Press Releases

Week In Review


Washington, February 26, 2016 -

Subcommittee Discusses International Insurance Standards

On Thursday, the Subcommittee on Housing and Insurance held a hearing to discuss the impact of international regulatory standards on the competitiveness of U.S insurers. This is the second hearing the subcommittee has held on this topic during the 114th Congress.

“International regulatory efforts have the potential to benefit U.S. insurance markets and consumers, but we must be careful that we do not support any standard or agreement that could threaten the model of insurance supervision that has protected policyholders and kept our nation’s insurance market financially strong and competitive,” said Chairman Blaine Luetkemeyer (R-MO).

During its hearing, the Subcommittee also discussed draft legislation that would establish a series of reasonable requirements to be met before Treasury’s Federal Insurance Office, the Federal Reserve, or any other party to international insurance negotiations could consent to the adoption of a final insurance standard.

Regulations Harming Markets Are Focus of Hearing

The Subcommittee on Capital Markets and Government Sponsored held a hearing on Wednesday to investigate a decrease in liquidity and a lack of resiliency in the fixed income markets as a direct result of new Dodd-Frank Act and Basel requirements. During his opening statement, Subcommittee Chairman Scott Garrett (R-NJ) said, “This misguided approach began with the Dodd-Frank Act, which was rushed through Congress on a partisan vote with little regard for what its provisions would mean for Main Street America.”

Additionally, the subcommittee discussed three bipartisan legislative proposals to correct misguided regulations and instead promote capital formation and expanded investment opportunities.

Subcommittee Examines Puerto Rican Debt Crisis

The Oversight and Investigations Subcommittee held a hearing Thursday on Puerto Rico’s debt crisis and its impact on the bond markets.

“The crisis may already be here,” warned Chairman Sean Duffy (R-WI). “It’s no wonder that seven percent of the island has left in the last two years, many of whom have come to the mainland in search of opportunity after the island’s economy shrunk by 13 percent since 2006. This is further compounding the island’s crisis as its workforce flees, its tax base erodes and it becomes harder to service the island’s massive debt which now accounts for one out of every three dollars the Commonwealth spends.”

In its coverage of the hearing, The Hill noted, “The hearing highlighted the persistent divisions between the two parties, with Republicans warning against any bailout for the island territory.”


Rep. Blaine Luetkemeyer |Congress Just Unanimously Passed a Bill That Changes How We Talk About Federal Housing Policy

Many Americans across our country share the same dream: they want a house they can call a home. Unfortunately, this dream remains out of reach for far too many of our fellow citizens. For decades, our nation has made only small strides in raising up those in need. Over those same decades, we have seen policies and regulations that were well-intended become inefficient and overly burdensome. Programs that were meant to help Americans raise themselves up instead have left far too many struggling to get ahead, buried by bureaucracy and red tape.

Weekend Must Reads

American Banker | Who's Ready to Throw Out Dodd|Frank? Swing Voters

On the surface, it may appear that the debate over financial regulation is stuck in a time warp. Candidates continue to rail against Wall Street and threaten to "break up the banks!" Rulemaking for thecostlyand oftencounterproductiveDodd-Frank legislation grinds along, with dozens of rules and billions incompliance costsyet to come. But a closer look at voters' attitudes indicates that Dodd-Frank is ripe for reform.

AEI | The Truth About Poverty in America

There are 47 million Americans living in poverty today because our safety net programs are not doing enough to encourage work. Our highest priority should be to help people in poverty move from welfare to work.

On the Horizon

Tuesday, March 1, 2016 2:00pm
Task Force to Investigate Terror FinancingHearing

“Helping the Developing World Fight Terror Finance”

In the News

New York Post | Bank CEO Reveals How Obama Administration Shook Him Down

SNL Financial | House floating new bill to constrain Treasury, USTR and Fed on international insurance agreements

Reuters | BofA sees end to Fannie, Freddie conservatorships

Washington Times | Social Security, joblessness top economic concerns: AP poll

The Hill | Lawmakers grill officials on severity of Puerto Rico’s debt crisis

Politico Pro | House bill would intervene in international insurance talks

Pueblo Chieftain | Small banks discouraged with many new regulations


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