Press Releases

McHenry Opening Statement at Full Committee Markup


Washington, November 13, 2019 -

WASHINGTON – The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10) delivered the following opening statement at the full committee markup of H.R. 3490, H.R. 3948, H.R. 4403, H.R. 5021, H.R. 2398, H.R. 5003, H.R. 5001, H.R. 5013, and H.R. 2445, the Self-Employed Mortgage Access Act, introduced by Congressman Tom Emmer (MN-6):

Thank you, Chairwoman Waters, and thank you for holding this markup.

“I would also like to thank her for taking to heart my observation from the last markup and including another bill authored by a Republican in this markup – H.R. 2445, the Self-Employed Mortgage Access Act of 2019, introduced by Mr. Emmer of Minnesota, who will be the new Republican lead on the FinTech Task Force.

“This is a good bill that addresses an emerging issue in our economy, which is how to support non-traditional workers like those in the gig economy. I believe that H.R. 2445 is a good example of how we need to look outside the box to support these workers.

“It’s a rifle shot, it’s a narrow bill, that does an important thing for an important group of Americans.

“I would encourage the Chair to continue to look at Republican authored bills for solutions to grow our economy, protect consumers, create jobs, and help support our veterans.

“For example, H.R. 2904, authored by the Gentleman from Kentucky, Mr. Barr. It’s called the Financial Protection for our Military Families Act. It’s another strong bill that   protects our men and women in uniform under the Military Lending Act.

“As we pay tribute to the men and women and their families who dedicate their lives to our country, we should ensure they benefit from the consumer protections they are afforded under the law.

“With respect to the remaining bills, I’ll say this: Republicans share the belief in consumer protection and policing bad actors. No one should be intimidated or subjected to harassment or subject to predatory lending practices.

“However, individuals, small businesses, local and state governments and the federal government also have the right to be repaid for loans or credit extended and to be repaid in a timely manner.

“How these rights and protections are balanced are currently set out in the Fair Debt Collection Practices Act. And, I know the Chair agrees there are aspects of FDCPA that should be updated. I agree. Republicans agree.

“But I would say to the distinguished Chair, rather than taking the rifle shot approach on this Act, on federal government debt and state and local debt in two separate bills, why don’t we take a crack at wholesale reform in a bipartisan way to FDCPA – one that reflects the new technology that’s available over the last 50 years and the ways people communicate with each other in my lifetime.

“I think reforming that Act would be a great way to modernize.   

“A bill that contemplates the issues that consumers and lenders are facing in the 21st century, that’s the kind of bill that I think in necessary and very important to support.”

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