Press Releases

Today the Subcommittee on Housing and Insurance held a hearing to examine insurance for non-profit organizations. The purpose of this hearing was to evaluate the availability of property insurance coverage for non-profit organizations and address whether Risk Retention Groups (RRGs) should be granted the authority to offer property and auto coverage. “The input from this subcommittee… Read more »

The House voted 264-155 today for legislation that includes a bipartisan effort to encourage the creation of private flood insurance markets in an effort to provide homeowners with more coverage options at more affordable rates. The bipartisan Flood Insurance Market Parity and Modernization Act, sponsored by Reps. Dennis Ross (R-FL) and Kathy Castor (D-FL), would correct a longstanding… Read more »

The Subcommittee on Housing and Insurance held a hearing today to examine the Family Self-Sufficiency Program (FSS), a program that enables HUD-assisted families to increase their earned income and reduce their dependency on welfare assistance and rental subsidies. “Today’s subcommittee on the Family Self-Sufficiency Program was essential in learning what needs to be done to achieve our… Read more »

Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following remarks in support of the Flood Insurance Market Parity and Modernization Act: Mr. Speaker, it’s so obvious to all as we have looked in horror on our television screens to see the devastation of Harvey, Irma and Maria. There have been lots of tragic stories, harrowing tales of survival. I’ve… Read more »

The House Financial Services Committee released a second interim staff report on its investigation into the Wells Fargo fraudulent account scandal and the Consumer Financial Protection Bureau’s (CFPB) enforcement action on the matter. An internal CFPB “Recommendation Memorandum” for the Director – improperly withheld from the Committee for over a year – reveals the Bureau failed to fully… Read more »

House Financial Services Committee Chairman Jeb Hensarling (R-TX) released the following statement after visiting Houston and meeting with victims of Hurricane Harvey’s destruction:  “In Houston, I toured the damage and met with local and federal officials about future relief and much needed flood insurance reforms. During the visit, I met a man by the name of Guillermo who told his… Read more »

The Subcommittee on Monetary Policy and Trade held a hearing today to review legislation to impose financial sanctions targeting North Korea to curb the rogue nation’s development of weapons of mass destruction and ballistic missiles. The hearing also addressed the adequacy of the existing sanctions regime, particularly provisions under the United Nations Security Council Resolutions, as… Read more »

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today after FEMA announced it will likely need Congress to increase the borrowing authority of the National Flood Insurance Program: “For the victims who paid for flood insurance policies with the National Flood Insurance Program, their claims need to be paid and paid now.  Helping… Read more »

The Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Monetary Policy and Trade held a joint hearing today that examined the relationship between prudential regulation and monetary policy at the Federal Reserve. The main goal of the hearing was to determine whether these responsibilities complement or conflict with each other, and how they might be… Read more »

The Subcommittee on Capital Markets, Securities, and Investment held a hearing yesterday to provide oversight of the Financial Industry Regulatory Authority (FINRA), including its activities and policies as an independent, not-for-profit organization authorized by Congress to act as a self-regulatory organization (SRO) over the U.S. securities industry.  “As the primary regulatory… Read more »