Press Releases

McHenry: Democrats’ Political Gain is the American People’s Loss

Washington, April 20, 2021 -

Today, the House Committee on Financial Services is holding a markup of several partisan pieces of legislation from Committee Democrats, including bills that would harm American consumers and lead to the naming-and-shaming of America’s job creators.

Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.

Read Republican Leader McHenry’s opening remarks as prepared for delivery:

“I thank the Chair for yielding. 

“I’d also like to thank the Chair for holding this markup in an in-person and online format, just as Republicans have been asking for. This is the first step toward resuming normal committee operations. I look forward to the day when these meetings are held entirely in person.

“We’ve got a long list of bills that we’ll be marking up today in addition to the Committee’s Views and Estimates.

“I’ll save my more in-depth comments for debate but will say this: Not one bill on this agenda is bipartisan. And not one bill has a Republican cosponsor. 

“This is just another instance in a troubling trend. There is no more reaching across the aisle to develop policy solutions to meet the challenges of today.  Democrats have given up on the hard job of legislating and negotiating, in favor of a “take it or leave it” attitude. 

"Even though House Democrats hold the slimmest majority in modern history, they’ve decided to go-it alone. 

“Emboldened by their so-called “one party rule”– they’ve tossed aside bipartisanship to cater to the far left and other progressives and stakeholders.

“There is no better example than the two mandatory disclosure bills, the ESG Disclosures Simplification Act and the Shareholder Political Transparency Act.  Both bills are simply “re-dos” from last Congress. 

“Neither one of these bills helps investors make better choices. Neither one of these bills will help everyday Americans save for retirement, help send their kids to college, or help them build a better life.

“These bills are about naming and shaming companies that do not agree with the progressive left. But, in effect, all these bills will do is deter companies from going public or make being a public company more costly – ultimately hurting everyday Americans.”

"The Comprehensive Debt Collection Improvement Act is no different. This is a 56-page bill of Democrats’ greatest hits from last Congress. Everything from expanding the role of the CFPB over commercial contracts, to removing predictive information from credit reports, to undermining rules that allowed modern communication methods to be used to recoup debts. 

“If enacted, this bill will ultimately harm the very consumers Democrats are trying to help. It will fundamentally alter the credit market – making access to credit harder and more expensive for all Americans. Additionally, it will harm small businesses who are simply trying to be paid for the services they provided. 

“So, what we’ll consider at this markup is more of the same. Democrats are dusting off the same old bad proposals because they think they can get away with it now.” 

“Unfortunately, Democrats’ political gain is the American people’s loss. These bills do nothing to return us to the best economy of our lifetimes experienced pre-pandemic. 

“As always, Committee Republicans stand ready to work across the aisle to support policies that help our businesses grow, their workers succeed, and families prosper. But Democrats’ partisan bills simply do not accomplish these goals. 

“Finally, I want to thank the Chair for reauthorizing the Committee taskforces. The taskforces play an important role and help us to understand emerging issues associated with technology.  I appreciate the work of the taskforces last Congress. 

“I am proud to announce that this Congress Republicans will be led by the gentleman from Ohio, Mr. Gonzalez, to lead the AI task force and the gentleman from Minnesota, Mr. Emmer, to lead the Fintech taskforce. They will each provide valuable insight and leadership for both Republicans and Democrats on the taskforces. I would also like to thank each of our members for agreeing to serve again this Congress.  

“I yield back the balance of my time.”





Print version of this document