Cmte Financial Services (R) RSS Articles

Lucas: Monetary Policy Transmission is Different in Oklahoma than it is in New York

Fri, 12 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity field hearing, led by Task Force Chairman Frank Lucas (OK-03), titled "Examining the Structure of the Federal Reserve System."

Read Task Force Chairman Lucas' opening remarks as prepared for delivery:

"Good morning. To my colleagues and our witnesses – welcome to Oklahoma City! I am grateful to everyone that traveled to join us here today.

"Today’s field hearing of the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity is focused on the topic of the structure of the Federal Reserve System.

"It is fitting for us to be discussing this topic while in the heartland of the country. One of Oklahoma’s first Senators – Robert Owen – saw the failures of the first two central banks and knew that part of the reason they were not enduring, was because they weren’t appropriately responsive to the concerns of Americans across the country.

"That’s why, as the sponsor of the Federal Reserve Act of 1913, Senator Owen set up the federated system that we have today – 12 private Reserve Banks with district-specific geographic and industrial expertise overseen by the Board of Governors in Washington, DC.

"The Reserve Banks act as lender and supervisor of member banks, ensure the safety of our payments system, and inform monetary policy.

"This private-public partnership we have with our central bank serves as a check against the federal government dominating our monetary system.

"The Boards of Directors for each of the banks are composed of nine directors – three representing member banks, three representing the public, and three appointed by the Board of Governors with consideration of agriculture, commerce, industry, services, labor, and consumers. They play an essential role in governing the Reserve Bank and ensuring they represent the districts they serve.

"Importantly, the 1913 Act also set up the Federal Advisory Council for the Board. It is comprised of one banking representative from each of the districts who bring insight and analysis directly to the Board.

"The Community Advisory Council also allows for direct representation from community leaders and industry experts to enlighten the Board on economic conditions around the country.

"By design, each district brings to the table its own perspective – our nation has many differing viewpoints, and our central bank should be able to reflect all of them.

"St. Louis developed the impressive database ‘FRED’ to provide the broader system and the public with the Fed’s economic data. Dallas provides extensive oil industry expertise. Richmond has a special focus on the economic conditions of rural communities.

"The Kansas City Bank supports the broader system through its expertise in agricultural economics. As someone with a degree in the subject, I know well the unique considerations of raising food and fiber and those economic impacts.

"Whether it’s the inelasticity of demand, risk management practices, or the impact of global markets, equipment leasing, and the weather forecast – all of these issues determine how the economy moves through farm country.

"Monetary policy transmission is different in Oklahoma than it is in New York.

"That’s why it’s so important that our farmers and ranchers have a seat at the table when monetary policy decisions are being made.

"Through rotating voting seats at the Federal Open Market Committee, five Reserve Bank Presidents help set the administered rates. The Reserve Banks act as the conscience of the FOMC.

"Thank you again for being here for this important discussion.

"I yield back."

Housing and Insurance Subcommittee Reviews HUD’s Disaster Recovery Programs

Thu, 11 Jun 2026 04:00:00 GMT

Yesterday, the House Financial Services Subcommittee on Housing and Insurance, led by Subcommittee Chairman Mike Flood (NE-01), held a hearing to examine the effectiveness of HUD's Community Development Block Grant Disaster Recovery (CDBG-DR) program and explore opportunities to improve federal disaster recovery assistance.

On Structural Challenges Within CDBG-DR:

Subcommittee Chairman Flood said, "Because these funds are directed through the CDBG program and not any standing program with a direct disaster recovery nexus, HUD must effectively rewrite the rules around how an affected area can utilize CDBG-DR dollars for each disaster. This lack of structure makes this unauthorized program a nightmare for both its administrators at HUD and the local governments that need disaster funds."

Full Committee Chairman French Hill (AR-02) said, “When disaster strikes, federal assistance programs should deliver timely, transparent, and effective support. Unfortunately, in my view, HUD’s CDBG-DR program has fallen short of that high standard. It lacks permanent authorization, clear objectives, and consistent program rules, and GAO has repeatedly cited inconsistent program requirements as a key driver of delays, and HUD’s own Inspector General has documented more than $690 million in spending that lacked adequate documentation.”

