Cmte Financial Services (R) RSS Articles

Hill, Cotton Introduce Bill to Reduce Regulatory Burdens on Small Broker-Dealers

Tue, 22 Sep 2026 04:00:00 GMT

House Financial Services Committee Chairman French Hill (AR-02) and Senator Tom Cotton (R-AR) recently introduced the Small Business Audit Correction Act. The bicameral legislation would provide targeted relief from certain audit requirements for small broker-dealers in good standing, reducing compliance costs and allowing them to devote more resources to growing their businesses and serving customers.

“When we discuss regulatory relief in the financial services industry, the focus often falls on community banks. But small, privately held broker-dealers deserve that same attention,” said Chairman Hill. “These firms serve as a gateway to the capital markets for Main Street businesses, yet they remain burdened by costly, one-size-fits-all audit requirements. That’s why I’m pleased to lead the House effort on the Small Business Audit Correction Act, which will provide targeted relief for small broker-dealers in good standing, allowing them to devote more resources to growing their businesses and serving their customers.”

“Washington wrote this rule for Wall Street and then applied it to small firms on Main Street. Our bill would eliminate this one-size-fits-all requirement to ensure investment firms in Arkansas are no longer punished for their size and are instead given the chance to grow and succeed in a friendlier business environment,” added Senator Cotton.

Read the bill text here.

Further Background:

Chairman Hill previously introduced the Small Business Audit Correction Act alongside Senator Cotton in both the 115th and 116th Congresses.

###

Financial Institutions Subcommittee Examines How the Main Street Capital Access Act Empowers Community Banks and Drives Economic Growth

Mon, 21 Sep 2026 04:00:00 GMT

On Friday, the Subcommittee on Financial Institutions, led by Subcommittee Chairman Andy Barr (KY-06), hosted a field hearing in Richmond, Kentucky, to examine the importance of community banks in expanding access to capital, supporting affordable housing, and driving economic growth in local communities. The hearing highlighted how the Main Street Capital Access Act would help strengthen community banks, reduce unnecessary regulatory burdens, and support the formation and growth of new community banks.

On Strengthening Community Banks:

Subcommittee Chairman Barr said, "The Main Street Capital Access Act was developed in response to that one-size-fits-all approach, with the intention to help community banks thrive, expand, and support the growth of new banks. Key provisions in Title II, like the TAILOR Act and my TIER Act and Community Bank Regulatory Tailoring Act, aimed to reduce regulatory burdens on lower-risk and smaller financial institutions by raising asset thresholds and requiring regulatory thresholds to adjust over time for economic growth or inflation."

Rep. Troy Downing (MT-02) said, "Community banks face many challenges that prevent new bank formation or lead to consolidation. In 2008, Montana had 64 state-chartered banks. And today, there are 33. So, we lost almost half. And a lot of this can be traced directly back to the passage of Dodd-Frank."

Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson (OH-08) said, "It's one thing to be regulated by your own state, but there are states that are out there trying to regulate banks in other states. They don't think the national bank regulators do enough, and they don't think your state regulator does enough. They want to apply their state policy to out-of-state banks. [...] For interest rates and usury laws, maybe they're different among the states. But if you're running it, you should be regulated in the state you're in. That was always the way it was viewed until recently, but that's why I introduced the American Lending Fairness Act."

Witnesses Highlight the Importance of Community Banks:

Mr. Timothy Schenk, President and Chief Executive Officer, Kentucky Bankers Association, said, “The Main Street Capital Access Act and the 21st Century ROAD to Housing Act complement each other. Figures show that overburdensome regulations add more than $100,000 to the purchase price of a home. Likewise, overburdensome regulations create significant costs for banks. These costs ultimately increase the cost of credit. These two bills, in the aggregate, would substantially decrease the costs of housing while increasing access to credit, a combination that could substantially address our nationwide housing crisis.”

Mr. Aud highlighted how Main Street promotes new bank formation: “A responsible capital phase-in does not mean a new bank operates without meaningful capital. It does not eliminate oversight or lower the obligations of management and directors. It recognizes that a carefully supervised new bank can build toward its full capital structure as the institution comes along.”

Mr. Jason Hawkins, President and Chief Executive Officer, First United Bank, said, “One-size-fits-all regulation simply does not work for community banks like mine. We face the same regulatory framework as trillion-dollar banks— banks that are literally over 1,000 times our size and operate internationally. We don't engage in derivatives trading. We don't have proprietary trading desks. We don't pose systemic risk to the global financial system. Yet we're subject to many of the same rules, examinations, and compliance expectations. The Dodd-Frank Act subjected community banks to the same rules designed for the largest, most systemically important institutions. This has stifled local lending, constrained economic growth, accelerated industry consolidation, and pushed lending activity outside the regulated banking sector—exactly the opposite of what we need.”

Mr. Zach Worsham, Vice President, Winterwood Inc., said, “…community banks are essential to the development of affordable housing in the United States. The Main Street Capital Access Act addresses overburdensome regulation that stifles the lending activity of small and mid-sized community banks. One of the strengths that community banks bring to affordable housing finance is an understanding of the challenges and opportunities available in their specific communities.”

###

Barr: The Main Street Capital Access Act is a Critical Step Toward Restoring the Financial Backbone of This Country

Fri, 18 Sep 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Financial Institutions Subcommittee field hearing, led by Subcommittee Chairman Andy Barr (KY-06), to examine the critical role community banks play in supporting Main Street America and the unique challenges they face under the current federal regulatory framework.

