McHenry Delivers Remarks at Markup of Regulatory Oversight Legislation
Washington,
April 17, 2024 -
Today, the House Financial Services Committee is holding a markup of various measures, including a slate of Congressional Review Act (CRA) resolutions to nullify a series of gross regulatory oversteps on the part of Biden’s banking regulators. The Committee will also consider measures to preserve and promote innovation in financial services and correct provisions in existing law that are being exploited for uses other than their intended purposes.
Watch Chairman McHenry’s opening remarks here.
Read Chairman McHenry’s opening remarks as prepared for delivery:
“Good morning, everyone. Welcome back to another Financial Services Committee markup.
“Today we will consider several regulatory oversight measures. This includes seven pieces of legislation and six Congressional Review Act, or CRA, resolutions.
“We have a lot to get to today, so let’s dive in.
“First, the Financial Services Innovation Act, which I recently reintroduced, will allow entrepreneurs to ‘beta test’ new products and services, without sacrificing critical consumer protection safeguards. This will help firms harnessing technology to innovate, without fear of heavy-handed penalties from regulators.
“Next is Congresswoman Houchin’s bipartisan FUTURES Act. This legislation will help regulators utilize new technology to achieve more efficient and streamlined supervision.
“It is not enough to champion innovation in the private sector, we must also ensure federal financial regulators are keeping pace with the ever-changing technological landscape.
“I also look forward to advancing Congressman Steil’s Earned Wage Access Consumer Protection Act.
“EWA products provide short-term liquidity to Americans trying to make ends meet. As sky-high prices continue to hammer family budgets, protecting consumers’ access to these innovative products is more important than ever. This bill will ensure Biden’s regulators don’t stymie the clear benefits of EWA by applying inappropriate regulations.
“Two other bills, Congressman Loudermilk’s bipartisan Respect State Housing Laws Act and Congressman Fitzgerald’s Insurance Data Protection Act, build on Republicans’ efforts to rein in rogue regulators.
“These bills correct provisions in existing law that are being exploited for uses other than their intended purposes. We should all agree that the American people and small businesses should not be forced to deal with the phony or misused application of laws stretched far beyond their original intent.
“We will also advance six resolutions to combat gross overreach by Biden’s financial regulators using the Congressional Review Act process.
“This is not about a knee-jerk reaction to everything the Biden Administration does. The CRA is an essential tool Congress has at its disposal to carry out our constitutional duty to hold the executive branch accountable.
“We will consider Subcommittee Chairman Huizenga’s H.J.Res 127 to overturn the SEC’s disastrous climate disclosure rule.
“The fatally flawed rule exceeds the agency’s authority, threatens our economy, and would overwhelm investors with non-economic information. It’s costly, complex, and against the public good.
“The SEC’s stay of the rule is not enough. So, House Republicans are taking action to protect American markets, job creators, workers, and investors from this destructive rule.
“We will also advance Subcommittee Chairman Barr’s H.J.Res. 122 to protect Americans’ access to affordable credit. This CRA resolution will block the CFPB’s credit card late fee rule.
“The credit card late fee rule fails to acknowledge the role certain fees play in encouraging timely payments. It will harm consumers by shifting costs to responsible consumers who pay on time in the form of higher annual fees and higher interest rates.
“Additionally, we will markup Vice Chair Hill’s H.J.Res. 120. This resolution overturns the Biden Administration’s guidance on the nonbank designation process through the Financial Stability Oversight Council. This guidance represents another attempt by FSOC to become a roving regulator.
“Instead of targeting specific companies or industries that may be politically unfavorable, FSOC must focus on the actual emerging risks that pose threats to our financial system.
“We will also consider three CRA resolutions to rescind Biden’s banking regulators’ climate risk management principles for large financial institutions. The resolutions—led by Reps. Fitzgerald, Houchin, and Donalds—will overturn the rules from the Fed, FDIC, and OCC respectively.
“This critical effort builds on Republicans’ work to stop the Biden Administration from forcing a progressive climate agenda through financial regulation.
“Finally, we will markup two bills led by our Democrat colleagues. These include Congressman Sherman’s Bank Safety Act and Congressman Green’s Systemic Risk Authority Transparency Act.
“I’ll close by reiterating what I’ve said at every markup this Congress. My door is always open. If there is an issue that interests you or a problem you want to address, come talk to me. I can’t guarantee a successful outcome or even that we will always agree. However, where we can find common ground, I’m committed to finding solutions.”
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