Rep. Monica De La Cruz (TX-15) said, “The Senate's version of the 21st Century ROAD to Housing Act included a proposal to codify the CDBG-DR program. I've had extensive outreach on this proposal, including from my largest county, Hidalgo County, and the judge in Hidalgo County, who highlighted concerns with how that section is currently written. One of the specific concerns highlighted is [that] the current formula does not treat rural counties fairly.” To which Ms. Heather Lagrone, Senior Deputy Director, Texas General Land Office, replied, “Yes, ma’am, I agree.”

On Delays and Inefficiencies in Disaster Recovery Assistance:

Rep. John Rose (TN-06) said, “The Community Development Block Grant Disaster Recovery … program is slow, duplicative, and routinely fails the very people it is supposed to help. Communities don't need a second clunkier system layered on top of the first. They need help that actually shows up on time. That is why it is so baffling to watch our colleagues in the Senate look at this track record and conclude that the answer is more of it. Disaster recovery should be handled in one place by one agency that is built for it. Instead, we have drifted into a fragmented approach that slows everything down. It is time to end the experiment, consolidate recovery where it belongs at FEMA, and let housing officials focus on housing again.”

Rep. William Timmons (SC-04) said, “Over the last three decades, Congress has appropriated more than $100 billion through CDBG-DR, yet concerns persist about delays, administrative complexity, overlapping responsibility, and oversight challenges. While CDBG-DR is often described as a flexible tool for addressing unmet recovery needs after FEMA, SBA, insurance, and other assistance have been exhausted, that flexibility comes with tradeoffs. Because the program lacks a standing authorization and permanent regulations, each supplemental appropriation can bring a different set of requirements, waivers, timelines, and reporting obligations. The question before us is whether that approach is producing better outcomes for disaster victims or creating additional barriers to recovery.”

Witnesses Echoed the Work of the Committee:

Mr. Joseph V. Jaroscak, Analyst in Economic Development Policy, Congressional Research Service, said, “The U.S. Government Accountability Office (GAO) has reported instances of protracted CDBG-DR rulemaking periods, inconsistent administrative processes, and funding delays. Some grantees have also expressed concern to GAO regarding the administrative burden of simultaneously managing multiple CDBG-DR grants with differing sets of requirements. Additionally, GAO has highlighted ongoing fraud risk associated with CDBG-DR funds. Some HUD Office of Inspector General (HUD-OIG) audits have identified potential deficiencies in HUD’s grantee guidance, monitoring processes, and grantee data collection, which may pose risks related to improper payments and challenges with preventing or identifying waste, fraud, and abuse. Both GAO and HUD-OIG have recommended broad structural reform to CDBG-DR (or similar federal investments) as a means to provide long-term disaster recovery assistance for unmet needs.”

Mr. J. Patrick Cave, Senior Vice President of Policy, Enterprise Community Partners, said, “By strengthening coordination across federal agencies, expanding flexible financing tools, investing in state and local capacity, supporting the development and preservation of resilient housing, and advancing needed reforms and permanent authorization of key programs— Congress can help ensure recovery efforts are faster, more efficient, and more durable.”

Ms. Lagrone said, “Disaster Recovery should most definitely be codified into its own program at HUD, but the new program should not simply direct what is happening today with more time-consuming regulations as has been proposed. A new program should consider lessons learned and acknowledge that disaster recovery is not one size fits all, with a great need toward flexibility. Disaster recovery must remain wholly focused on disaster recovery, and mitigation needs with an emphasis toward needs as they apply per capita, as well as in total damage numbers. We should look for ways to make disaster recovery better, not codify a program that has come together over the past 20 years in starts and stops that simply does not work well.”