Read Subcommittee Chairman Barr's opening remarks as prepared for delivery:

"I would like to thank everyone for joining us today, whether in person or tuning in remotely, for this Financial Institutions Subcommittee hearing in Richmond, Kentucky, in my home district.

"I also would like to extend my sincere thanks to Eastern Kentucky University for graciously hosting us in its Center for the Arts on this beautiful campus.

"Today, we are here to discuss the Main Street Capital Access Act and how the bipartisan House-passed legislation strengthens community banks across the country.

"This bill is exactly the kind of targeted reform needed to advance this Committee’s goal to Make Community Banking Great Again.

"Community banks represent the financial backbone of this country. They finance farms, factories, family businesses, and first-time homebuyers. These institutions don’t just serve communities—they are part of them, as we will hear from our witnesses today.

"But here’s the hard truth: federal regulators have not always been treating them that way. For years, regulators have been writing rules as if every bank in America is a trillion dollar global institution—and then acting surprised when community banks disappear. That’s the result of a regulatory culture that forgot who the system is supposed to serve.

"The Main Street Capital Access Act is about changing that.

"The goal is simple: regulation should follow risk, not size, not zip code, and not political fashion. A $500 million community bank in rural Kentucky should not be regulated under the same framework built for a GSIB.

"Community banks in Kentucky and across our nation face burdensome capital rules and a supervisory framework designed for large, global institutions. That means higher costs, fewer loans, and more forced consolidation. This hurts American consumers by reducing access to credit and opportunities for small business growth.

"We intend to rectify this issue with our community bank package.

"The Main Street Capital Access Act opens the door for new bank formation—improving transparency in the chartering process, making applications more predictable, and ensuring rural and underserved communities can once again see new institutions form instead of watching their local banks disappear.

"We are also restoring proportionality to regulation—updating capital, leverage, and enhanced prudential standards so they actually reflect a bank’s risk profile, not just an arbitrary asset threshold.

"That means less money spent on regulatory gymnastics, and more money available for loans in your communities. We are also bringing fairness and due process back to supervision. Banks should not be governed by unpublished examiner preferences.

"They should be governed by clear rules, risk-based testing, and transparent standards. You should know what you’re being judged on before you’re judged. That’s how a system governed by law is supposed to work.

"The Main Street Act also addresses the structural problems that are driving consolidation. It requires regulators to justify their actions and create clarity and predictability in the merger process so healthy banks can grow and troubled banks can find partners before they fail. And it ensures that when banks do fail, community banks are not shut out of resolution processes by design.

"Finally, this legislation recognizes the reality that innovation is happening whether Washington likes it or not. That is why it is critical that we remove outdated regulations and reform overly prescriptive supervision to ensure community banks can keep up with their customers’ changing preferences.

"Our legislation lets banks partner, modernize, and compete.

"The Main Street Capital Access Act is a critical step toward restoring the financial backbone of this country.

"For Kentucky, this is personal. Community banks are the financial infrastructure of rural America. When they thrive, small towns prosper. When they’re regulated out of existence, capital dries up and opportunity for local ownership disappears.

"I’m excited to continue the conversation with our four Kentucky-based witnesses on our panel today."

Financial Services Advances Eight Bills

Fri, 18 Sep 2026 04:00:00 GMT

On Wednesday, the House Committee on Financial Services, led by Chairman French Hill (AR-02), favorably reported 8 bills to the full House of Representatives.

“These bills reflect a practical, common-sense approach to expanding opportunity, protecting consumers, preserving choice and competition, and demanding accountability from the institutions that serve the American people. At the end of the day, that is what this Committee is here to do: ensure our financial system works for the American people – not the other way around,” said Chairman Hill.

H.R. 7030, the Securing Facilities for Mental Health Services Act, sponsored by Majority Whip Tom Emmer (MI-06), passed 49-0. This bill expands eligibility for the Federal Housing Administration’s (FHA) hospital mortgage insurance program to additional types of hospitals and requires the Department of Housing and Urban Development (HUD) to evaluate and report on the program’s effectiveness in supporting hospital financing.

Watch Chairman Hill’s remarks here.
Watch Whip Emmer’s remarks here.
Watch Subcommittee on Housing and Insurance Chairman Mike Flood’s (NE-01) remarks here.

H.R. 4936, the Taskforce for Recognizing and Averting Payment Scams (TRAPS) Act, sponsored by Rep. Zach Nunn (IA-03) and Rep. Jim Himes (CT-04), passed 49-0. This bill establishes a federal task force to study payment scams and develop strategies to prevent and combat fraudulent payment schemes that target Americans.

Watch Chairman Hill’s remarks here.
Watch Rep. Nunn’s remarks here.

H.R. 10234, the Consumer-Led Enhancement of Annuity and Insurance Registration (CLEAR) Forms Act, sponsored by Rep. Nunn and Rep. Brittany Pettersen (CO-07), passed 42-7. This bill directs the Securities and Exchange Commission (SEC) to develop tailored registration forms for registered index-linked life insurance, contingent deferred annuities, and certain other registered non-variable insurance contracts, providing greater transparency for American investors.

Watch Chairman Hill’s remarks here.
Watch Rep. Nunn’s remarks here.
Watch Subcommittee on Capital Markets Chairman Ann Wagner’s (MO-02) remarks here.

H.R. 7866, the American Lending Fairness Act, sponsored by Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson (OH-08), passed 31-18. This bill the scope of the opt-our provision in the Depository Institutions Deregulation and Monetary Control Act of 1980 providing greater certainty for state-chartered lenders operating across state lines and ensuring Americans maintain access to credit.

