Today, at the only scheduled committee hearing to review Chairman Hensarling's Wrong Choice Act, House Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-CA), submitted a letter to the Chairman requesting an additional hearing in order to thoroughly analyze how the legislation would impact consumers, investors, and the American economy.
"Following the worst financial crisis since the Great Depression, this Committee held 41 public hearings related to financial reform prior to the passage of the House version of the Dodd-Frank Wall Street Reform and Consumer Protection Act," the lawmakers wrote. “Mr. Chairman, while Democrats may not always agree with your policy proposals, we should all agree that the American public deserves nothing less than full transparency, accountability, and debate of the matters before this Committee.”
In the letter, the Democratic Members urged Chairman Hensarling to schedule at least one additional hearing given the scope and extent of the proposed legislative changes. The lawmakers stressed that Committee Members deserve an opportunity to comprehensively examine the effects of the legislation on the American economy.
The letter was unanimously signed by every Democratic Member of the House Committee on Financial Services. For more on how Chairman Hensarling’s legislation is the Wrong Choice for America, click here.
The full text of the letter is below:
April 26, 2017
Representative Jeb Hensarling
United States House of Representatives
Financial Services Committee
2129 Rayburn House Office Building
Washington, DC 20515
Dear Chairman Hensarling:
In accordance with Clause 2(j)(1) of Rule XI of the Rules of the House, and Clause (d)(5) of Rule 3 of the Rules of the Committee on Financial Services, we write to notify you of our intent to call witnesses selected by the Democrats to testify on the Financial CHOICE Act of 2017 discussion draft at a hearing separate from the Majority’s hearing on April 26, 2017. Holding this hearing, also known as a “minority day hearing” will provide Democratic members of the Committee and the American public the opportunity to further examine your legislation and its potential effects on consumers and investors all across the country.
Given the scope and extent of the proposed legislative changes in the discussion draft, ranging from capital markets, banking, consumer protection, investor protection, financial stability, insurance, and monetary policy, it is critical that multiple hearings be convened to allow diverse and comprehensive testimony on these topics before the Committee marks up the measure. Our constituents and the American public deserve a thorough vetting of this nearly 600-page bill, which has the potential to significantly change our economy.
Convening multiple hearings to solicit testimony representing a broad set of viewpoints is not without precedent in this Committee. Following the worst financial crisis since the Great Depression, this Committee held 41 public hearings related to financial reform prior to the passage of the House version of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Mr. Chairman, while Democrats may not always agree with your policy proposals, we should all agree that the American public deserves nothing less than full transparency, accountability, and debate of the matters before this Committee. That is why Democrats will exercise our right to hold a minority day hearing on the Financial CHOICE Act discussion draft and we look forward to working with you to determine the date, time, and place of such hearing.
Maxine Waters, Ranking Member
Carolyn B. Maloney
Nydia M. Velázquez
Gregory W. Meeks
Michael E. Capuano
Wm. Lacy Clay
Stephen F. Lynch
Jim A. Himes
Daniel T. Kildee
John K. Delaney