Patrick McHenryChairman

Washington, December 9, 2021 -

The top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding an attempt by the Consumer Financial Protection Bureau (CFPB) Director, Rohit Chopra, and a Federal Deposit Insurance Corporation (FDIC) Director, Martin Gruenberg, to circumvent FDIC Chairwoman Jelena McWilliams:

“Rohit Chopra and the White House are attempting an unprecedented power grab at the FDIC," said Republican Leader McHenry. "Today’s action was highly problematic and flies in the face of the FDIC’s 88-year history of independence. In this attempt to circumvent FDIC Chair McWilliams, Mr. Chopra proved what Republicans have warned since his nomination: he has no regard for accountability, and he intends to politicize every agency he touches, including the CFPB, the FTC, and now the FDIC. It is doubly alarming that at least one other Director—Martin Gruenberg—took part in this sham. The bottom line is this so-called “vote” is not legitimate, and those who orchestrated this attempt to co-opt the agency will be held accountable. I hope Democrats will join Republicans in investigating this flagrant disregard for the role of independent regulatory agencies.”