WEEK IN REVIEW
Washington,
February 10, 2017 -
Committee Approves Oversight Plan for the 115th Congress
The Financial Services Committee met on Tuesday to approve the committee’s oversight plan for the 115th Congress.
Chairman Hensarling reminded all members of the committee’s obligation to America’s hardworking taxpayers. “We need to always remember that this isn’t Washington’s money; it is the taxpayers’ money. Taxpayers work hard for every dollar they earn. That’s why our committee’s oversight plan requires us to continually and vigilantly scrutinize how these agencies spend precious taxpayer dollars. We will hold hearings and investigate and ask the tough questions of the heads of these agencies and bureaus about their spending, and hold them accountable,” he said.
The committee approved its oversight plan by voice vote. The full text of the plan can be found here.
MEMBER SPOTLIGHT
Rep. Ann Wagner (R-MO) | With a White House ally, Wagner takes aim at Obama's finance rules, consumer protection appointee
Rep. Ann Wagner has some ideas about how President Donald Trump could escalate his early moves to undo Barack Obama's legacy of financial regulations.
Weekend Must Reads
Wall Street Journal | How We’ll Stop a Rogue Federal Agency
The Obama presidency placed no greater burden on America’s growth potential than the avalanche of regulations that smother the U.S. economic system. The most destructive and dangerous of the new regulatory bureaucracies created by the Democrat-dominated 111th Congress is the Consumer Financial Protection Bureau.
Associated Press | Community Banks Hopeful as Lawmakers Target Financial Rules
The number of small, local banks has declined since the Great Recession, a change that advocates feel was intensified by the paperwork the increased oversight entails. That's disappointing to many small business owners, who find it easier to form relationships with community bank branch managers and bankers than with those at regional or international banks. A community banker can advise them and steer business their way, for example, connecting a company owner with a new accountant.
American Banker | Hensarling’s reg reform bill is hardly a big-bank giveaway
Industry critics have charged that House Financial Committee Chairman Jeb Hensarling’s regulatory reform bill, known as the Financial Choice Act, is a big-bank giveaway. But if that were true, why do signs point to big banks turning down the gift?
American Action Forum | Warren Is Wrong About The Fiduciary Rule
As it turns out, this conflict of interest rule actually conflicts with most people’s best interests. Nobody is opposed to a fiduciary standard for investment advisers, but the standard and the rules implementing the standard should be workable and cost effective.
New York Post | Trump’s move to end Dodd-Frank disaster all about helping small biz
It shouldn’t take an outsider president to dismantle a largely ineffective law that was sold as a way to protect ordinary Americans from unscrupulous lenders and prevent another financial crisis. But apparently it does.
Investor’s Business Daily |Draining The CFPB's Swamp
In a swamp full of critters, there is none more creepy and crawly than the Consumer Financial Protection Bureau.
In the News
Bloomberg BNA | Lawmakers Blocked From Case Testing Cordray’s Independence
Reuters | Revamping Dodd-Frank a 'this-year priority': U.S. lawmaker
The Hill | Group questions whether CFPB chief broke records laws
Daily Caller | Gravy Train Flows Wide and Deep at Elizabeth Warren’s Consumer Agency
Wall Street Journal | Republicans Get Ready to Roll Back Dodd-Frank Law
Washington Examiner | Trump order will delay Obama conflict-of-interest investing rule
Wall Street Journal | A Trump-Cohn Financial Rewrite
Washington Examiner | Trump's executive order is a solid start for Dodd-Frank reform
Morning Consult | Bankers Meet With Democrats to Push for Bipartisan CFPB Commission
Housing Wire | Hensarling to President Trump: Fire CFPB Director Cordray ASAP
On the Horizon
Wednesday, February 15 at 10:00 A.M.
Full Committee
“Monetary Policy and the State of the Economy”
Thursday, February 16 at 10:00 A.M.
Housing and Insurance Subcommittee
“Assessing the U.S.-EU Covered Agreement”