Watch Subcommittee Chairman Davidson’s remarks here.
Watch Subcommittee on Financial Institutions Chairman Andy Barr’s (KY-06) remarks here.

H.R. 1653, the Civil Investigative Demand Reform Act , sponsored by Subcommittee Chairman Barr and Rep. Vicente Gonzalez (TX-34), passed 29-20. This bill reforms the Consumer Financial Protection Bureau’s (CFPB) civil investigative demand process to strengthen due process and protect financial institutions from overly broad or burdensome information requests.

Watch Subcommittee Chairman Barr’s remarks here.

H.R. 10184, the Consumer Financial Protection Accountability and Reform Ac t, sponsored by Subcommittee Chairman Barr, passed 28-21. This bill reforms the CFPB’s governance, rulemaking, supervision, and enforcement authorities to strengthen accountability and transparency, promote regulatory clarity, and promote access to financial products and services for consumers.

Watch Subcommittee Chairman Barr’s remarks here.
Watch Subcommittee on Digital Assets, Artificial Intelligence, and Financial Technology Chairman Bryan Steil’s (WI-01) remarks here.
Watch Subcommittee on Oversight and Investigations Chairman Dan Meuser’s (PA-09) remarks here.

H.R. 8957, the American Reserve Modernization Act, sponsored by Rep. Nick Begich (AK-AL), passed 28-21. This bill establishes a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within Treasury. The bill also consolidates the custody and management of digital assets held across federal agencies under the Treasury Department.

Watch Subcommittee Chairman Steil’s remarks here.

H.R. 5889, the Eviction Helpline Act, sponsored by Rep. Ayanna Pressley (MA-07), passed 47-2. This bill creates a HUD hotline to provide eviction-related assistance and connect tenants in federally assisted rental housing with resources to help prevent displacement and maintain housing stability.

Watch Chairman Hill’s remarks here.

###

House Passes Four Financial Services Bills

Thu, 17 Sep 2026 04:00:00 GMT

This week, the U.S. House of Representatives passed four bills from the House Committee on Financial Services.

H.R. 10167, the Common Cents Act, sponsored by House Republican Conference Chairwoman Lisa McClain (MI-09), passed the House by voice vote. H.R. 10167 ends the production of the penny and allows for the production of a more cost-effective nickel, reducing unnecessary costs to taxpayers while also providing clear legislative guidance to ensure fair and consistent cash practices for retailers, banks, and consumers.

Watch House Republican Conference Chairwoman Lisa McClain speak in support of her bill here.
Watch Rep. Monica De La Cruz (TX-15) speak in support of the bill here.

H.R. 2978, the Guarding Unprotected Aging Retirees from Deception (GUARD) A c t, sponsored by Rep. Zach Nunn (IA-03) and Rep. Josh Gottheimer (NJ-5), passed the House by a vote of 414-7. H.R. 2978 strengthens the fight against financial fraud and scams by allowing law enforcement to use eligible federal grant funds to investigate financial crimes while improving federal coordination and reporting on emerging fraud trends.

Watch Rep. Nunn speak in support of his bill here.
Watch Subcommittee on Oversight and Investigations Chairman Dan Meuser (PA-09) speak in support of the bill here.
Watch Rep. De La Cruz speak in support of the bill here.

H.R. 8278, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act, sponsored by Rep. Marlin Stutzman (IN-03) and Rep. Bill Foster (IL-11), passed the House by a vote of 417-7. H.R. 8278 modernizes financial supervision by requiring regulators to assess their technological capabilities and identify ways to make examinations more efficient, effective, and responsive to a rapidly evolving financial system.

Watch Rep. Stutzman speak in support of his bill here.
Watch Rep. De La Cruz speak in support of the bill here.

H.R. 4646, the Whistleblower Protection Act of 2025, sponsored by Rep. De La Cruz, passed the House by a vote of 424-0. H.R. 4646 strengthens protections for whistleblowers working on federally-funded contracts by ensuring those protections apply to contracts previously funded by the Department of Housing and Urban Development (HUD).

Watch Rep. De La Cruz speak in support of her bill here.

###

Financial Services Reviews the State of the International Financial system

Thu, 17 Sep 2026 04:00:00 GMT

Tuesday, the House Committee on Financial Services, led by Chairman French Hill (AR-02), hosted Treasury Secretary Scott Bessent for a hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”

Watch today’s full committee hearing here.

On America’s Competitiveness and Influence on International Financial Institutions:

Chairman Hill said, “The United States plays a central role in shaping the international financial system. That influence reflects the global importance of the U.S. dollar, the size and depth of U.S. financial markets, and our longstanding role in critical institutions such as the International Monetary Fund and the World Bank... We must ensure these institutions remain focused on their core missions, operate transparently, and use their resources wisely, consistent with that core mission.”

Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson (OH-08) said, “I was in manufacturing before I came to Congress, and we weren't competing against other companies. We were competing against a foreign government that had decided they would own and dominate other industries. It was disadvantaging American companies. Frankly, the Trump administration has taken aim at why would we confront people like China? Well, because they're taking America for granted. They're assuming Xi Jinping is going to be in charge in China longer than President Trump is going to maintain the resolve, not just in his administration, but going forward to counter China.”