###

Flood: Let’s Examine the Best Path Forward for Disaster Recovery

Wed, 10 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Housing and Insurance Subcommittee hearing, led by Subcommittee Chairman Mike Flood (NE-01), titled “Examining Local Needs in Disaster Recovery.”

Read Subcommittee Chairman Flood’s opening remarks as prepared for delivery:

"I recognize myself for four minutes for an opening statement.

"The topic of this hearing is the role that HUD plays in disaster recovery through what’s called the Community Development Block Grant – Disaster Recovery program, or CDBG-DR.

"CDBG-DR is a supplemental disaster recovery assistance grant program. It is intended to meet long-term disaster needs that remain unmet after other sources of assistance from FEMA and the SBA have already been deployed.

"CDBG-DR is a very unique program. The program is not authorized in statute. Instead, CDBG-DR funds are typically granted through a supplemental appropriations bill following a disaster.

"Because these funds are directed through the CDBG program and not any standing program with a direct disaster recovery nexus, HUD must effectively rewrite the rules around how an affected area can utilize CDBG-DR dollars for each disaster.

"This lack of structure makes this unauthorized program a nightmare for both its administrators at HUD and the local governments that need disaster funds.

"A quick look at some topline data demonstrates this point clearly:

"According to a HUD Office of Inspector General report issued in January of this year, of the $109.8 billion allocated through CDBG-DR since its inception, only $64.7 billion has been spent.

"In other words, only about 59% of CDBG-DR funds have been spent. To be clear—I’m not saying only 59% of funds were spent last year or in the last five years. Only 59% of CDBG-DR funds have been spent—EVER.

"If you take a look at some individual CDBG-DR allocations, the problem looks even more acute:

Out of $2 billion allocated to Puerto Rico and the U.S. Virgin Islands for 2018 electrical power outages, only about 4.5% has been spent.
Out of $16.1 billion allocated for mitigation activities from 2015-2018, only about 16% of the funds have been spent.

"These abysmal statistics stem from both HUD’s slow allocation of funds and grantees' difficulty in utilizing funds when they are allocated.

"Additionally, HUD has struggled to conduct proper oversight to prevent waste, fraud, and abuse after CDBG-DR funds are spent.

"To sum it up, we have an unauthorized program for which:

HUD has difficulty allocating funds quickly;
Grantees have difficulty spending funds effectively;
And once spent, HUD has difficulty conducting oversight of those funds.

"That’s a dizzying set of problems for a program that has received over 100 billion dollars since its inception.

"Now that we’ve discussed the problems with the status quo, let’s examine the best path forward for disaster recovery.

"There is a proposal out there that would permanently authorize CDBG-DR. It takes the current structure of the program and seeks to enshrine it in statute, creating a permanent fund for CDBG-DR.

"I don’t think that approach is prudent given how things are going.

"The entire structure of CDBG-DR is one of convenience. Appropriators use it because the allowable uses for CDBG funds most closely resemble long-term recovery needs, not because it’s the optimal way to disburse funds, and this structure creates some inherent flaws within the program.

"For example, the CDBG program has three national objectives:

To principally benefit low- and moderate-income persons;
To aid in the prevention or elimination of slums or blight; or
To provide for an urgent need for the purposes of health or safety.

"Because CDBG-DR exists within the CDBG program, those funds must also meet one of these three national objectives.

"This creates an odd situation. The intended use of the money—which is to provide recovery dollars in the aftermath of a disaster—must conform with priorities that have nothing to do with recovery or disasters.

"That inherent inconsistency does not make this program any easier to administer for HUD, and it creates a headache for grantees.

"In this committee, we don’t need to limit ourselves to solutions of convenience, and we can step back and ask the question: what’s a better way to structure federal disaster recovery assistance?

"I look forward to a fulsome discussion of our options to accomplish that today.

"Thank you to our witnesses for being with us today, and I look forward to their testimony. I yield back."

