financialservices.house.gov
Cmte Financial Services (R)
Contact:
WEEK IN REVIEW
Washington, Feb 17 -
Federal Reserve Chair Testifies Before the Committee “Economic growth has been quite disappointing,” Federal Reserve Chair Janet Yellen acknowledged to the Financial Services Committee on Wednesday during her Semi-Annual Monetary Policy Report to Congress, echoing points made by Chairman Jeb Hensarling (R-TX) during his opening statement that Americans have suffered through eight years of subpar growth and stagnant paychecks. “I believe the last eight years have shown that no amount of monetary policy stimulus can make up for the fiscal policy headwinds of a cumbersome, failed regulatory state, an uncompetitive tax code, Obamacare and Dodd-Frank,” Chairman Hensarling said. “All of these must be remedied and changed if we are to have a healthy economy for all and bank bailouts for none.” Monetary Policy and Trade Subcommittee Chairman Andy Barr (R-KY) called for a strategy-based monetary policy rather than the Fed’s improvisational approach. “The American people are ready for a change -- a change from the Fed's unconventional and unpredictable policies, a change from the Fed's inaccurate projections of growth, and a change from disappointing economic results. It's time for the Fed to begin prudently shrinking its balance sheet, end its easy money policies that have fueled government borrowing, and shift to a more firmly grounded strategy-based policy that will assure price stability, facilitate commerce wherever it shows promise, and create the conditions for strong economic growth,” he said. Subcommittee Examines U.S.-EU Covered Agreement The Housing and Insurance Subcommittee met on Thursday to discuss the recently announced “covered agreement” reached between the United States and the European Union on insurance and reinsurance. Members agreed it is important for Congress to exercise its oversight of international agreements, especially those that are finalized at the eleventh hour of an outgoing administration. Chairman Sean Duffy (R-WI) said, “I believe this committee should seriously consider improvements to international insurance negotiations more generally to enhance the role of state insurance regulators.” Repeal of Harmful Dodd-Frank Regulation Signed Into Law Several members of the Financial Services Committee were on hand as President Trump signed House Joint Resolution 41, legislation that repeals a controversial Dodd-Frank Act rule that put American public companies at a disadvantage against many foreign competitors. The legislation, sponsored by Capital Markets, Securities and Investments Subcommittee Chairman Bill Huizenga (R-MI), passed the House 235-187 on Feb. 1. “In order to get our economy growing, we need to reset our nation’s arcane regulatory process. I am honored to have authored one of the first bills signed into law to do precisely that. H.J. Res. 41 removes a burdensome regulation that puts U.S. companies at a competitive disadvantage on the global stage,” said Chairman Huizenga. After attending the bill signing in the Oval Office, Chairman Hensarling said, “Today we sent a message to Washington bureaucrats: go back to the drawing board and come up with a better rule that does not undercut America’s ability to compete and does not harm American jobs.” Member Spotlight Rep. Andy Barr (R-KY) | Restoring Conventional Monetary Policy At The Fed Weekend Must Reads Wall Street Journal | How We’ll Stop a Rogue Federal Agency The Obama presidency placed no greater burden on America’s growth potential than the avalanche of regulations that smother the U.S. economic system. The most destructive and dangerous of the new regulatory bureaucracies created by the Democrat-dominated 111th Congress is the Consumer Financial Protection Bureau. Vancouver Business Journal | Local banks hope for common sense reforms At Vancouver’s Riverview Bank it used to take about two hours for the bank’s compliance team to review a mortgage loan application before closing the deal. Now, thanks to the complexity and volume of bank regulatory reforms, the same review process has increased to a minimum of three hours. But that’s only part of the story. American Enterprise Institute | Higher leverage ratio is hardly a big-bank giveaway Industry critics have charged that House Financial Committee Chairman Jeb Hensarling’s regulatory reform bill, known as the Financial Choice Act, is a big-bank giveaway. But if that were true, why do signs point to big banks turning down the gift? In the News Politico Pro | GOP, Wall Street to clash in 'too big to fail' fight Morning Consult | Republicans Warn Yellen Not to Finalize Rules Until Fed Vacancies Filled Wall Street Journal | Trump Signs Measure Curbing Dodd-Frank Rules on Energy and Mining Companies Politico Pro | Pence adviser urges full repeal of Dodd-Frank Wall Street Journal | Yellen Defends Fed Efforts to Boost Economy During House Questioning Politico Pro | Yellen endorses 'core principles' in Trump financial regulation order Morning Consult | Yellen Open to Dodd-Frank Changes for Community Banks
A new president has taken office, giving Republicans unified control of the federal government. And we are wasting no time addressing the regulatory overreaches and bad policies of the last administration that have hamstrung our economy, including the financial regulatory law known as Dodd-Frank.