Homeland Security Committee Chairman Andrew Garbarino (NY-02) said, “Under U.S. generally accepted accounting principles, clearers are treated as agents rather than principals, meaning client-cleared trades typically do not come onto the cleared balance sheet. Many U.S. broker-dealers that are subsidiaries of foreign parent companies must also comply with the International Financial Reporting Standards, or IFRS, which has not made the same clarification. Absent IFRS guidance, those firms could be required to carry cleared trades on their balance sheets, significantly impairing their ability to participate in the Treasury market. I'm concerned that excluding major market participants because of accounting inconsistency could restrict Treasury market liquidity and run counter to the goal of the Treasury clearing mandate. We do not want international standard-setting bodies hindering the successful implementation of our Treasury clearing efforts.”

Rep. Scott Fitzgerald (WI-05) said, “The IMF is supposed to promote, obviously, global financial stability. But, it appears, kind of on a regular basis, China continues to use opaque lending practices; they manage the exchange rate, and they're certainly delaying debt restructuring, I guess you would call it, in developing countries.”

On Artificial Intelligence and Financial Technology:

Full Committee Vice Chairman Bill Huizenga (MI-04) said, “As soon as the news of Mythos came out, I gathered the largest banks that happened to be in DC at Treasury to begin discussing this. The largest banks have very good cybersecurity resilience, and they have been very helpful in terms of creating more resilience. And that is moving down the capitalization chain from super regionals to regionals to small and community banks. And then we are populating that out into the service providers.”

Rep. Mike Lawler (NY-17) questioned Secretary Bessent on the Treasury’s efforts to create baseline standards for AI developers, to which he replied: “… this began back in March, and we have engaged on a daily, weekly, and monthly basis. We began with the largest banks and with their Chief Information Officers with their leadership, and we have transferred much of that into Project Gold Eagle, which is a clearinghouse for everything that we learn about resiliency within this. And we continue to engage with them. And I can tell you that the financial sector — from the largest banks to the smallest banks, from domestic banks to international banks — have been very good partners and they are working on resiliency.”

Rep. Zach Nunn (IA-03) said, “[The Financial Services Committee has] led in both crypto. We’ve led in digital assets, including stablecoins. And now we’re looking at this artificial intelligence that has exploded in the last year alone. Our Committee has passed my AI PLAN Act unanimously, to be able to identify ways that the federal government can learn from what’s happening in the private sector, while at the same time not putting prohibitive restrictions on innovation here in the United States.”

Secretary Bessent echoed his support for the work of the Committee:

Treasury Secretary Bessent said, “I am also pleased that we reached consensus from economies representing more than two-thirds of global GDP to address excessive and persistent imbalances, advance financial literacy, improve the global sovereign debt architecture, and support regulatory modernization. In substance and in spirit, these priorities reflect the Administration’s approach to international institutions by ensuring that American time and resources serve American interests. We are also bringing that same discipline to the IMF and World Bank, so they remain true to their core mandates and are better positioned to promote economic growth.”

###

Chairman Hill: The Bills Before Us Today Will Expand Opportunity, Strengthen Protections, and Increase Accountability for Consumers

Wed, 16 Sep 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a markup of various bills that reflect the Committee's long-standing efforts to expand opportunity, protect consumers, preserve choice and competition, and demand accountability from the institutions that serve the American people.

Read Chairman Hill's remarks as prepared for delivery:

"Today’s agenda brings together a comprehensive set of bills to expand opportunity for American families, protect consumers, and hold financial regulators to a higher standard of accountability.

"H.R. 7030, the Securing Facilities for Mental Health Services Act, introduced by Republican Whip Tom Emmer, temporarily removes an outdated restriction on FHA financing for inpatient psychiatric hospitals, enabling qualified facilities to more easily secure the capital they need to build, renovate, or expand, while preserving sound underwriting standards and taxpayer protections. This sunsets in 5 years, allowing Congress to further examine its impact.

"When a family suddenly faces a job loss or medical setback, or other financial hardship, knowing where to turn for local assistance and understanding their legal rights can make the difference between navigating a difficult moment and facing a crisis that lasts for years.

"Protecting consumers also means ensuring that the government itself follows the law, respects due process, and remains accountable.

"That is the goal of H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026, introduced by Financial Institutions Subcommittee Chairman Andy Barr.

"This package establishes durable guardrails to make the CFPB more accountable and transparent while keeping its focus on protecting consumers and promoting competition, innovation, and access to affordable financial products and services.

"Chairman Barr’s H.R. 1653, the Civil Investigative Demand Reform Act of 2025, applies those same principles to the Bureau’s investigative process by ensuring that civil investigative demands have a factual basis, a reasonable scope, and a meaningful opportunity for review.

"We will also consider measures aimed at protecting Americans from financial fraud and improving the information consumers receive when making important financial decisions.

"H.R. 4936, the TRAPS Act, introduced by Congressman Nunn, creates a coordinated federal government and private-sector effort to understand and counter financial fraud and scams.

"Congressman Nunn’s CLEAR Forms Act would improve the information Americans receive when considering annuity and life-insurance products for retirement, while reducing unnecessary disclosure complexity and compliance burdens.

"Another important measure before us is H.R. 7866, the American Lending Fairness Act of 2026, introduced by Warren Davidson, Chairman of the Subcommittee on National Security.

"This bill supports our dual banking system and preserves charter choice by restoring a level playing field for state-chartered banks and credit unions, allowing them to offer loans nationwide under the interest rate rules of their home states.

"We will also bring H.R. 8957, the American Reserve Modernization Act of 2026, introduced by Congressman Begich from Alaska.

"The bill establishes a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within the Department of the Treasury for federally held Bitcoin and other digital assets acquired through criminal or civil forfeiture.

"This is a common-sense measure that brings digital assets held across federal agencies under Treasury custody and consistent oversight, strengthening the security, transparency, and accountability of these government-held assets.

