WEEK IN REVIEW | Financial Services Committee

Press Releases

WEEK IN REVIEW

Washington, June 17, 2016 -

Economic Growth for All, Bailouts for None

Looking for information on the Financial CHOICE Act? Visit /choice/ to learn more about the plan, described as “the broadest, most ambitious effort yet by the GOP to change how Wall Street and Washington interact” and “a constructive effort to spotlight Dodd-Frank’s flaws and show the way to improve it.”

Committee Acts to Help the Economy Grow

The Financial Services Committee passed 12 bills this week, including a series of bills “that will more appropriately balance rules with the urgent need to provide small business entrepreneurs with more options to access capital so they can start up, hire workers and grow their companies,” said Chairman Jeb Hensarling (R-TX).

The Morning Consult reported that Majority Leader Kevin McCarthy (R-CA) issued a statement following the committee’s action: “I look forward to bringing these bills to the floor because for America to be successful in the future, we must enable innovation, not hold it back.”

To view information about all the bills approved by the committee this week, please click here.

Member Spotlights

Rep. Robert Hurt | Op-Ed: Encourage economic prosperity

The House has worked in a bipartisan way over the last four years to adopt numerous bipartisan measures to mitigate the impacts of Dodd-Frank. I am hopeful the Financial CHOICE Act will be met with thoughtful consideration, and that it will be given a fair chance to replace Dodd-Frank. Doing so is imperative to allowing our economy the opportunity to grow and prosper.

Rep. Scott Garrett | VIDEO: Federal Oversight of Wall Street

Appearing on C-SPAN, Rep. Scott Garrett (R-NJ) discussed the Financial CHOICE Act, which will replace the failed Dodd-Frank Act with economic growth for all, bank bailouts for none.

Rep. Randy Neugebauer | Neugebauer Introduces a Bill to Reinstate Competition and Innovation

“I look forward to working with Chairman Hensarling (R-Texas) and my colleagues on the Financial Services Committee during consideration of the Financial CHOICE Act to ensure these important reforms make it across the finish line.”

Rep. Lynn Westmoreland | Westmoreland Legislation Included in the Financial CHOICE Act

“Dodd-Frank was a knee-jerk reaction to our nation’s financial problems, and it’s only made it harder for Georgia’s community banks to recover,” stated Rep. Westmoreland. “Georgia has had 91 bank failures since the 2008 crash, leading the nation in closures. We need solutions that allow our banks to get back on track, without one-size-fits-all regulations hampering our local financial institution’s ability to lend and grow our communities.”

Rep. Steve Stivers | Rep. Stivers' Statement on the Financial CHOICE Act

“Chairman Hensarling has set a vision for a more accessible and accountable financial system with the Financial CHOICE Act,” Stivers said. “America is exceptional because of freedom and opportunity, and this plan will restore economic growth by providing regulatory relief while protecting consumers.”

Rep. Frank Guinta |Rep. Frank Guinta Leads Effort to Relieve NH Credit Unions, Families and Entrepreneurs

Also this week, House Financial Services Committee Chairman Jeb Hensarling announced that Rep. Guinta’s bill will become part of the Financial CHOICE Act to replace Dodd-Frank. “I’m grateful for the Chairman’s support,” said Rep Guinta, a member of the Subcommittee on Financial Institutions and Consumer Credit. “We’re working hard to provide relief to middle-class families.”

Rep. Roger Williams | http://williams.house.gov/media-center/press-releases/rep-williams-introduces-bill-to-bring-transparency-to-obama-agency

“Despite its title, President Obama’s CFPB does nothing to protect consumers but rather gives lawmaking authority to unelected government workers who are oblivious to the effects their policies have on millions of hardworking American families,” said Williams. “Since the CFPB’s inception, we have witnessed unnecessary, costly standards come out of a closed door agency that have the effect of law. As the Obama Administration’s days come to an end, it’s time to restore the decision making power to the lawmakers who are held accountable to the people who sent them to Washington.”

Top Tweeters

@RepBlainePress With the announcement of the @FinancialCmte's CHOICE Act, we look ahead to a plan that promotes economic growth.

@RepWestmoreland Yesterday, @FinancialCmte unveiled the Financial CHOICE Act & I'm proud my legislation, H.R. 1941, was included

@RepHuizenga Great explanation of the harmful effects caused by #DoddFrank. @HouseGOP has a #BetterWay in the #CHOICEAct! #tcot

@RepTomEmmer RT Americans deserve an economy that’s more prosperous, a future that’s more secure, and a nation that’s more free.

Weekend Must Reads

Dallas Morning News | Jeb Hensarling: How we can hold Wall Street accountable

Nearly seven years after the Great Recession ended, the economy still isn’t working for millions of working Americans. Their paychecks remain stagnant; their savings have declined. They cannot get ahead and fear for the future of their families.

Fortune | Dodd-Frank Doesn’t Work, But This Plan Could

The Financial CHOICE Act rightly focuses on the need to foster greater accountability. Such accountability must focus on Wall Street, of course, so that wrongdoing and consumer fraud are punished. But it must also focus on Washington, where Dodd-Frank has weakened regulatory transparency and accountability to Congress.

Gazette-Mail | Dodd-Frank Reforms Long Overdue

As a response to the financial crisis, Dodd-Frank has simply failed to deliver. Instead of addressing root causes – easy money, government mismanagement, conflicting regulatory agendas, bad housing policies and systemic moral hazards – it has exacerbated many of these problems. Americans are tired of government bailouts, but were given a so-called reform law that has codified too-big-to-fail and bailouts into law.

Wall Street Journal | The Fed Surrenders

So much for that June interest-rate increase, and maybe for July and the rest of 2016 too. The Federal Open Market Committee, which had been insisting for months that the economy is healthy enough to take rising rates, capitulated on Wednesday and signaled slow economic growth as far as their eyes can see.

The Daily Caller | Costs Skyrocket 53 Percent For Fannie Mae’s Plush New Headquarters

What does the nearly bankrupt federal agency that helped trigger the great recession of 2008 do when top officials want a swank new headquarters? They erect a Taj Mahal-style building that costs taxpayers 53 percent more than promised.

In the News

USA Today | Republicans say more than ‘no’ on bank rules

Washington Examiner | Bill to repeal cap on swipe fees introduced

Politico | House Republicans take aim at regulations

The Hill |Fed holds off on raising interest rates, citing unexpected slowdown

Morning Consult | Committee Advances 12 Regulatory Relief Bills

Bond Buyer | House Panel Passes Bill to Protect Puerto Rico Investors

The Daily Caller |Consumer Protection Agency Doles Out $16 Million On Ads In The Last 8 Months

Banking Journal | House Panel Passes Bill Protecting Elder Abuse Reporters

Investment News | Committee approves bill on senior fraud

American Banker | FDIC Had Access to Internal Inspector General Communications

On the Horizon