McHenry at Committee Markup: These Bills Are A Grab Bag of So-called Solutions in Search of Problems

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Cmte Financial Services (R)
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McHenry at Committee Markup: These Bills Are A Grab Bag of So-called Solutions in Search of Problems

Washington, Jun 23 -

Today, the House Financial Services Committee is holding a markup of four partisan pieces of legislation that will not support our country’s reopening or get Americans back to work.

In a letter from Republican Leader Patrick McHenry (NC-10) to Chair Waters today, he urged the Chair to include Republican bills in Committee markups to “support our shared goal of growing the economy, protecting consumers and investors, growing our housing supply, helping small business, and strengthening our national security.”

Watch Republican Leader McHenry’s opening remarks here.

Read Republican Leader McHenry’s opening remarks as prepared for delivery:

“Thank you, Madam Chair.

“I’ve said this for the last two and half years, Committee Republicans stand ready to work with Democrats to identify solutions that are thoughtful, data-driven, and will support and protect consumers.

“Unfortunately, not one bill on the agenda today does that. Not one bill is the result of bipartisan Committee work. And not one bill is based on witness testimony demonstrating the need for legislative action.

“These bills are a grab bag of so-called solutions in search of problems.

“Take H.R. 3958, the bill to make the Central Liquidity Facility permanent. As the Chair knows, Committee Republicans were prepared to support a one-year extension of the NCUA Central Liquidity Facility. This was one of several regulatory relief provisions included in the CARES Act and extended this past December to provide temporary and targeted relief.

“Now, all of a sudden Committee Democrats want to make this provision permanent – without discussion or input from Members. We have no data on the CLF’s effectiveness or what the implications are in making this provision permanent. Moreover, has NCUA even asked for this provision to be made permanent? Not to my knowledge, so what’s the point of this bill?

“Or, H.R. 3968. I appreciate the gentleman’s effort but not once has this committee discussed the need to add Municipal IDs to the Customer Identification Program guidance. If this is a pressing issue, we should have a discussion regarding its importance and the problems it is attempting to solve. How do we know the impact this bill will have on AML/BSA programs? Will it jeopardize safety and soundness? Until we have answers, this bill is premature.

“H.R. 3948 is just another attempt to name and shame GSIBs. It will not make GSIBs more accountable. It will not help banks achieve greater financial inclusion for current and future customer. It does not foster innovative products and services, nor will it protect consumer data from hackers or cyberattacks. This bill is more of what we’ve seen all Congress. More mandates, more one size fits all regulations that are intended to shame companies into complying with the left’s progressive agenda.

“With respect to H.R. 2689, Committee Republicans support the goals of the Minority Business Development Agency, which was established in 1969. However, there is limited data regarding the effectiveness of the program over the last sixty plus years. Committee Republicans believe more data is necessary to better understand the effectiveness of the program before expanding it and authorizing more than $100 million in appropriations for it.

“This Committee should be looking at the effectiveness of the money provided over the last year to determine whether there are more effective ways to distribute funding to reach minority communities. Congress appropriated $12 billion to CDFIs and MDIs in the December Consolidated Appropriations Act as well as additional funding for CDFIs and MDIs in the Paycheck Protection Program, and for the State Small Business Credit Initiative. All of these funding streams should be reviewed to determine their effectiveness in serving the communities they are intended to help.

“So, we’ll spend today discussing these bills that do nothing to support our country’s reopening or getting Americans back to work.

“But there is one bright spot, I wrote to the Chair today to express my appreciation for normalizing this committee’s operations so we can better serve the American people.

“However, as we move back to in person operations, I would urge the Chair to include Republican bills in these markups. Committee Republicans have been patient and accommodating as we worked through the logistics associated with virtual and hybrid hearings and markups.

“However, now that we are moving back to full capacity, there is no reason we cannot work together to attach and markup the common-sense Republican bills and solutions we have to offer. I ask that the letter and the list of Republican bills ripe for markup be inserted into the record.

“With that, I yield back.”

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