"Lastly, we will also consider H.R. 5889, the Eviction Helpline Act, introduced by Congresswoman Pressley and Ranking Member Waters, to increase the mandatory contribution of Federal Home Loan Banks to their Affordable Housing Programs.

"Many of these bills reflect a practical, common-sense approach to expanding opportunity, protecting consumers, preserving choice and competition, and demanding accountability from the institutions that serve the American people.

"At the end of the day, that is what this Committee is here to do: ensure our financial system works for the American people – not the other way around.

"I look forward to today’s discussion. With that, I yield back."

###

Chairman Hill: The United States Plays a Central Role in Shaping the International Financial System

Tue, 15 Sep 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a Full Committee hearing to hear from Treasury Secretary Scott Bessent on how we can ensure U.S. leadership at the IMF and the World Bank advances American economic interests.

Read Chairman Hill's remarks as prepared for delivery:

"Good morning. I want to welcome Secretary Bessent back to the Committee.

"We thank you for being here todayand for your continued efforts to ensure that America’s leadership in the global economy advances the interests of American workers, businesses, and taxpayers.

"The United States plays a central role in shaping the international financial system.

"That influence reflects the global importance of the U.S. dollar, the size and depth of U.S. financial markets, and our longstanding role in critical institutions such as the International Monetary Fund and the World Bank.

"The United States is the leading shareholder in both of these institutions.

"That gives this Committee an important responsibility to ensure American interests are protected, and U.S. governance is subject to appropriate oversight.

"We must ensure these institutions remain focused on their core missions, operate transparently, and use their resources wisely, consistent with that core mission.

"Under the previous administration, the World Bank and IMF were pulled away from their core responsibilities by mission creep. For example, trying to transform the IMF to a climate development bank. That is not its role and distracts from its incredibly important mission.

"Fortunately, under the Trump Administration, we have seen a renewed emphasis on delivering measurable results through accountability and discipline at both the IMF and the Bank.

"The World Bank must remain committed to reducing poverty and promoting economic growth by directing its resources toward countries that genuinely need development assistance.

"For years, this Committee raised concerns about the World Bank continuing to provide billions of dollars in financing to China, the world’s second-largest economy and one of America’s foremost strategic competitors.

"China has enormous financial resources of its own. It is a major global creditor and uses state-directed investment to advance its economic and geopolitical interests around the world.

"American taxpayers should not be backstopping Beijing’s economic ambitions through the World Bank.

"That is why the World Bank’s decision to phase out its lending to China by 2031 is an important step in the right direction.

"We have also seen an important and long-overdue change in the World Bank’s approach to energy.

"In 2025, with a strong bipartisan push from this Committee by way of H.R. 1474, the International Nuclear Energy Financing Act, the World Bank took its first concrete step in decades toward reengaging with nuclear energy by agreeing with the International Atomic Energy Agency to receive nuclear expertise, support existing reactors, and advance the potential of small modular reactors.

"This year, we also saw the first U.S. contribution to a new Nuclear Energy Assistance Trust Fund at the Bank, which I hope will see additional funds from Treasury going forward.

"Developing economies need access to reliable and affordable electricity to grow, making this exactly the kind of practical, pro-growth approach these institutions should embrace.

"I commend the progress at the World Bank and hope we see this commitment translate into more projects and financing.

"While we have seen positive progress at the World Bank, concerns remain about the IMF’s approach to China.

"The IMF plays a critical role in promoting international monetary cooperation and safeguarding global financial stability. Fulfilling that mission requires rigorous economic oversight and transparency.

"China presents a major test of whether the Fund is willing and able to fulfill that responsibility.

"Its most recent Article IV review found that weak domestic demand, real exchange-rate depreciation, and reliance on exports have contributed to external imbalances and adverse spillovers for China’s trading partners.

"Identifying these problems is only the first step, and the IMF must be willing to speak clearly and consistently when the policies of the world's second-largest economy distort global markets.

"The Fund must continue to demand greater transparency and hold all its members to the same high standards.

"I have long argued that the IMF shouldn’t allow China a greater say in the organization until Beijing complies with those standards.

"That includes a greater role for its currency in the Special Drawing Rights basket.

"I want to thank you, Mr. Secretary, for working with the Committee on reforms to the Special Drawing Rights process, and the United States must use its leadership in these institutions to advance economic stability, promote growth, and protect the interests of American workers, businesses, and taxpayers.

"I look forward to discussing how the Administration is advancing these priorities and strengthening American leadership in the international financial system.

"I yield back."

###

Chairman Hill & Chairman Thompson on Senate CLARITY Vote

Tue, 15 Sep 2026 04:00:00 GMT

House Committee on Financial Services Chairman French Hill (AR-02) and House Committee on Agriculture Chairman Glenn “GT” Thompson (PA-15) issued the following statement after the U.S. Senate failed to invoke cloture on the CLARITY Act:

"Today’s vote does not change the need for Congress to enact clear rules of the road for the digital asset ecosystem. Only Congress can provide the lasting legal certainty that consumers and businesses need to participate in these markets with confidence and necessary protections.

"The House has worked across multiple Congresses to establish a functional digital asset market structure framework for the digital asset ecosystem. Until statutory certainty is achieved, we look forward to partnering with the federal financial regulators as they utilize existing authorities to develop rules and issue guidance governing digital assets.

"We remain committed to continuing to work with our Senate colleagues to send critical framework legislation to the President’s desk that secures the United States’ leadership in financial innovation."

