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Committee Advances 23 Bills

WASHINGTON – This week, the Financial Services Committee approved 23 bills largely aimed at ensuring that our economy is working for all working Americans. Since January, the committee has approved 63 bills. As Chairman Hensarling (R-TX) said when the committee began considering the proposals on Tuesday, the bills “will increase investment opportunities for more Americans. They will provide smaller businesses with greater access to the capital markets so those businesses can grow and create jobs...

Hensarling Responds to News of Cordray Resignation

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX), the sponsor of the House-passed Financial CHOICE Act, issued the following statement today in response to Richard Cordray's announcement that he will resign as head of the CFPB: “We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them. The CFPB tramples on the fundamental economic rights of American citizens, taking away their choices and opportunities. T...

Precarious Health of FHA a ‘Clear and Present Danger’ to the Economy

The declining fiscal condition of the Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund represents “a clear and present danger to taxpayers, homebuyers and the U.S. economy” and must be addressed by Congress, said Financial Services Committee Chairman Jeb Hensarling (R-TX). The FHA today released its fiscal year 2017 annual report on the economic health of the agency’s capital reserve fund, which is required to be at least 2 percent of the $1.23 trillion of mortgages it guarant...

House Passes Long-Term Reauthorization of Flood Insurance Program

WASHINGTON – Today, the House voted 237-189 to pass the 21st Century Flood Reform Act (H.R. 2874) – a package of seven bills from the Financial Services Committee to reform and reauthorize the National Flood Insurance Program (NFIP). The taxpayer-backed NFIP was created in 1968 to provide government insurance protection against flood risks for both homeowners and commercial businesses. 50 years later, the federal program has a monopoly, has borrowed over $35 billion from taxpayers, operates a $1...