Patrick McHenryChairman

Washington, May 15, 2020 -

The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement after Speaker Pelosi and Congressional Democrats pushed through their partisan proposals to codify their liberal agenda and dismantle House rules—leaving the American people without the support or representation they need in this unprecedented time:

“Speaker Pelosi and her Democrat colleagues sent a clear message to the American people today: you’re on your own. Instead of using this time to work with Republicans on a future bipartisan proposal that could provide targeted support to those most in need, Democrats rammed through what amounts to a liberal wish list that will never become law. Partisan gamesmanship, socialized credit reporting, and more money for outdated housing programs have no place in emergency relief.

“To round out this useless day, Democrats also voted to throw more than 200 years of House precedent out the window in favor of political opportunism and expediency. Congress has proven it can work in this environment if we stay focused on bipartisan measures that can help those in need. Today’s power grab by Speaker Pelosi only hinders our ability to serve those we represent. 

“At a time when the American people need us to take decisive action to protect their families, support their jobs, and chart a path forward—Democrats have a different priority—their own political agenda.”

In H.R. 6800, Democrats seek to:

Make housing more expensive:

• Of the $3 trillion in total cost of Pelosi’s bill, nearly $200 billion of taxpayer money will be spent on outdated government housing programs. 
• Beyond mortgage payments and rental assistance, the bill authorizes $2 billion alone in public housing, including a $500 million giveaway in “administrative fees.” 
• Bottom line: Instead of prioritizing the need for more housing and new construction, the bill subsidizes the current housing market, creating an even worse shortage.

Socialize the credit industry, limiting consumers’ access to credit, particularly those who need it most:

• Pelosi’s bill would suspend credit rating agencies from providing information on the creditworthiness of Americans in desperate need to refinance their home, access a consumer loan, or secure a credit line for their struggling small business.  
• Bottom line: Without the basic information necessary to underwrite these loans, access to credit will become even more difficult, particularly for the underserved and unbanked Americans.    

Continue the Democrat government takeover of the student loan industry making the crisis worse:

• Millions of college students are finishing the school year at home and reassessing the costs of a college education. Millions of other Americans are still paying off their student loans decades after graduating. 
• The system is not sustainable, yet Pelosi’s bill merely preserves the status quo by delaying payments through temporary loan forgiveness. 
• Bottom line: When the federal government, led by Congressional Democrats, took over the student loan market, costs skyrocketed. Throwing more money at the problem only worsens the issue for American students.

Marshall in a grab bag of progressive priorities:

• Socializing the financial system, providing more money for failing housing programs, and loan forgiveness for their supporters—this is a Democrat’s wish list.
• Additionally, they’re pushing for more partisan gamesmanship of the Administration’s efforts to respond to the crisis and support the American economy.  
• Democrats continue to name and shame companies working to keep employees on payroll and targets industries—like energy—to achieve their goals. 
• This partisan plan omits commonsense proposals offered by Republicans to increase investment opportunities for everyday investors and provide much needed resources for a strong economic recovery.
• Bottom line: This is an obvious attempt to force a progressive agenda on the American people in a moment of crisis.

This crisis requires new ways of thinking that help more American families and small businesses get access to our financial system. It requires prioritizing the health and safety of those most vulnerable to the pandemic by working with local entities and giving them the tools they need. 

###