McHenry Delivers Opening Remarks at Markup of Capital Formation and CFPB Reform Legislation
Washington,
April 26, 2023 -
Today, the House Financial Services Committee is holding a markup of capital formation and Consumer Financial Protection Bureau (CFPB) reform legislation. The Committee will consider proposals that strengthen public markets, help small businesses and entrepreneurs, and create opportunities for all investors. The Committee will also consider a measure that reforms the CFPB to deliver much-needed accountability and transparency to this unaccountable agency.
Watch Chairman McHenry’s opening remarks here.
Read Chairman McHenry’s opening remarks as prepared for delivery:
“Last month, the financial system experienced a great deal of volatility. As I said at the time, the best thing this committee could do was promote confidence in our financial system.
“To be clear, that does not prevent us from examining decisions made by bank management, supervisory failures, and the actions taken by our banking agency leaders.
“The Ranking Member and I immediately directed the Government Accountability Office to conduct an external review of those issues. The Committee is also conducting its own investigation.
“Those efforts are ongoing. There are still questions that need to be answered. In fact, there are many requests that have been transmitted to agencies that have yet to be fulfilled.
“The regulators will be testifying in front of this committee next month. I expect to have a thorough examination of their reports, the GAO study, and the questions asked by members of this committee at that hearing.
“I say all of this to make it abundantly clear to my colleagues and those tuning in to today’s markup: this Committee can walk and chew gum at the same time.
“We are a legislating committee. When crises arise, we look at potential legislative fixes. In that same vein, when there are laws and regulations that can be improved, we provide legislative solutions.
“And that’s exactly what we’re doing with the 15 bills before us today.
“The vast majority represent years of work to strengthen and expand access to our capital markets.
“I stated last year that this was a priority for Committee Republicans and today we are one step closer to making good on that commitment.
“Over the last three months, Capital Markets Subcommittee Chair Ann Wagner held four hearings and considered more than 30 bills. We’ve heard from experts across the ideological spectrum.
“More importantly, we accomplished something that very few Committees on the hill have done this year; we agreed on a lot!
“Many of the bills we’ll consider today are bipartisan and I look forward to moving those to the floor immediately.
“I would encourage Members to look at the remaining bills. They contain commonsense policies that will encourage everyday investors and small entrepreneurs to access our capital markets.
“These are bills that would strengthen our crowdfunding rules to encourage greater use.
“These are bills that support micro-offerings and the gig economy. They would expand angel investing and the accredited investor definition to help more Americans build wealth.
“In other words, these bills can make a difference in the life of someone in every single one of our communities.
“Additionally, we will mark up the CFPB Transparency and Accountability Reform Act. This is a compilation of seven bills that were attached to the hearing this committee held back in February.
“Since its inception, the CFPB has been one of the most unaccountable agencies ever created. In 2020, the Supreme Court held the removal provisions related to the executive director as unconstitutional in Seila law. Next term, the Supreme Court will examine the funding structure.
“H.R. 2798 will ensure the CFPB is finally accountable to Congress and to the American people.
“We’ve got a lot to cover today, but it’s important work that I hope we can find areas of agreement.
“I want to reiterate my call to every Member, Republican or Democrat, to bring your ideas to me–my door is open.
“As I said in February, it is my expectation we will hold several markups throughout the year on serious bills.
“I look forward to today’s debate.”
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