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McHenry asks Fed for Brexit fallout update
By: Patrick Temple-West, POLITICO
Washington,
January 15, 2019 -
The ranking Republican on the House Financial Services Committee today asked the Treasury Department, Federal Reserve and other financial regulatory agencies for an update on how the U.K.'s chaotic withdrawal from the European Union could disrupt markets.
In letters to the agencies, Rep. Patrick McHenry (R-N.C.) asked how the regulators plan to mitigate risks stemming from the U.K. vote Tuesday in which British lawmakers voted overwhelmingly to reject Prime Minister Theresa May's Brexit deal.
The U.K is legally required to leave the EU on March 29, and U.S. regulators have warned that a no-deal Brexit could be bad for financial markets.
"A no-deal Brexit could be disruptive," McHenry said. "A number of outcomes surrounding Brexit could trigger distress."
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