Huizenga Delivers Remarks at Hearing to Hold the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach
Washington,
March 8, 2023 -
Today, the House Financial Services Subcommittee on Oversight and Investigations, led by Chairman Bill Huizenga (MI-04), held a hearing entitled, “Holding the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach.”
Watch Chairman Huizenga’s opening remarks here.
Read Chairman Huizenga’s opening remarks as prepared for delivery:
“Today’s hearing is entitled, ‘Holding the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach.’
“Oversight of the Executive Branch is a vital check on the President’s power---regardless of who occupies the Oval Office.
“The inspectors general before us today represent four agencies who touch nearly every part of our financial system. The work done by your offices is paramount to making sure these agencies stay within the bounds Congress established for them.
“In recent years, these regulators have pushed those limits, leaving Congress with little to no recourse.
“Over a decade ago, as a response to the Great Financial Crisis, Congress created the Consumer Financial Protection Bureau, an agency charged with protecting consumers.
“Since its inception, the Bureau has grown to radically transform consumer protections, often at the expense of small businesses and hardworking Americans.
“Director Chopra’s strategy of regulation by enforcement has left many wondering how one agency can have so much autonomy, with virtually no oversight from Congress.
“Mr. Bialek, you lead a staff that has the difficult job—providing independent oversight and investigations into two government agencies—both with different missions, but equally consequential to today’s financial system.
“In 2022, the Fed’s Office of the Inspector General conducted 13 audits of the Reserve Bank compared to just 5 at the CFPB—a less than 30 percent allocation. While I am aware that new programs created under the CARES Act have increased your workload, this begs the question; Why did Congress fail to give the Bureau their own Inspector General?
“Mr. Delmar, like the Fed, the Treasury IGs office is tasked with overseeing massive programs that have billions of dollars in federal spending. Whether that be legacy programs that were a result of the pandemic or the partisan American Rescue Plan, the Treasury Department will face challenges in holding participants of these programs accountable for proper use of those funds.
“Lastly, I want to spend time focusing on the Securities and Exchange Commission.
“The SEC oversees $118 trillion in annual trading volume; 29,000 registered entities; 24 exchanges; 95 alternative trading systems…and, depending on the day of the week, digital assets.
“Last year, the SEC proposed an unprecedented 34 rules, with an additional 20 or so left on their most recent agenda.
“Ms. Sharek, the IG report your office released last Fall was frankly, jaw dropping. While the Chair continues to push a rushed rulemaking agenda in his effort to rewrite nearly every aspect of securities law, the agency has failed to keep its own house in order.
“Furthermore, these efforts have been met with little resistance from committee Democrats. Ranking Member Waters continues to defend Chair Gensler at every turn.
“What makes the above statements so alarming is the lack of stability in the SEC’s inspector general’s office. Since the last appointed IG retired in May of last year, three different individuals have assumed the Acting Inspector General position over the last 10 months.
“Ms. Sharek, while I have no doubt you will be able to answer our members questions, it is worth noting that the current Acting IG has only been on the job for roughly 90 days and will need to be replaced again in April. Chair Gensler’s lack of prioritization of this Office is unacceptable.
“I look forward to hearing from all the witnesses and I yield back the balance of my time.”
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