In Case You Missed It

By Victoria Guida | March 17, 2020 Federal bank regulators today moved to make it easier for lenders to reduce their loss-absorbing capital as they aim to clear the path for banks to keep credit flowing amid economic stress from the coronavirus pandemic. The move adjusts capital rules so the penalties banks face for incremental… Read more »

Representative Patrick McHenry, Ranking Member on the House Financial Services Committee, has proposed legislation to crowdfund a vaccine for the Coronavirus entitled “Crowdfunding to Combat the Coronavirus Act.” The bill creates a $1 billion prize for anyone that develops a vaccine for COVID-19 that is “affordable and widely available.”  Any potential vaccine must be determined… Read more »

Representative Patrick McHenry distributed multiple legislative proposals today designed to mitigate the impact of the Coronavirus pandemic. While the inevitable outcome is unknown, what is clear is that the economy will take a hit – most likely impacting small businesses disproportionately. McHenry, the Ranking Member on the House Financial Services Committee, has submitted a… Read more »

The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), joined Congressman Dan Crenshaw’s (TX-2) recently launched podcast to discuss the technology behind cryptocurrencies, like Bitcoin, and its potential to foster greater financial inclusion—and help you get to work on time. Listen to the full episode of Hold These Truths, with Ranking Member McHenry,… Read more »

Last year, the Financial Services Committee heard directly from the CEOs of America’s seven largest banks. When asked what kept these leaders up at night, a majority cited cyberattacks as the greatest risk they faced — not productivity growth, not political upheaval overseas, not an economic slowdown in China. Threats… Read more »

A top Republican is seeking additional answers on the potential impact of a financial transaction tax on the markets and U.S. economy. In a letter obtained by FOX Business, Ranking Member of the House Financial Services Committee Patrick McHenry asked Treasury Secretary Steven Mnuchin to analyze the effects of a new levy on stock trades -- a policy favored by several Democratic… Read more »

Today, Republican leader of the House Financial Services Committee Patrick McHenry (NC-10) appeared on Laura Shin’s cryptocurrency podcast, Unchained, to discuss his newly reintroduced bill, the Financial Services Innovation Act of 2019, to modernize and streamline how innovators interact with regulators. … Read more »

Rep. Patrick McHenry introduces bill requiring central bank to report on security preparations The top Republican lawmaker on an influential House committee wants the Federal Reserve to be more open about its cybersecurity preparations. Rep. Patrick McHenry (R., N.C.), the ranking member of the House Financial Services Committee, this week introduced legislation that would compel the… Read more »

Rep. Patrick McHenry (R-N.C.) today pressed Federal Reserve regulatory chief Randal Quarles for more information about the central bank's supervision of Capital One following a massive data breach at the bank. "I ask that you provide information on the Capital One breach, including an indication of whether any suspicious activity was noted during the Federal Reserve's examination of… Read more »

Credit reporting companies would be subject to supervision and examination authority by the Consumer Financial Protection Bureau (CFPB) and would be barred from using Social Security numbers, under new legislation proposed by Rep. Patrick McHenry (R-N.C.). Unlike earlier bills that have passed through committee without any Republican votes, this bill could have legs, with Rep. McHenry,… Read more »