###

Full Committee Reviews Record of Administration and Republicans Supporting Economic Growth

Thu, 03 Sep 2026 04:00:00 GMT

Yesterday, the House Committee on Financial Services, led by Chairman French Hill (AR-02), examined how the Trump Administration’s economic and regulatory policies are shaping the economy and highlighted Committee Republicans’ efforts to provide the certainty businesses and financial institutions need to invest, innovate, and support long-term economic growth.

On Economic Growth and Legislative Solutions:

Chairman Hill said, “Since President Trump took office, this administration has renewed its focus on investment and innovation, moving quickly to replace the regulatory uncertainty of the past four years with clear rules and common sense. That greater clarity has strengthened confidence in our markets and reinforced the resilience of our financial system... Committee Republicans have [also] put in the hard work to advance bills strengthening our capital markets, modernizing regulation, expanding housing supply, supporting community financial institutions, and promoting American leadership in financial innovation.”

Subcommittee on Oversight and Investigations Chairman Dan Meuser (PA-09) said, “Under Chairman Hill’s leadership, the Financial Services Committee, has advanced many pieces of legislation, including the Main Street Capital Access Act, the GENIUS Act, the 21st Century ROAD to Housing Act, and the INVEST Act, which support long-term economic growth, financial stability, and provide a higher level of certainty for investors and consumers. Together, these efforts reflect the Committee’s commitment to moving financial policy away from a biased government-driven market distortion toward supply-side growth, capital formation, expanded access to capital, and, as we say, doing our best to ‘Make Community Banks Great Again’.”

On Community Banking and Capital Formation:

Full Committee Vice Chairman Bill Huizenga (MI-04) said, “This Committee has worked for the last two years to make community banking work better for Main Street America. We enacted significant community bank reforms throughout the bipartisan [21st Century] ROAD to Housing Act. The House passed the Main Street Capital Access Act to encourage new bank formation, right-size regulation, modernize outdated thresholds, bring greater objectivity to bank supervision, and, hopefully, make them business decisions and not regulator and DEI kind of decisions.”

Rep. Roger Williams (TX-25) said, “Throughout the United States, local community banks are the lifeblood of their towns, funding the family businesses, farms, and entrepreneurs that fuel Main Street. And for years, Washington bureaucrats have treated community banks like they are big Wall Street investment firms, piling on regulations created for large-scale institutions. This has stifled local lending, accelerated consolidation, and created banking deserts across rural America. … The Main Street Capital Access Act right-sizes these regulations by restoring commonsense tailoring and not punishing community banks with more burdensome compliance.”

Task Force on Monetary Policy, Treasury Markets Resilience, and Economic Stability Chairman Frank Lucas (OK-03) said, “The INVEST Act includes my bill providing parity between the investments available to 403(b) plans and other comparable retirement plans like 401(k)s. Workers who rely on 403(b) plans, like teachers, healthcare workers, and nonprofit employees, should have access to the same investment products available to others so they can save and prepare for the future. It is past time to send the bill to the President’s desk.”

Witnesses Echoed the Committee’s Priorities

The Honorable Heath Tarbert, President, Circle, said, “The House-passed CLARITY Act, and the various Senate texts now building on it, pursue several common objectives. They allocate regulatory jurisdiction between the securities and commodities regulators along a line that tracks how these instruments actually function. They create a viable, onshore regulatory framework for covered intermediaries—with customer protection, custody, and conflict-of-interest requirements attached. And they extend established illicit-finance authorities to covered intermediaries and activities, so those authorities apply here as clearly as they do elsewhere.”

The Honorable Kathleen Kraninger, President and Chief Executive Officer, Florida Bankers Association, said, “I thank the Chairman and Ranking Member for their leadership on the [21st Century] ROAD to Housing and its community-banking provisions, and the Chairman and other committee members for the great work on the bipartisan Main Street Capital Access bill. Seeing that bill become law would also make a measurable difference in modernizing regulatory requirements and reducing unnecessary burdens that just take time away from better serving customers.”

Ms. Lynn Martin, President, New York Stock Exchange, said, “America's public markets work because they are built on a bedrock of trust: trust that our markets are transparent, that rules are applied consistently, and that every investor, whether managing a billion-dollar pension fund or investing a first paycheck, has a fair shot at participating in the growth of the American economy. Protecting and strengthening that trust is the responsibility of everyone in this room. With continued support from our leaders here in Washington, we can continue to remove unnecessary barriers to going public. We can expand the circle of investors who can participate in high-growth opportunities. We can bring clarity and certainty to the digital asset economy. And we can send a message to the world that when it comes to capital formation, the United States remains the preeminent destination, and intends to stay that way.”

Mr. Alex Pollock, Senior Fellow, Mises Institute, said, “I was glad to see the community bank provisions of the [21st Century ROAD to Housing] Act, which were added by the House and this Committee. The community banking sector is one of the distinguishing characteristics of the American financial system, giving it a local presence and dispersed credit decision-making, and therefore a systemic role in promoting opportunity. There are, by the FDIC’s count, now 3,818 community banks, or approximately 90% of all U.S. insured banks and savings institutions. The number of community banks has dramatically fallen in recent decades; it is down by more than half from the 8,315 in the year 2000, for example. Helping maintain the vitality of this sector is a key goal. An important provision of this title of the act is encouraging the chartering of new banks. While new entry is always desirable, I believe this is especially relevant in times of banking system troubles, when the system needs new capacity and new capital, unencumbered by past cyclical mistakes.”

