and related sales, including a $117.5 million loan guarantee to support Boeing 737 purchases by Dubai — a typical transaction for an agency that has, over the years, earned the sobriquet “Bank of Boeing,” though it does also support Caterpillar and General Electric, among others. Now Ex-Im su... Read More »
The Financial Services Committee will hold the following hearings this week: Tuesday, June 24 at 10 a.m. – The Committee will hear from Treasury Secretary Jacob Lew on the Annual Report of the Financial Stability Oversight Council. Wednesday, June 25 at 10 a.m. – The Committee will hold a hearing entitled: “Examining Reauthorization of the Export-Import Bank: Corporate Necessity or Corporate Welfare?” Thursday, June 26 at 9:15 a.m. – The Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing entitled: “Oversight of the SEC’s Division of Trading and Markets.” A... Read More »
Committee Seeks Accountability at the CFPB On Tuesday, the full committee held a hearing with Director Richard Cordray to receive the fifth Semi-Annual Report of the Consumer Financial Protection Bureau. "Since Director Cordray last appeared before our committee in January, we have learned much. First, we have learned in the first quarter of this year we actually had negative economic growth of one percent. And when you speak to practically any small businessperson, any community banker they will tell you the sheer weight, volume, complexity of the regulatory red tape burden is one of the prim... Read More »
Note: The Financial Services Committee will hold two hearings about the CFPB on Wednesday, June 18. At 10 a.m., the full committee will hear from CFPB Director Richard Cordray. At 2 p.m., the Financial Services Oversight and Investigations Subcommittee will hear from CFPB whistleblowers during its third hearing on allegations of discrimination and retaliation within the CFPB. Both hearings will take place in room 2128 Rayburn House Office Building and will be webcast at /. POLITICO PRO: CFPB employee’s charges of retaliation to be aired at hearing 6/16/14 A Consumer Financial Protection Bureau... Read More »
