financialservices.house.gov

Cmte Financial Services (R)
Contact:


McHenry at Hearing with Bank CEOs: This Is Theater—Not Oversight

Washington, Sep 21 -

Today, the House Financial Services Committee is holding a hearing with the CEOs of America’s largest retail banks. Republicans believe Americans deserve to hear how these financial institutions plan to support their customers through troubling economic headwinds caused by Democrats’ failed economic agenda, instead of far-left talking points to appease progressive activists.

Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.

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

“Thank you, Madam Chair.

“I disagree with the premise of this hearing.

“Not because I disagree with holding folks accountable.

“In fact, I don’t think this committee has done enough of that over the past two years.

“I disagree with this hearing because it’s theater—not oversight.

“The majority has had two years to do its job of oversight and they have failed miserably.

“Now that we are just over one month away from the midterms, they’re posturing.

“Democrats first held this hearing in 2019 in search of a headline.

“When that failed to garner the positive press they were seeking, Democrats felt emboldened by the Biden Administration and their new One-Party Rule to drag the CEOs back two years later in 2021 to parrot their progressive agenda.

“Now one year later, we can expect more of the same. This time, at the expense of focusing on the real issues facing Americans.

“And when it comes to our financial system, the list of issues is long.

“We’re going to hear Democrats encourage banks to make lending decisions based on ‘woke’ politics rather than creditworthiness. 

“But that’s not all.

“Unelected bureaucrats, congressional Democrats, and the Biden Administration have conspired to create uncertainty and stifle innovation in our financial system.

“They’re targeting essential and popular products and services used by millions of consumers, such as overdraft protection, Peer-to-Peer payments, and ‘Buy Now, Pay Later.’

“These policies limit options for consumers at a time when they can least afford it and make it more challenging for financial institutions to innovate.

“Coupled with reckless spending, Democrats’ bad policymaking is devastating Americans’ budgets.

“The price of gas is still higher than it was this time a year ago and threatens to spike again this winter. Groceries are more expensive – up more than 13 percent from last year.

“Biden’s inflation continues to clobber American families.

“Last week’s CPI numbers showed prices continuing to rise at 8.3% over the prior year and 0.1% over the prior month.

“Everything costs more now, and low-to-middle-income Americans are hurt the most.

“Add to all this the looming housing crisis.

“In an inflationary and rising interest rate environment, consumers are already having a harder time accessing affordable credit.

“Families are being priced out of the housing market because the Fed has been forced to keep raising interest rates as Democrats continue dumping gasoline on their economic dumpster fire.

“If none of that bothers you, how about this: the Biden Administration is treating the U.S. Treasury like its own 'megabank,' doling out around half a trillion in taxpayer dollars to repay student loans.

“The same folks paying for someone else’s American Dream can no longer afford their own.

“But let’s not focus on any of those issues…right?

“My colleagues have instead called in large bank CEOs to publicly pressure them to promote divisive partisan priorities.

“Instead of focusing on what your institutions do best – providing capital and serving customers – you’re here.

“It’s a shame. It’s theater. And it offers zero solutions to millions of Americans who are bearing the financial brunt of the Democrats’ virtue signaling.

 “I yield back.”

###