McHenry Delivers Opening Remarks at First Markup of the 118th Congress
Washington,
February 28, 2023 -
Today, the House Financial Services Committee is holding its first markup of the 118th Congress. The Committee will consider several proposals to combat the economic threat posed by the Chinese Communist Party, the bipartisan Bank Service Company Examination Coordination Act of 2023, and Chairman Patrick McHenry’s (NC-10) Data Privacy Act of 2023 to give consumers more control over their sensitive financial data.
Watch Chairman McHenry’s opening remarks here.
Read Chairman McHenry’s opening remarks as prepared for delivery:
“Today we’re holding our first markup of the 118th Congress.
“The majority of the bills we will consider today are bipartisan. That is notable in a divided Congress that many pundits have claimed will not accomplish much.
“Well, I would turn their attention to the 10 bipartisan bills that address the generational threat posed by the Chinese Communist Party we will advance today.
“Earlier this month, the committee held its first hearing on combatting the economic threat posed by China. Committee members on both sides of the aisle asked thoughtful questions and heard from experts about the actions we can take to thwart the CCP’s aggression.
“The key takeaway was that in order to outcompete China on the global stage, we cannot become more like the CCP.
“That means doubling down on our commitment to free people and free markets.
“The list of bills we will debate today do just that.
“Each bill sponsor will have the opportunity to walk us through the details of their respective legislation, so I will be brief for now. But I want to applaud each Member who has offered a thoughtful proposal to meet this moment.
“We know China is not an ally or a strategic partner. They are a competitor.
“Their actions earlier this month make that abundantly clear. We have bills on today’s schedule to address this threat.
“Additionally, we will discuss two bills in the Financial Institutions and Monetary Policy space: Mr. Williams’ Bank Service Company Examination Coordination Act and my bill, the Data Privacy Act.
“The Data Privacy Act will put consumers’ back in control of their personal financial data.
“It is not an overhaul of current financial data privacy laws, but rather a modernization of a law passed in 1999—before much of the technology we rely on today existed.
“I’ll point out that this bill is the culmination of three years of work by Republican committee members. We started with a working group, crafted principles to guide our discussion, and released a discussion draft last year.
“We’re received input from members and groups across the ideological spectrum and created a product that I believe will benefit consumers in every single one of our districts.
“This bill, along with the other pieces of legislation we will consider today, is a great example of what this committee can accomplish when we work together.
“These are not messaging bills or a markup to clear the decks.
“We are a legislating committee. I renew my call for every Member to bring your ideas to me–my door is open.
“To that end, it is my expectation we will hold several markups throughout the year on serious bills.
“In that vein, I want to level set with members, and those that may be tuning in, that we will have robust debate today and vote in real time.
“We will recess for House floor votes, but we will plan to come back and stay as long as it takes to get through this list.
“I look forward to today’s discussion and yield back the balance of my time.”
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