Today, the Committee on Financial Services, led by Republican Leader Patrick McHenry (NC-10), held its first quarterly oversight hearing under the CARES Act with Secretary of the Treasury, Steven Mnuchin, and Chairman of the Federal Reserve, Jerome Powell, to discuss the response to the economic crisis caused by the COVID-19 global pandemic.
In his opening remarks, Republican Leader… Read more »
Today, the U.S. Supreme Court ruled in Seila Law LLC v CFPB that the Consumer Financial Protection Bureau’s (CFPB) leadership structure is unconstitutional. The Court agreed with arguments made by House Republican leadership and Financial Services Committee Republicans that the CFPB's leadership structure, which features a single head removable only for inefficiency, neglect, or… Read more »
Today, House Democrats advanced three partisan Financial Services’ measures to codify longstanding Democrat priorities under the guise of coronavirus relief and consumer support.
H.R. 7301:This bill authorizes hundreds of billions of dollars in new spending, effectively tripling HUD’s FY2020 appropriation. H.R. 7301 provides no additional provisions to provide accountability for the… Read more »
Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Federal Deposit Insurance Corporation’s (FDIC) vote to finalize its Valid-When-Made rule and amend the overly-burdensome Volcker rule:
“The regulatory uncertainty caused by the ‘Madden’ decision drives lenders away and hurts borrowers. The FDIC’s… Read more »
Today, the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing with the Securities and Exchange Commission (SEC) Chairman, Jay Clayton. Committee Republicans focused on the Commission's work to stabilize capital markets and reduce regulatory burdens on businesses, streamline the flow of capital to ensure a strong economic recovery, and increase… Read more »
Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), joined After the Bell on Fox Business to discuss next steps in the effort to combat the economic crisis caused by the coronavirus public health crisis. The Ranking Member also stressed the importance of a plan to right-size relief policies to ensure long-term financial stability.
… Read more »
Today, the Financial Services Committee is holding a virtual hearing with Federal Reserve Chairman Jerome Powell on the state of our economy and the Federal Reserve’s actions to respond to the economic crisis caused by the global health crisis.
Watch Ranking Republican Patrick McHenry’s (NC-10) opening remarks here.
Ranking Member McHenry’s opening remarks as delivered:
“Thank you,… Read more »
Today, the Subcommittee on National Security, International Development, and Monetary Policy held a virtual hearing on the increased threat of coronavirus-fueled cyberattacks against our financial institutions and vulnerable Americans.
“Cybersecurity and the need for strong cyber protocols has long been a topic of discussion in this Committee, and the virus has only underscored the… Read more »
Today, the Federal Reserve opened lender registration for the Main Street Lending Program (MSLP), signaling the program will soon be operational. The MSLP will support small and mid-sized businesses, and their employees, that were in good financial standing before the public health crisis by ensuring credit flows to businesses in need. Keeping these Main Street businesses solvent will… Read more »
Today, the Task Force on Financial Technology held a virtual hearing on the role that new technologies, like the digital dollar, play in fostering greater financial inclusion for the underbanked. These emerging technologies also offer a solution for swiftly disbursing government assistance—such as stimulus payments—to Americans with limited access to traditional banking services.
“I want… Read more »