###

Oversight and Investigations Subcommittee Reviews How Chinese Money Laundering Networks Exploit the U.S. Financial System on Behalf of Drug Cartels

Wed, 10 Jun 2026 04:00:00 GMT

Yesterday, the House Financial Services Subcommittee on Oversight and Investigations, led by Chairman Dan Meuser (PA-09), examined the growing partnership between Chinese money laundering networks (CMLNs) and drug cartels and the threat they pose to the U.S. financial system.

On How CMLNs Operate to Avoid Detection and How We Can Counter Them:

Subcommittee Chairman Meuser said, “What's happening is that from China, the so-called precursors of fentanyl are being shipped to cartels. Cartels are developing fentanyl, shipping it to the U.S., and making the sales take place. Within the U.S., the various players and actors there, both for the cartels and for some Chinese foreign nationals that are here, are laundering the money, taking the U.S. dollars they receive and converting them into pesos, for the most part, shipping those pesos back to Mexico, where Mexico then converts them again from pesos to Chinese currency, which goes back to China.”

Rep. Barry Loudermilk (GA-11) questioned Specialist in International Sanctions and Financial Crimes in the Foreign Affairs, Defense, and Trade Division, Congressional Research Service, Ms. Liana Rosen, on how cash incentive businesses, real estate, and money service businesses are being exploited by CMLNs, to which she answered, “Yes, all of the above have been involved in Chinese money laundering networks. What's really interesting about these Chinese money laundering networks is the variety of ways in which they launder these illicit funds. … The most recent Treasury Department report on money laundering risk assessments did identify that Chinese money laundering networks continue to adapt and evolve to avoid law enforcement detection.”

Rep. Zach Nunn (IA-03) said, “Chinese money laundering networks have become the bankers' cartel for poisoning our communities, including over 40,000 shell companies that are operating right here in the United States today. Every dollar that is laundered buys more fentanyl, more guns, more product, and it's moving directly into our country. In my home state of Iowa, Mr. Chair, fentanyl now kills more people my daughter's age than my age, a direct threat to the health and future of our country. The CCP bank networks don't just bank the cartels; they launder money for North Korean hackers, for what's happening in Iran, for terrorism, and certainly for Russian crime rings.”

Rep. Mike Haridopolos (FL-08) questioned Retired Special Agent, U.S. Department of the Treasury, Mr. John Cassara, on how we can counter CMLNs, to which he replied, “The one thing would be that I would mandate that the U.S. government, law enforcement, whole-of-government approach come up with a comprehensive strategy to go after Chinese transnational crime... It's not a single agency. It's not a single bureau. Responsibility has to be shared by all of the government agencies. And in conjunction with that, I would seriously consider establishing task forces that are specifically focused on the Chinese transnational crime threat, regional task forces, combining federal, state, and local resources.”

Witnesses Echoed the Work of the Committee:

Ms. Rosen said, “Like many other money laundering organizations, CMLNs reportedly provide money-laundering services to a range of criminal actors engaged in drug trafficking, human trafficking, and other fraud schemes. … Beyond the laundering of drug profits, Treasury has reported that CMLNs ‘also launder illicit proceeds from otherwise unrelated criminal networks involved in a range of illicit activities, including fraud schemes; human trafficking and smuggling; marijuana grow house operations; and tax evasion.’ According to the U.S. Drug Enforcement Administration (DEA) and others, CMLNs also have supported what U.S. law enforcement agencies refer to as ‘Chinese TCO’ activity linked to the cultivation and distribution of illicit marijuana in the United States, as well as other crimes.”

Mr. Leland Lazarus, Founder and Chief Executive Officer, Lazarus Consulting, said, “This Committee can help ensure that Treasury, FinCEN, law enforcement, intelligence agencies, banks, customs authorities, and our international partners are no longer fighting isolated pieces of the same network. It can demand regular threat reporting, restore and strengthen beneficial ownership transparency, tighten scrutiny of high-risk trade and financial corridors, expand sanctions and enforcement tools, and support the data-driven capabilities needed to map and dismantle these networks at scale.”

