Press Releases

McHenry: No-Deal Brexit could be Disruptive
Financial Services Ranking Member works to protect U.S. investors, job creators, consumers


Washington, January 15, 2019 -

WASHINGTON – Today, Congressman Patrick McHenry (NC-10), Republican leader of the House Financial Services Committee, sent letters to the leaders of the Federal Reserve, Department of Treasury, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC), requesting an update following today’s vote on the Brexit Withdrawal Agreement.

Congressman McHenry stressed that while “potential for a prolonged or uncertain Brexit could prove challenging, a no-deal Brexit could be disruptive.” To mitigate potential risk, the Ranking Member requested the agencies provide an update on the work that the American financial regulators have done and continue to do involving Brexit. 

Read the full text of the letters to the Federal Reserve, Department of Treasury, SEC, and CFTC. Find text of the letter to the Federal Reserve below:

Today’s vote in the Parliament of the United Kingdom on the Brexit Withdrawal Agreement presages greater uncertainty for global financial markets. While the potential for a prolonged or uncertain Brexit could prove challenging, a no-deal Brexit could be disruptive. As you identified in remarks on November 28, 2018, a number of outcomes surrounding Brexit could trigger distress, and it is my understanding that the Federal Reserve and other regulators have been working closely with U.S. financial institutions, as well as with regulators abroad, to prepare appropriately.

I am therefore requesting an update on how the Federal Reserve plans to mitigate risks that may arise from yesterday’s vote, particularly as they relate to the following:

•           U.S. financial institutions,

•           Cross-border trade in financial services,

•           Derivatives markets,

•           Insurance contracts, and

•           Any equivalency considerations.





                                                                        PATRICK MCHENRY

                                                                        Ranking Member


cc: The Honorable Maxine Waters, Chairwoman, U.S. House Committee on Financial Services

Print version of this document