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House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s committee meeting to consider proposed legislation:
The committee meets today to consider five pieces of legislation, nearly all of which have earned bipartisan support and are largely aimed at creating a healthier economy for hardworking Americans. I thank all members of the committee on both sides of the aisle for working to bring these bills forward for action. Let me briefly review these measures.
H.R. 1624, the Municipal Finance Support Act of 2017, is sponsored by our colleague from Indiana, Mr. Messer, and is co-sponsored by several members of the committee: Mr. Hultgren, Mr. King, Mr. Poliquin, Mr. Ross, Mr. Delaney, Ms. Maloney, Mr. Meeks, Ms. Moore, Mr. Sherman, Ms. Sinema and Ms. Velazquez.
The bill would require federal banking regulators to treat certain municipal securities held by financial institutions as high-quality liquid assets. This change will protect financial institution investment in local communities by including investment grade municipal bonds in bank liquidity buffers. Without this fix, critical local infrastructure projects could lack the financing needed to go forward.
The committee will also consider H.R. 2864, the Improving Access to Capital Act, sponsored by Ms. Sinema and co-sponsored by Mr. Hollingsworth. This bipartisan bill will help small companies access capital and give small investors greater investment opportunities. The legislation will provide a useful tool for smaller reporting companies to raise capital from the public through a streamlined SEC review process. This is an important step toward lowering the costs of raising capital and fostering healthier growth in the American economy.
H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act, is also on our agenda today. This bipartisan bill is sponsored by Mr. Hultgren and co-sponsored by the Ranking Member, Ms. Waters, and several other members of the committee. The bill amends Title I of the Dodd-Frank Act to clarify the term of the FSOC’s Independent Member with Insurance Expertise.
I am also pleased that the committee will consider H.R. 3326, the World Bank Accountability Act, sponsored by Monetary Policy and Trade Subcommittee Chairman, Mr. Barr. U.S. leadership means demanding results from development organizations like the World Bank and holding them accountable. In its oversight of the World Bank, the Subcommittee has found that the Bank fallen short in its important anti-poverty mission.
The reforms mandated in this bill address institutional problems at the World Bank that have been documented by the Bank itself. In addition, the bill would require the Bank to strengthen its efforts to undermine violent extremism, and it would help prevent the Bank from approving any assistance to a country designated as a state sponsor of terrorism.
Finally, the committee will discuss a resolution of inquiry being offered by the Ranking Member that I believe is, frankly and regrettably, a procedural tool that is blatantly political of nature and one that I do not necessarily consider to be worthy of debate, but we will debate it nonetheless. On this committee, there will be some who wish to focus on Russia and impeachment, but under my chairmanship this committee will continue to be focused on America and a healthier economy -- particularly knowing that the House Intelligence Committee, the Senate Intelligence Committee, the FBI and the Special Counsel all are already conducting the investigation that is subject of the inquiry.