Field Hearing Entitled: “Main Street Capital Access Act: Empowering Community Banks to Drive Economic Growth”

Fri, 18 Sep 2026 16:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Mr. Timothy Schennk, President and Chief Executive Officer, Kentucky Bankers Association
Mr. Kyle Aud, President and Chief Executive Officer, Cornerstone Community Bank
Mr. Jason Hawkins, President and Chief Executive Officer, First United Bank
Mr. Zach Worsham, Vice President, Winterwood Inc.

Markup of Various Measures

Wed, 16 Sep 2026 14:00:00 GMT

Click here to view the livestream of this markup.

Click here to view the Committee Memorandum

Legislation:

H.R. 1653, the Civil Investigative Demand Reform Act of 2025, was AGREED TO by a recorded vote of 29 YEAS and 20 NAYS. (FC VOTE #309)

H.R. 4936, the Taskforce for Recognizing and Averting Payment Scams (TRAPS) Act, was AGREED TO by a recorded vote of 49 YEAS and 0 NAYS. (FC VOTE #305)

H.R. 5889, the Eviction Helpline Act, was AGREED TO by a vote of 47 YEAS and 2 NAYS. (FC VOTE #318)

H.R. 7030, the Securing Facilities for Mental Health Services Act, was AGREED TO by a vote of 49 YEAS and 0 NAYS. (FC VOTE #304)

H.R.7866, the American Lending Fairness Act of 2026, was AGREED TO by a vote of 31 YEAS and 18 NAYS. (FC VOTE #308)

H.R. 8957, the American Reserve Modernization Act of 2026, was AGREED TO by a vote of 28 YEAS and 21 NAYS. (FC VOTE #317)

H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026, was AGREED TO by a vote of 28 YEAS and 21 NAYS. (FC VOTE #315)

H.R. 10234, the Consumer-Led Enhancement of Annuity and Insurance Registration (CLEAR) Forms Act, was AGREED TO by a vote of 42 YEAS and 7 NAYS. (FC VOTE #307)

H.R. 10325, a bill to increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing Program, and for other purposes, was NOT AGREED TO by a vote of 21 YEAS and 28 NAYS. (FC VOTE #319)

Amendments:

ANS to H.R. 1653, offered by Rep. Barr of Kentucky, designated as BARR_153, was AGREED TO by voice vote.

ANS to H.R. 4936, offered by Rep. Nunn of Iowa, designated as NUNN_173, was AGREED TO by voice vote.

An amendment, designated Lynch_075 (Lynch 1), was AGREED TO by voice vote.

ANS to H.R. 5889, offered by Rep. Pressley, designated as PRESSLEYMA_090, was AGREED TO by voice vote.

ANS to H.R. 7030 , offered by Rep. Emmer of Minnesota, designated as ANS_H7030, was AGREED TO by voice vote.

ANS to H.R. 7866, offered by Rep. Davidson of Ohio, designated as DAVIDSONOH_169, was AGREED TO by voice vote.

ANS to H.R. 8957, offered by Rep. Steil of Wisconsin, designated as ANS_HR8957, was AGREED TO by voice vote.

An amendment, designated HR8957AMND1 (Waters 2), was NOT AGREED TO by a recorded vote of 21 YEAS and 28 NAYS. (FC VOTE #316)

ANS to H.R. 10184, offered by Rep. Barr of Kentucky, designated as BARR_154, was AGREED TO by voice vote.

An amendment, designated Lynch_078 (Lynch 2), was NOT AGREED TO by a recorded vote of 21 YEAS and 28 NAYS. (FC VOTE #310)
An amendment, designated Lynch_077 (Lynch 3), was NOT AGREED TO by a recorded vote of 21 YEAS and 28 NAYS. (FC VOTE #311)
An amendment, designated Foster _104 (Foster 1), was NOT AGREED TO by a recorded vote of 21 YEAS and 28 NAYS. (FC VOTE #312)
An amendment, designated Foster_105 (Foster 2), was NOT AGREED TO by a recorded vote of 21 YEAS and 28 NAYS. (FC VOTE #313)
An amendment, designated Foster_106 (Foster 3), was NOT AGREED TO by a recorded vote of 21 YEAS and 28 NAYS. (FC VOTE #314)

ANS to H.R. 10234, offered by Rep. Nunn of Iowa, designated as NUNN_175, was AGREED TO by voice vote.

An amendment, designated CLEAR_ANS (Waters 1), was NOT AGREED TO by a recorded vote of 20 YEAS and 28 NAYS. (FC VOTE #306)

ANS to H.R. 10325, offered by Rep. Waters of California, designated as HR10325_ANS, was AGREED TO by voice vote.

Hearing Entitled: “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System”

Tue, 15 Sep 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

The Honorable Scott Bessent, Secretary, U.S. Department of the Treasury

Hearing Entitled: "Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity”

Wed, 02 Sep 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

The Honorable Heath Tarbert, President, Circle
Ms. Kathleen Kraninger, President and Chief Executive Officer, Florida Bankers Association
Ms. Lynn Martin, President, New York Stock Exchange
Mr. Alex Pollock, Senior Fellow, Mises Institute
Professor Darrick Hamilton, University Professor, the New School, and Chief Economist, AFL-CIO

Legislation

H.R.7866, the American Lending Fairness Act of 2026

Hearing Entitled: “Oversight of the Federal Home Loan Bank System”

Tue, 21 Jul 2026 18:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Ms. Jill Naamane, Director, U.S. Government Accountability Office
Mr. Ryan Donovan, President and Chief Executive Officer, Council of Federal Home Loan Banks
Mr. Barry Lockard, President and Chief Executive Officer, Cornhusker Bank, on behalf of Federal Home Loan Bank of Topeka
Professor Kathryn Judge, Harvey J. Goldschmid Professor of Law, Columbia University

