House Democrats Advance Partisan Housing, Credit Reporting, and Anti-Modernization Legislation
Washington,
June 29, 2020 -
Today, House Democrats advanced three partisan Financial Services’ measures to codify longstanding Democrat priorities under the guise of coronavirus relief and consumer support.
H.R. 7301:This bill authorizes hundreds of billions of dollars in new spending, effectively tripling HUD’s FY2020 appropriation. H.R. 7301 provides no additional provisions to provide accountability for the spending of this new funding. While Committee Republicans support COVID-19 relief efforts that are targeted and effective, H.R. 7301 represents a partisan wish list that Republicans already opposed in the HEROES Act and has no chance of becoming law.
Watch Ranking Member of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Bill Huizenga (MI-2), deliver remarks in opposition to the bill here.
H.R. 5332: This bill is simply another attempt by Democrats to socialize the credit reporting and scoring industry. Disguised as a pro-consumer bill, H.R. 5332 will only decrease competition, increase fraud risk, prop up the trial bar, and expand the authority of the Consumer Financial Protection Bureau (CFPB) the very same day the structure of the Bureau was declared unconstitutional by the Supreme Court.
Watch Ranking Member Patrick McHenry (NC-10) deliver remarks in opposition to the bill here.
H.J. Res. 90: This resolution is the Democrats’ partisan attempt to overturn the long overdue regulatory update of the Community Reinvestment Act. The final rule, promulgated by the Office of the Comptroller of the Currency (OCC), modernizes the Community Reinvestment Act regulations for the 21st Century, accounts for the technological transformation of banking services, and will provide greater clarity and improved measurement of banks’ investment in communities that need it most. A repeal of this important modernization would stand in the way of upgrading how banks reinvest in their communities.
Watch Ranking Member Patrick McHenry (NC-10) deliver remarks in opposition to the resolution here.
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.
