By Rep. Patrick McHenry, R-N.C. | July 15, 2021 This year began with a question about whether we had done enough to secure a full economic recovery. Now the question is: can our economy handle this recovery? Prices are rising and they are rising fast — unsound fiscal policy and government spending are contributing to these higher costs. Families are feeling it when they buy groceries, fill up their tank, or book a plane ticket to finally reunite with relatives after a year and a half in lockdown. Democrats say it’s transitory and prices will come down. Republicans say inflation is about to tak... Read More »
Just two weeks after being stood up, funding for the Paycheck Protection Program (PPP)—a popular and necessary program for America’s struggling small businesses—ran out. While Republican efforts to replenish this fund have been stalled, financial institutions of all sizes are stepping up to ensure that as soon as Democrats stop playing political games, they are ready to rush critical support to small businesses and their workers. Below are just a few examples of financial institutions taking steps to provide relief to small businesses around the country: Michigan First Credit Union “The Small ... Read More »
Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s hearing with the Federal Reserve’s Vice Chairman for Supervision Randal Quarles: This morning, we welcome back for his semi-annual testimony, The Honorable Randy Quarles, the Federal Reserve’s Vice Chairman for Supervision. As we know all too well, the Dodd-Frank Act dramatically increased the Fed’s powers way beyond its traditional monetary policy responsibilities. Through so-called “heightened prudential standards,” the Fed can functionally now control the largest financial instit... Read More »
In the years following the recent financial crisis, our community financial institutions have cited costly, burdensome, and one-size-fits-all Washington regulations as major roadblocks to their ability to grow and serve their customers. Over the past several months, the House of Representatives has passed dozens of strongly bipartisan pro-growth bills to help not only our community financial institutions but small businesses and American consumers as well. These House-passed bills lift unnecessary regulations, provide relief to Main Street, and make it easier for folks to buy a car, achieve th... Read More »
The Subcommittee on Monetary Policy and Trade met today to evaluate the operations of the Committee on Foreign Investment in the United States (CFIUS) and the challenges it faces by a changing global economy. “Today’s hearing is the third time this Congress that the Subcommittee has publicly examined the Committee on Foreign Investment in the United States, or CFIUS,” said Subcommittee Chairman Andy Barr (R-KY). “As the Subcommittee continues to review CFIUS and begins to consider potential reforms, it is clear that we must improve our security review process to ensure that bad actors do not g... Read More »
The House passed bipartisan legislation on Tuesday that provides important regulatory relief for small banks and credit unions and protects consumer access to mortgage credit. The CFPB’s expansion of escrow requirements and guidance on escrow and mortgage servicing requirements are prime examples of the regulatory burden placed on community financial institutions. With the smaller staff and resources of community institutions, existing escrow rules are financially and technically prohibitive. Many community banks and credit unions lack the resources to create and maintain escrow accounts in ho... Read More »
When I talk to constituents in western Pennsylvania, I hear a common concern: some in this country are thriving and getting ahead, but many believe the American dream is moving further from their reach. Big businesses, the wealthy and well-connected are doing fine, while millions of hard-working Americans – mom-and-pop business owners and those on Main Street – face one barrier after another to their success. Today, we have a two-speed economy, but all Americans deserve a chance at success, not just those in Washington, D.C., or those at the top. A major cause of this two-speed economy is the... Read More »
Congress will soon vote on a plan to significantly overhaul the 2010 financial control law commonly known as the Dodd-Frank Act. This is great news for jobs and growth in Kentucky. In the nearly seven years since enactment of the 2,300-page Dodd-Frank law, roughly one in five Kentucky credit unions and community banks has closed its doors. Nationwide, more than 43 percent of banks under $100 million in assets have disappeared. And whereas nearly 170 new banks were chartered on average per year before the financial crisis, there have been only six new bank charters total since Dodd-Frank. This... Read More »
Legislation to end bank bailouts, toughen penalties for wrongdoing on Wall Street, promote economic growth, and provide desperately needed regulatory relief for small community banks and credit unions passed the House Financial Services Committee 34-26 today. The legislation – the Financial CHOICE Act – ends the Dodd-Frank Act’s taxpayer-funded bailouts of large financial institutions and imposes the toughest penalties in history on those who commit fraud and insider trading. The bill also demands greater accountability from Washington regulators and relieves well-capitalized banks from growth... Read More »
Under the Obama Administration we saw the rise of imperial Washington, D.C., with the crushing weight of regulations from healthcare to energy to financial services harming small businesses and families from the coasts to the heartland. I hear it from my constituents each and every time I am in the grocery store in St. Louis or at Mass on Sundays – they're hurting, and they're hurting because of unelected, unaccountable bureaucrats in Washington who are dictating their financial decisions and have no connection to the lives led by everyday Americans. The Obama-era behemoth known as The Dodd–F... Read More »
