financialservices.house.gov
Cmte Financial Services (R)
Contact:
WEEK IN REVIEW
Washington, Mar 3 -
Report: FSOC Acts Inconsistently and Arbitrarily The House Financial Services Committee released a staff report on Tuesday which revealed that the Financial Stability Oversight Council (FSOC) acts inconsistently and arbitrarily in exercising its power to designate certain non-bank companies as “too big to fail.” As reported by Reuters, the report is based on documents requested by the Committee nearly two years ago and the sworn testimony of Treasury Department officials, both of which were only obtained as the result of a Congressional subpoena. The report shows that not only is FSOC’s analysis inconsistent, FSOC does not even follow its own rules—to the extent that FSOC even has rules that could be consistently followed. “Today’s FSOC designations are tomorrow’s taxpayer-funded bailouts. The FSOC typifies Washington’s shadow regulatory system of powerful government bureaucrats, secretive meetings, arbitrary rules and unchecked power to punish enemies and reward friends,” said House Financial Services Committee Chairman Jeb Hensarling (R-TX). Committee Submits Views and Estimates on the Fiscal Year 2018 Budget The Committee approved its Fiscal Year 2018 Budget Views and Estimates on Tuesday. “As we confront this task, we do so with the knowledge that it is neither fair nor compassionate to saddle future generations with ruinous debt. It is neither fair nor compassionate to continue spending money we don’t have, for that ultimately makes it impossible to support the safety net for those who truly need it. The answer lies in policies that promote a healthy economy and a federal budget that doesn’t grow faster than the ability of the family budget that ultimately has to pay for it. That’s how we can create a more secure and a more confident America,” said Chairman Hensarling. Please click here for more information on the markup, including full text and the vote tally. MEMBER SPOTLIGHT A financial advisor in rural Mississippi called it “cliff diving without a parachute.” An investment portfolio manager from the suburbs of St. Louis said, “It’s as clear as it gets, and it just doesn’t make sense.” Weekend Must Reads Bloomberg | As Wall Street Thrives, America's Little Guy Chokes on Paperwork CNBC | The obscure Fed position with outsized power over economic growth At a time when the country is divided regarding just about everything, there is one priority we can all agree upon: the need to grow the economy and encourage the creation of more good-paying jobs. Wall Street Journal | Draining the Regulatory Swamp Nancy Pelosi says Republicans have accomplished nothing in 2017, and no doubt she wishes that were true. But the House has already voted to repeal 13 Obama-era regulations, and President Trump signed his third on Tuesday. Now the GOP should accelerate by fully utilizing the 1996 Congressional Review Act. Dallas Morning News | Why the Consumer Financial Protection Bureau has got to go Dallas Congressman Jeb Hensarling makes an excellent case for getting rid of Dodd-Frank or at least dismantling a large chunk of it including the Consumer Financial Protection Bureau. Wall Street Journal | The Forgotten Investor On the Horizon Thursday, March 9 at 10:00 a.m. In the News Reuters | House Republicans draw bead on Dodd-Frank 'too big to fail' plan Wall Street Journal Pro | House Committee Finds Inconsistencies in Work of Financial Stability Panel Politico Pro| House Financial Services Republicans slam FSOC in report Washington Examiner | Survey: Small businesses are hurting for credit access American Banker | Did Durbin amendment lead to unintended credit card splurge? Investor’s Business Daily | Economic Freedom Up Again, But Not in the U.S.
Rep. Ann Wagner (R-MO) | Americans Deserve More Access To Investment Advice
If some American banks are too big to fail, others have begun to feel they’re too small to succeed.
Housing and Insurance Subcommittee
“Flood Insurance Reform: FEMA’s Perspective”