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Chairman Hill's Opening Statement for First Markup of 119th Congress

Washington, Mar 5 -

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding its first legislative markup of the 119th Congress.

Watch Chairman Hill’s opening remarks here.

Read Chairman Hill’s opening remarks as prepared for delivery:

"Good morning and welcome to our first legislative markup of the 119th Congress.

"I am eager to start our work. For these next two years, we will focus on balancing regulatory oversight with the promotion of innovation and competitiveness in the U.S. financial services sector.

"Over our first full month, with great help from all our members, our Subcommittee Chairs have held either hearings on policy or a roundtable in all our Subcommittee areas of focus.

"The Financial Services Committee – under Republican leadership – has legislative priorities that we will conduct hearings and pursue solutions in each of our Subcommittees and Task Force.

"Subcommittee Chairs will tackle these issues through a portfolio approach –where Subcommittee Chairs will encourage all members to work together and fully participate.

"We will do the hard work to find solutions and I encourage all members– Republican and Democrat– to bring ideas to your Subcommittee Chairs and Ranking Members.

"I will emphasize to my friends across the aisle: our doors are more than open.

"This is evidenced by the fact that just last week, we held a Full Committee hearing on the challenges posed by China across a range of bipartisan issues.

"We all agree: The U.S. will prevail over China. 

"To show our commitment to defending the U.S. and its allies against China, this markup includes several bipartisan measures championed by members of this Committee.

"These bills underscore the scope of the Committee’s jurisdiction and the unique ways our members contribute to our national security.

"We will be promoting a forward-looking agenda by:

• safeguarding the integrity of our financial system against fentanyl trafficking;

• mitigating longer-term risks in the Chinese financial system; 

• supporting our friends in Taiwan at the international financial institutions;

• and by ensuring that we finance global energy infrastructure supplied by the United States and our allies.

"These are just a few of the initiatives I look forward to passing today.

"As I noted at our hearing on China last week, we are focused on winning the economic and global leadership race with China by building a better system than China, and that includes building a global financial system where our values and interests prevail.

"I commend all our sponsors for their work to make this a reality.

"Today, we will also consider the Congressional Review Act resolution to nullify the CFPB’s harmful overdraft rule.  

"The CFPB’s misguided overdraft rule imposes a government mandated price cap that would reduce consumer choice, deny this needed service to our citizens, and stifle innovation.

"Don’t take only our word for it, a Federal Reserve Bank of New York report concluded: “That overdraft fee caps hinder financial inclusion. When constrained by fee caps, banks reduce overdraft coverage and deposit supply, causing more returned checks and a decline in account ownership among low-income households.”

"CFPB’s overdraft rule exceeded the authority granted to the CFPB by Congress under the Truth in Lending Act. 

"The resolution simply reverses the CFPB’s overreach.

"I would implore my friends across the aisle to consider the impact of the CFPB’s overdraft rule.

"By forcing banks to cut their fees, or to treat overdrafts as “loans”, banks will limit the service, especially to low-income and low-credit customers. That would drive customers in a pinch towards alternative products - much more costly non-bank products.

"Certainly, that cannot be your intention with a no vote on this resolution.

"With that, I yield back the balance of my time."