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McHenry warns of 'circus atmosphere' surrounding banks before major hearing
By: Patrick Temple-West, POLITICO Pro

Washington, Apr 2 -

Politically motivated jabs at banks risk distracting lawmakers from addressing serious threats to the U.S. economy, from China's debt bubble to Brexit, the top Republican on the House Financial Services Committee said today.

In a speech at the Chamber of Commerce, Rep. Patrick McHenry (R-N.C.) said that while the next big threat to the global economy is difficult to identify, "if we spend our time politicizing banking we will miss it."

The "looming Chinese debt burden," cybersecurity risks and a "hard Brexit," where the U.K. leaves the European Union without a deal, are all potential threats to the U.S., he said.

"Politicizing banking distracts us from what needs to be an area of bipartisanship on Capitol Hill," he said.

The committee is scheduled to hold an April 10 hearing with executives from major banks, who are likely to be grilled by the Democrats.

In addressing Financial Services Chairwoman Maxine Waters, McHenry said "we have a fantastic opportunity to get big things done." But he added: "That means not politicizing banking and not allowing the circus atmosphere of Capitol Hill to invade our committee."

McHenry also called for modernizing the Export-Import Bank "to enhance American market access globally."