Mr. Cassara said, “Over the past five years, Chinese money laundering rings have been increasingly moving the drug proceeds of the Mexican cartels. Since China’s financial regulators limit private individuals from handling more than $50,000 in foreign currency, there is massive Chinese demand for U.S. dollars. This pent-up demand for dollars from China and the cartels’ need to unload U.S. dollar proceeds creates this unholy alliance between Chinese money launderers and the Mexican cartels.”

###

Meuser: Chinese Money Laundering Networks are the Dominant Money Laundering Partner for Drug Cartels

Tue, 09 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding an Oversight and Investigations Subcommittee hearing, led by Subcommittee Chairman Dan Meuser (PA-09), to examine how Chinese money laundering networks are helping drug cartels move illicit funds and how Congress can combat these threats.

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

"I now recognize myself for four minutes to give an opening statement.

"I would like to thank the witnesses for being here today to discuss Chinese money laundering networks, known as CMLNs, and how they enable cartel drug trafficking.

"Importantly, CMLNs also finance scam centers and other fraud against Americans, so this directly ties in with our other oversight work.

"These networks are not comprised of petty criminals. They are professional money launderers who move billions through our financial system.

"Today, Chinese money laundering networks are the dominant money laundering partner for drug cartels. These groups offer near-instant transfers, charge fees low enough to undercut every other competitor, and assume the risk of laundering money.

"Additionally, the money laundering organizations often guarantee payment to the cartels, even in cases where law enforcement seizes the illicit funds. For cartels, the appeal is obvious: lower costs, zero risk, faster access to their illegal drug profits.

"According to FinCEN, between 2020 and 2024, approximately $312 billion in suspicious activity was associated with cartel-linked Chinese money laundering activity.

"That is $312 billion flowing through 489 unique depository institutions, over 200 money service businesses, and dozens of other financial institutions right here in the United States.

"More concerning, that figure likely represents only a fraction of the true scale, given it only captures suspicious activity that was detected and reported.

"These networks are also key to the cartel’s procurement of precursor chemicals that produce fentanyl.

"Fentanyl remains the leading cause of death for Americans aged 18 to 45. Families have been destroyed, communities ruined, and our healthcare systems overwhelmed. At the origin of that devastation are Chinese money launderers.

"Thankfully, the Trump Administration is taking action. Eight cartels have been designated as foreign terrorist organizations. In July of last year, six members of a money laundering ring entered guilty pleas for funneling over $92 million in funds for cartels.

"In January of this year, the DOJ charged Yan Lin, alleging him of laundering at least $27 million in fentanyl, cocaine, and methamphetamine proceeds.

"Accordingly, the FSC Oversight & Investigations Subcommittee will begin investigating Chinese money laundering organizations to determine the full extent of their operations and how best to dismantle them.

"Today’s hearing is about understanding the full scope of this threat, their connection with drug cartels, and the tactics and methods these groups employ.

"As well, during the course of our questioning, I’d like to hear about what can be done to defeat the CMLNs through legislation, increased penalties, or something else.

"Thank you, I look forward to your testimony. I yield back."

###

Full Committee Highlights Policy Alignment with Prudential Regulators

Fri, 05 Jun 2026 04:00:00 GMT

Yesterday, the House Committee on Financial Services, led by Chairman French Hill (AR-02), held a hearing to examine the prudential regulators' efforts to tailor regulatory frameworks to today's financial system while promoting economic growth, maintaining financial stability, and fostering innovation, and showcased how the Main Street Capital Access Act complements those efforts.

On Regulatory Tailoring and Capital Reform:

Chairman Hill said, “Prudential regulation should foster economic opportunity, support responsible lending, and encourage long-term growth while maintaining confidence in our banking system. A sound prudential framework must have transparent, appropriately tailored regulations that are clear, efficient, and proportionate to the size, complexity, and risk profile of an institution.”

Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “Ensuring a risk focused regulatory system also requires tailoring requirements appropriately to the financial institution's size and risk profile. I'm glad to see that the regulators listened to bipartisan calls from this committee and apply these principles in their agencies, including and recently, Basel III re-proposal."

