Republican Priorities Included in Financial Services Committee Views & Estimates Document
Washington,
March 6, 2019 -
WASHINGTON – Today, the House Financial Services Committee held a markup to consider and approve the views and estimates for matters within the committee’s jurisdiction for fiscal year 2020.
Republican committee members offered 7 amendments to the Democrats’ proposed views, including multiple amendments which garnered bipartisan support to address youth homelessness, bolster diversity and inclusion, and support American entrepreneurs.
APPROVED BY VOICE VOTE: Steil Amendment #1: To ensure that small business capital formation remains a priority for the Committee—the Democrats’ proposal was silent on this critical issue.
APPROVED BY VOICE VOTE: Hill Amendment #5: To promote financial technology (fintech), which provides benefits to consumers and small business.
APPROVED BY VOICE VOTE: Wagner Amendment #6: To ensure that data and analysis is used in the work of OMWIs.
APPROVED BY VOICE VOTE: Stivers-Posey Amendment #2: To work toward ending childhood homelessness.
Additionally, the committee had a robust discussion on including language to support tenets of the Democrats’ Green New Deal. Ranking Member of the Housing, Community Development, and Insurance Subcommittee, Sean Duffy (WI-7), proposed an amendment to include language complimentary to the proposed legislation, H. Res. 109, to provide safe and affordable housing, using only “clean, renewable, and zero-emission energy sources,” which would drastically increase the cost of Housing for American families. Despite widespread support for the so-called “Green New Deal” among Democrats, every Democrat joined with all Committee Republicans to unanimously reject such an unworkable plan.
Watch Congressman Duffy’s statement in favor of his amendment to support the Green New Dealhere or by clicking on the image below.
Republicans also pushed for the inclusion of the most up-to-date data to accurately represent our nation’s strong economic growth of the past two years. Congressman Ted Budd (NC-13) offered an amendment that highlighted our Gross Domestic Product (GDP), which “has expanded every quarter, closing out 2018 at 3.1 percent,” additionally that our “unemployment rate has reached a 47 year low… the unemployment rate for African Americans…fell to the lowest rate ever recorded… average hourly earnings were up nearly 33 percent, and worker’s year-over-year earnings increased to levels not seen since 2009… finally, the national poverty rate reached its lowest level since 2002.” Despite the data presented by Congressman Budd, Democrats rejected this factual correction to the document.
Watch Congressman Budd’s statement in favor of his amendment to include factual economic data here or by clicking on the image below.
Ahead of the semi-annual review of the Consumer Financial Protection Bureau (CFPB), Ranking Member of the Subcommittee on Oversight and Investigations, Andy Barr (KY-6), introduced an amendment to subject the agency’s funding to the appropriations process, allowing for meaningful Congressional oversight. While Committee Democrats expressed their commitment in the document to “ensuring the consumer bureau fulfills its mission,” they voted to reject this amendment to ensure the committee can conduct comprehensive oversight.
Watch Congressman Barr’s statement in favor of his amendment to hold the CFPB accountable here, or by clicking on the image below.
