Republican Committee Leaders Call on Financial Stability Oversight Council to Prepare for Coronavirus Impact
Washington,
March 10, 2020 -
WASHINGTON – Today, House Financial Services Committee Republican leaders, led by Ranking Member Patrick McHenry (NC-10), sent a letter to the Chairman of the Financial Stability Oversight Council (FSOC), Secretary Steven Mnuchin. In the letter, Committee leaders requested FSOC convene a meeting to ensure they are prepared to address the potential threat of coronavirus to our financial system.
Today, Ranking Member McHenry also called for the Financial Services Committee to prioritize hearings to better inform the public on efforts to mitigate the impact of coronavirus on consumers.
Read the full letter here or below:
Dear Secretary Mnuchin:
We write to you in your capacity as Chairperson of the Financial Stability Oversight Council (FSOC or Council) and to request your assistance in understanding the effects of the coronavirus disease 2019 (COVID-19) on the U.S. financial system and economy.
The FSOC has a clear statutory purpose "to respond to emerging threats to the stability of the United States financial system." The global economic impacts of the outbreak of COVID-19 could produce economic spillovers. As COVID-19 continues to spread, the FSOC has a responsibility to inform Congress of the Council's work to examine the impacts and respond to potential threats.
We ask you, in your capacity as Chair of FSOC, to convene a meeting of the Council to ensure appropriate coordination and planning in response to the potential threat to international and domestic financial stability. In addition, we urge the Council to provide recommendations to member agencies to ensure business continuity and to mitigate this growing health crisis.
Sincerely,
Patrick McHenry
Ranking Member
Ann Wagner
Vice Ranking Member
Bill Huizenga
Ranking Member
Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets
French Hill
Ranking Member
Subcommittee on National Security, International Development, and Monetary Policy
Blaine Luetkemeyer
Ranking Member
Subcommittee on Consumer Protection and Financial Institutions
Andy Barr
Ranking Member
Subcommittee on Oversight and Investigations
Steve Stivers
Ranking Member
Subcommittee on Housing, Community Development, and Insurance