Majority Whip Tom Emmer (MN-06) said, “… I believe this updated [Basel III] proposal is in a much better place today than it was two and a half years ago. One of those improvements is the continued focus on tailoring, recognizing that not all institutions pose the same level of risk, and that regulatory frameworks should differ in size, complexity, and business model."

Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) said, “U.S. Banks play an essential role in our capital markets, not just as lenders but as securities underwriters, liquidity providers, and through other market making activities. These institutions keep capital flowing and help ensure that borrowing costs are stable for families and businesses across the country, including my home state of Missouri. When the original 2023 Basel III endgame proposal was released, many of us raised alarms that significant increases in capital requirements would have had drastic consequences for everyday Americans.”

On Regulatory Burdens and Expanding Access to Credit:

Full Committee Vice Chairman Bill Huizenga (MI-04) said, “It's been more than three years since the failure of Silicon Valley Bank, which was regulated at the federal level by the Federal Reserve System. The Biden Administration had a limited review regarding the failure... It was used to justify a slew of misguided regulatory proposals that not only punished all the rest of the banks that actually acted as sources of strength during the fallout, but also proposed to impose burdens on banks in ways that had nothing to do with SVB’s failure.”

Subcommittee on Housing and Insurance Chairman Mike Flood (NE-01) said, “I sent a letter with Senator Ricketts back in February requesting that you all address the cap on mortgage servicing assets as applied to the common equity tier one formula for banks across the country. This cap is a significant barrier, particularly for smaller banks that have very little capacity to participate in mortgage servicing. With the cap, I was very pleased to see that the current proposal removes the mortgage servicing deduction entirely, and I do believe that this change will make it easier for institutions, both large and small, to participate in mortgage servicing.”

Rep. Tim Moore (NC-14) said, “Last November, committee Republicans sent a letter to the federal banking agencies to ask that you undertake rulemaking to index the regulatory thresholds for the application of enhanced prudential standards, which are based on four categories of institutions. The Senate Banking Committee sent a similar letter earlier this year. Back in 2019, your agencies indicated that they plan to reevaluate these thresholds periodically through the notice and comment process, but that hasn't happened since they were originally sent seven years ago, which underscores the need to index these thresholds moving forward.”

Witnesses Echoed the Work of the Committee:

The Honorable Michelle Bowman, Vice Chair for Supervision, Board of Governors of the Federal Reserve System said, “The oversight of community banks remains a priority for the Federal Reserve. These banks serve as critical sources of credit in their communities, providing essential financial support to families, businesses, and the local economy. The Federal Reserve’s supervisory and regulatory framework must be appropriately calibrated to support growth while maintaining safety and soundness. The federal banking regulators also finalized reforms to the community bank leverage ratio (CBLR) framework. A broader range of qualifying banks can now use a simple leverage ratio to measure capital adequacy instead of the complex risk-based capital framework. This rule calibrates the CBLR consistent with the statute at 8 percent and extends the grace period for banks to return to compliance from two to four quarters. These changes ensure the simplified framework is accessible to more community banks, and that it works as Congress intended.”

The Honorable Jonathan Gould, Comptroller of the Currency, said, “We are hardwiring the foundations of supervision, such as the definition of unsafe and unsound practices, into regulation, and are reviewing past supervisory criticisms and enforcement actions to ensure alignment with our standard for material financial risk. But we, like the banking system itself, must always look towards the future. Our job is to facilitate, not stymie, responsible innovation. We are working to respond to comments on our GENIUS Act proposal and finalize it. Just as the National Bank Act brought an end to the “wildcat” banking of the 1800s, the GENIUS Act and our rule will help ensure appropriate consumer protections for stablecoin users.”

