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Wagner at Committee Markup: Today’s Bills Do Not Meet the Moment

Washington, May 17 -

Today, the House Financial Services Committee is holding a markup of several pieces of legislation. While families across the country are struggling with rising prices and empty store shelves, Committee Democrats are attempting to advance mostly partisan proposals that will do nothing to address the many problems plaguing our economic recovery.

Watch Vice Ranking Member Ann Wagner’s (MO-02) opening remarks here.

Read Vice Ranking Member Wagner’s opening remarks as prepared for delivery:

“Thank you, Madam Chair, for holding this markup.

“For those keeping count, this is our second markup of 2022.

“The first, in March, included four bipartisan bills to hold Russia accountable and help the Ukrainian people.

“This was positive, and an example of what this committee can accomplish when we work together.

“Unfortunately, the same cannot be said about today’s markup.

“The bills on today’s agenda are a grab-bag of partisan policies. Yes, there are bills with some Republican cosponsors sprinkled in but let’s be clear.

“Not one of these bills will pass the House, the Senate, or be signed into law.

“This type of ‘check-the-box’ markup is something we typically see at the end of the year so Members can go back to their districts and tout their wins. But it’s only May, and frankly, Madam Chair, the issues facing the American people are too great to be distracted by political gamesmanship.

“These bills do nothing to address skyrocketing prices, our broken supply chain—which, by the way, has contributed to an unthinkable baby formula shortage—or the ongoing war in Ukraine.

“Simply put, these bills are not in keeping with the reality of what’s happening in our country right now.

“So, let’s dig into what Democrats have on the agenda today:

 “H.R. 7022, the ‘Strengthening Cyber-Security for the Financial Sector Act.’ The bill’s title suggests that it will help strengthen—you guessed it—cybersecurity. Yet nowhere in the bill is cybersecurity mentioned, not even once.

“The bill actually gives NCUA broad authority to supervise and regulate credit union third-party service providers. But it’s unclear whether NCUA has the appropriate expertise or resources to conduct this type of oversight.

“In the same bill, we are significantly expanding the powers of FHFA to supervise and regulate all third-party service providers of the GSEs and FHLBs, regardless of their connection to the secondary mortgage market.

“My question to the bill sponsor is what are we really trying to accomplish with this bill? Did we bring NCUA in to talk about why the authority was terminated in the first place—no. Did we bring FHFA in to talk about the bill’s impact—no. We simply attached this bill to a hearing almost six months ago to check the box.

“Next, we have H.R. 4395. It’s another bill that is a so-called solution in search of a problem. Let me be clear, this bill is about propping up a few companies that will benefit directly from this bill. And, in the process, it creates a new pathway for frivolous lawsuits in federal court.

“And H.R. 7716. While seemingly well-intentioned, this bill accomplishes nothing.

“Instead, it adds new layers of complexity and spends taxpayer dollars on local bureaucrats for the purpose of helping them spend other taxpayer dollars. If we are serious about solving the problem of homelessness, we should look to the solutions that are proven to be effective.

“Let me be clear, I’m not diminishing the work of my colleagues or their efforts on these bills.

“And as I’ve said many times before, Committee Republicans stand ready to work with Democrats on bills that promote good policy.

“But today’s bills do not meet the moment.

“They will have no impact on the rising prices burying low-to-middle income families across America.

“In fact, they don’t even address the issues Democrats’ claim are causing inflation: so-called corporate greed, supply chain bottlenecks, COVID, or the war in Ukraine.

“Instead, we are here checking the box so Democrats can claim a win eight months before an election.

“I yield back the balance of my time.”

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