Legislation

H.R. _____, the Federal Home Loan Bank Mortgage Asset Modernization Act
H.R. _____, the Federal Home Loan Bank Advances as Core Funding Act
H.R. _____, the Federal Home Loan Bank Membership Clarification Act
H.R. _____, the Federal Home Loan Bank Capital Clarification Act of 2026
H.R. _____, a bill to increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing Program, and for other purposes

Hearing Entitled: “Oversight of the Financial Crimes Enforcement Network”

Tue, 21 Jul 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Ms. Andrea Gacki, Director, Financial Crimes Enforcement Network (FinCEN)

Field Hearing Entitled: “Building the Future of Finance: How the CLARITY Act Unlocks Innovation”

Fri, 17 Jul 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Ms. Sarah Aberg, Chief Legal Officer, Nova Labs Inc.
Ms. Randi Abernethy, Head of Cleraing and Group Risk, Bullish
Mr. Ryan Louvar, Chief Legal Officer, WisdomTree
Mr. Jason Somensatto, Director of Policy, Coin Center

Legislation

H.Res. 111, Expressing support for blockchain technology and digital assets
H.R. 8957, the American Reserve Modernization Act

Full Committee Hearing Entitled: “The Semi-Annual Report of the Bureau of Consumer Financial Protection”

Wed, 15 Jul 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

The Honorable Russell Vought, Acting Director, Consumer Financial Protection Bureau

Legislation

H.R. __, the CFPB Reform Act of 2026

Hearing Entitled: “The Federal Reserve’s Semi-Annual Monetary Policy Report”

Tue, 14 Jul 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

The Honorable Kevin M. Warsh, Chairman, Board of Governors of the Federal Reserve System

Markup of Various Measures

Tue, 30 Jun 2026 14:00:00 GMT

Click here to view the livestream of this markup.

Click here to view the Committee Memorandum.

Click here for e-voting pictures.

Legislation:

Resolution to Reauthorize the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, was AGREED TO by voice vote.

H.R. 1483, the Protecting Investors’ Personally Identifiable Information Act, was AGREED TO by a recorded vote of 27 YEAS and 21 NAYS. (FC Vote #287)

H.R. 1640, the HEIRS Act of 2025, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #302)

H.R. 5402, the Credit Access and Inclusion Act of 2025, was AGREED TO by a recorded vote of 28 YEAS and 23 NAYS. (FC Vote #296)

H.R. 5775, the FCRA Liability Harmonization Act, was AGREED TO by a recorded vote of 27 YEAS and 23 NAYS. (FC Vote #293)

H.R. 7030, the Securing Facilities for Mental Health Services Act was not considered.

H.R. 7187, the Clarity for Compensation Act, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #291)

H.R. 8141, the Fair Credit Reporting Reseller Accuracy Act, was AGREED TO by voice vote.

H.R. 9329, the SEC Reform and Restructuring Act, was AGREED TO by a recorded vote of 28 YEAS and 23 NAYS. (FC Vote #290)

H.R. 9330, the Earned Wage Access Consumer Protection Act, was AGREED TO by a recorded vote of 29 YEAS and 22 NAYS. (FC Vote #301)

H.R. 9331, the Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act of 2026, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #297)

Amendments:

ANS to H.R. 8141, offered by Rep. Lawler of New York, designated as ANS_H8141, was AGREED TO by voice vote.

An amendment, designated HR8141B (Waters 3), was NOT AGREED TO by voice vote.
An amendment, designated Gotthe_253 (Gottheimer 1), was WITHDRAWN.

ANS to H.R. 7030, offered by Rep. Emmer of Minnesota, designated as ANS_H7030

ANS to H.R. 5402, offered by Ms. Kim of California, designated as ANS5402, was AGREED TO by voice vote.

An amendment, designated HR5402B (Waters 4), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #294)
An amendment, designated Bynum_091 (Bynum 1), as NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #295)

ANS to H.R. 5775, offered by Rep. Loudermilk of Georgia, designated as ANS_H5775, was AGREED TO by voice vote.

An amendment, designated HR5775B (Waters 2), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #292)

ANS to H.R. 7187, offered by Rep. Nunn of Iowa, designated as NUNN_170, was AGREED TO by voice vote.

ANS to H.R. 9329, offered by Rep. Wagner of Missouri, designated as WAGNER_057, was AGREED TO by voice vote.

An amendment, designated Waters_176 (Waters 1), was NOT AGREED TO by a recorded vote of 22 YEAS and 27 NAYS. (FC Vote #288)
An amendment, designated Lynch_069 (Lynch 1), was NOT AGREED TO by a recorded vote of 22 YEAS and 27 NAYS. (FC Vote #289)

ANS to H.R. 9330, offered by Rep. Steil of Wisconsin, designated as STEIL_052, was AGREED TO by voice vote.

An amendment, designated 9330_Amend1 (Waters 5), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #298)
An amendment, designated Pressma_087 (Pressley 1), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #299)
An amendment, designated Liccar_116 (Liccardo 1), was AGREED TO by a recorded vote of 46 YEAS and 5 NAYS. (FC Vote #300)

ANS to H.R. 9331, offered by Rep. Kim of California, designated as KIMCA_130

ANS to H.R. 1483, offered by Rep. Loudermilk of Georgia, designated as LOUDER_037

ANS to H.R. 1640, offered by Rep. Williams of Georgia, designated as ANS_1640