The Honorable Kyle Hauptman, Chairman, National Credit Union Administration, said, “As digital currency and stablecoins reshape the global financial system, credit unions have an opportunity to embrace this transformation from a solid foundation of safety and soundness. Stablecoins can make payments faster, cheaper, and more inclusive. On May 15, 2026, we announced a proposed rulemaking for permitted payment stablecoin issuer standards, our second rulemaking required under the GENIUS Act. This proposed rule puts credit unions on equal footing with banks. Credit unions are well poised to benefit from this long-overdue update to America’s payment ecosystem. As stablecoins are more widely adopted, we Americans may no longer be made fun of for speaking about how many “business days” a payment will take to settle. Every day is a business day with stablecoins. All 365 days of the year, and all 24 hours of the day are equal in terms of sending payments. Tax refunds may eventually arrive on Sundays or holidays. And if we ever have a repeat of the COVID outbreak in March 2020, Americans should be able to receive emergency stimulus funds in a more timely and secure manner.”

The Honorable Travis Hill, Chairman, Federal Deposit Insurance Corporation, said, “For over a year, we have been reforming supervision to focus on material financial risks rather than on process-oriented, check-the-box requirements. The FDIC is implementing a number of changes to effectuate these reforms. These efforts are culminating in a more effective and efficient supervisory framework while continuing to support the safety and soundness and resiliency of individual institutions and the system overall.”

###

Chairman Hill: The Trump Administration Is Returning the Prudential Regulators to Their Core Regulatory and Supervisory Mission

Thu, 04 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a Full Committee hearing examining the supervisory and regulatory developments, rulemakings, and activities of the prudential regulators.

Read Chairman Hill's remarks as prepared for delivery:

"The Trump Administration is returning the prudential regulators to their core regulatory and supervisory mission of promoting safety and soundness in the financial system.

"Today’s hearing will provide an opportunity to discuss how their recent actions, priorities, and policies are aligned with their statutory mission entrusted to them by Congress.

"It will also highlight the work of this Committee to right-size prudential regulations for institutions of all sizes, focus the supervisory framework on material financial risks, and facilitate the formation of new institutions.

"Prudential regulation should foster economic opportunity, support responsible lending, and encourage long-term growth while maintaining confidence in our banking system.

"A sound prudential framework must have transparent, appropriately tailored regulations that are clear, efficient, and proportionate to the size, complexity, and risk profile of an institution.

"A one‑size‑fits‑all approach, by contrast, disproportionately harms community banks, credit unions, and regional institutions.

"That’s why this Committee held numerous hearings throughout the 119th Congress on our mission to Make Community Banking Great Again, which has culminated in our Main Street Capital Access Act.

"Many of the reforms contained in this legislation directly track with the actions being taken by the agencies before us.

"We also will highlight the progress being made to reverse the damaging Biden-era regulations and guidance that increased compliance costs, constrained lending, and threatened access to credit for American families and small businesses without providing clear benefits to safety and soundness.

"Among them was the original Basel III Endgame proposal, which would have significantly raised costs for homebuyers, consumers, and financial institutions without meaningfully improving financial stability.

"The revised Basel III proposal and the corresponding changes to the standardized approach and G‑SIB surcharge will better align capital with risk, address concerns about gold‑plating, and increase lending capacity while maintaining a safe and sound banking system.

"I am also proud of the work this Committee has done to advance legislation to provide a functional regulatory framework for the digital asset ecosystem.

"The Trump Administration has taken important steps to turn the page on the Biden-era approach to digital assets.

"These steps include withdrawing burdensome supervisory “non‑objection” regimes, providing greater clarity for banks using blockchain technology, and implementing the GENIUS Act to establish a clear framework for payment stablecoins.

"The Administration is demonstrating a commitment to supporting innovation while preserving consumer protection.

"Clear, predictable rules allow financial institutions to manage compliance, reduce unnecessary costs, expand access to credit, and invest in innovation as our financial system evolves.

"Policymakers must foster an environment that supports innovation while ensuring confidence in the strength and stability of our financial system.

"I look forward to hearing from our witnesses today, and I yield back."

