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McHenry: Republicans are Ready to Deliver with Solutions to Foster Innovation and Create Economic Opportunity for All Americans
“The next two years of policy will set the terms of debate for the next decade.”

Washington, February 1, 2023 -

Today, the House Financial Services Committee is holding its Organizational Meeting for the 118th Congress. The Committee will consider resolutions to appoint members to their respective subcommittees, adopt a Committee Oversight and Authorization plan, and adopt Committee rules for the 118th Congress.

Watch Chairman McHenry’s opening remarks here.

Read Chairman McHenry’s opening remarks as prepared for delivery:

“As I said earlier, I want to welcome both the new and returning members alike.

“We know there are ideological differences between our two sides of the aisle. We also know that passionate and spirited debate is a tradition of this Committee and the House as a whole.

“There have been times where we have agreed and worked together on major issues. That is good.  And there have also been times when we have disagreed and voted accordingly. Disagreement is a natural part of debate.

“But it is critical that when we do have policy disagreements, we do not allow them to lead to personal animosity. Our debates should be substantive, worthy of this institution and the American people who sent us here to work on their behalf. 

“Each of us represents a unique constituency with different opinions, goals, and priorities. Every member of this Committee deserves respect and civility. I expect we will give each other just that.

“To that end, I want to level set what Members can expect from me, as Chair.

“As Chairman, I intend to enforce the rules and traditions of the House as well as those of this Committee.  I will do so fairly and impartially.

“House rules require that I maintain decorum in this Committee. I take this responsibility seriously and will vigorously enforce those rules.

“Turning to markups: it is my intention to modify the practice of rolling votes. Instead, when possible, we should vote once debate on a measure has concluded. My hope is this will yield more productive debate and be respectful of members’ time.

“Now to the Committee’s agenda for this Congress. We know we have different views on many issues under our jurisdiction, but this Committee has a longstanding record of bipartisan cooperation. I hope that will continue this Congress. 

“To my Democratic colleagues: if there is an issue that interests you or a problem you want to address - let’s talk.  I can’t promise agreement or a successful outcome. But I can promise that my door will always be open and where we can find common ground – I am committed to finding a solution. 

“Divided government can yield bipartisan, legislative outcomes and that’s what I’ll seek whenever we can.

“Advances in technology have benefited consumers but they’ve also created gaps in our laws, especially when it comes to consumer financial data. We must modernize and strengthen existing protections under Gramm-Leach-Bliley to ensure consumers control their data.

“Second, digital assets. Gary Gensler’s regulation through enforcement isn’t protecting consumers. Americans have lost billions of dollars in digital assets to bad actors on his watch. It’s our job as legislators to provide clear rules of the road for this technology that protect consumers, while allowing innovation to thrive here in the U.S.  I think we can achieve that balance.

“This is why I have created a subcommittee on digital assets, chaired by Congressman Hill.

And finally, enhancing capital formation opportunities, just as we did a little over a decade ago with the bipartisan JOBS Act under a Republican House, Democrat-led Senate, and a Democrat President. It is my hope we can build on that success.

“Republicans will also return the Committee’s attention to responsible, but rigorous, oversight of the executive branch, as is our constitutional duty. After two years of House Democrats giving the Biden Administration a pass, Republicans will ensure rogue Democrat regulators stay focused on their statutory missions and congressional intent, rather than bowing to progressive activists—both here and abroad. You can expect to see Chair Gensler and Director Chopra here often.

“Let me conclude with this. The next two years of policy will set the terms of debate for the next decade. Republicans are ready to deliver with solutions to foster innovation and create economic opportunity for all Americans.

“I thank you all again for being here today.”


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