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Republican Committee Leaders Call on Financial Stability Oversight Council to Prepare for Coronavirus Impact

Washington, Mar 10 -

WASHINGTON – Today, House Financial Services Committee Republican leaders, led by Ranking Member Patrick McHenry (NC-10), sent a letter to the Chairman of the Financial Stability Oversight Council (FSOC), Secretary Steven Mnuchin. In the letter, Committee leaders requested FSOC convene a meeting to ensure they are prepared to address the potential threat of coronavirus to our financial system.

Today, Ranking Member McHenry also called for the Financial Services Committee to prioritize hearings to better inform the public on efforts to mitigate the impact of coronavirus on consumers.

Read the full letter here or below:

Dear Secretary Mnuchin:

We write to you in your capacity as Chairperson of the Financial Stability Oversight Council (FSOC or Council) and to request your assistance in understanding the effects of the coronavirus disease 2019 (COVID-19) on the U.S. financial system and economy.

The FSOC has a clear statutory purpose "to respond to emerging threats to the stability of the United States financial system." The global economic impacts of the outbreak of COVID-19 could produce economic spillovers. As COVID-19 continues to spread, the FSOC has a responsibility to inform Congress of the Council's work to examine the impacts and respond to potential threats.

We ask you, in your capacity as Chair of FSOC, to convene a meeting of the Council to ensure appropriate coordination and planning in response to the potential threat to international and domestic financial stability. In addition, we urge the Council to provide recommendations to member agencies to ensure business continuity and to mitigate this growing health crisis.

Sincerely,

Patrick McHenry

Ranking Member

Ann Wagner

Vice Ranking Member

Bill Huizenga

Ranking Member

Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets

French Hill

Ranking Member

Subcommittee on National Security, International Development, and Monetary Policy

Blaine Luetkemeyer

Ranking Member

Subcommittee on Consumer Protection and Financial Institutions

Andy Barr

Ranking Member

Subcommittee on Oversight and Investigations

Steve Stivers

Ranking Member

Subcommittee on Housing, Community Development, and Insurance