financialservices.house.gov

Cmte Financial Services (R)
Contact:


Republican Committee Members Continue to Work with Regulators on COVID-19 Relief Efforts

Washington, May 14 -

Yesterday, the Subcommittee on Consumer Protection and Financial Institutions held its first virtual roundtable with prudential regulators to discuss their response to the recent economic dislocation caused by the coronavirus (COVID-19) public health crisis.

Republican Leader Patrick McHenry (NC-10) and Chairwoman Maxine Waters (CA-43) came to agreement on bipartisan guidelines for conducting virtual roundtables. This setting will allow Members to responsibly gather information that can be used to inform the Committee’s policymaking decisions in response to the crisis and efforts to facilitate a strong economic recovery for the American people.

“While today’s roundtable is not a hearing, it is my hope that we can have a meaningful discussion on the steps that regulators have taken to date and examine what further steps may be taken to ensure the health of the American economy,” said Subcommittee Ranking Member Blaine Luetkemeyer (MO-3).

“I think it is important that you all stay focused on your job of following through on the agenda that you set forward for our financial industry and to ensure that they are properly regulated and that we address any regulations that are ill fitting for the current crisis that we face economically,” said Ranking Member McHenry.

During the roundtable, Committee Republicans urged the panelists to focus on rightsizing burdensome regulations which may otherwise hamper our nation’s economic recovery from the coronavirus pandemic, while continuing to adequately monitor risk to ensure the American financial system remains safe and sound.

Republicans also emphasized the need for the regulators to swiftly implement key provisions of the CARES Act. Specifically, Republican Members highlighted the urgency of additional guidance regarding the standing up of the Federal Reserve liquidity facilities.

Roundtable panelists included:

• The Honorable Rodney Hood, Chairman, National Credit Union Administration
• The Honorable Joseph M. Otting, Comptroller of the Currency, Office of the Comptroller of the Currency
• The Honorable Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
• The Honorable Randal Quarles, Vice Chairman of Supervision, Board of Governors of the Federal Reserve System

Watch the virtual roundtable here.

Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.