###

Chairman Hill and Vice Chairman Huizenga Warn Obama-Era Conflict Mineral Rules Undermine U.S. National Security

Wed, 03 Jun 2026 04:00:00 GMT

House Committee on Financial Services Chairman French Hill (AR-02) and Vice Chairman Bill Huizenga (MI-04) sent a letter to President Donald Trump urging the Administration to revise, waive, or terminate the Securities and Exchange Commission’s (SEC) conflict minerals disclosure requirements initiated by the Dodd-Frank Act.

In the letter, Hill and Huizenga argue the ineffective Obama-era disclosure regime has weakened U.S. access to critical mineral supply chains while allowing China to expand its influence over strategically important resources in Central Africa. The letter encourages President Trump to allow the SEC to lift or overhaul the conflict mineral disclosure requirements to advance America’s national security interests, reduce the overreliance on China for critical minerals, and halt China from strengthening its dominance over mineral supply chains in Central Africa.

Read the full letter here.

###

WSJ: This Housing Bill Is Progress, Not Perfection | Chairman French Hill

Tue, 02 Jun 2026 04:00:00 GMT

This Housing Bill is Progress, Not Perfection
Chairman French Hill (AR-02)
June 1, 2026

Your editorial is a sharp critique against the recently passed 21st Century ROAD to Housing Act (“A Bipartisan Housing Fiasco,” May 27). While no compromise in Congress is flawless, the board’s criticism focuses on grievances rather than the meaningful, supply-side reforms that will expand housing construction.

The bill modernizes the Department of Housing and Urban Development’s manufactured housing codes for the first time since the 1970s, eliminating the outdated federal permanent chassis mandate. This will reduce costs and unleash factory-built housing at scale.

The bill also updates the Housing Department’s HOME Investment Partnership Program, which hasn’t been reauthorized since 1992. This is the largest federal block grant program dedicated exclusively to affordable housing development. This bipartisan compromise cuts through the bureaucracy by exempting projects from duplicative environmental reviews that add immense delays and costs to construction.

We also secured critical community banking provisions to strengthen the lenders at the heart of America’s housing market. By modernizing the regulatory treatment of custodial and reciprocal deposits, this bill ensures that community banks retain deposits locally. That means more capital for community banks to finance mortgages and new housing construction.

This bill isn’t a silver bullet, but lawmaking is about progress, not perfection. The House-amended 21st Century Road to Housing Act will have a meaningful effect, increasing housing supply across the country.

WTAS: Financial Services Highlights Support for Commmittee’s Bipartisan Amendment to the 21st Century ROAD to Housing Act

Fri, 29 May 2026 04:00:00 GMT

Support for the Committee’s bipartisan amendment to the 21st Century ROAD to Housing Act has been rolling in since last week’s 396-13 passage through the House. To date, over 250 groups have expressed support for the amendment.

For a one-pager on the bill click here.

For a section-by-section on the bill click here.

For the Administration’s Statement of Administrative Policy, click here.

For more information click here.

Here is what they are saying:

National Association of Home Builders said, “NAHB applauds the House for overwhelmingly approving the revised 21st Century ROAD to Housing Act with strong bipartisan support. Led by House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters, the package eliminates a forced-sale provision on rental housing that would have reduced supply, raises and indexes multifamily loan limits to help spur new apartment development, and provides meaningful relief to community banks. We urge the Senate to move quickly to send a once-in-a-generation housing bill to President Trump to expand housing supply and address America’s housing affordability challenges.”

The Real Estate Roundtable said, “The latest amendment is focused where it should be — on increasing housing supply. Its sections to boost manufactured housing; help support renters interested in home ownership; build more homes in Opportunity Zones; streamline excessive environmental reviews that delay residential construction; encourage transit-oriented development; and promote much-needed land-use and zoning reforms, among other provisions, all add up to a comprehensive and robust package of smart housing policy.”

Independent Community Bankers of America and 44 state organizations said, “Community banks nationwide are eager to play a role in alleviating the housing crisis. With this in mind, we urge your support for the recently released, revised House version of the 21st Century ROAD to Housing Act which includes in Title IX, “Strengthening Community Banks’ Role in Housing,” provisions that would enable community banks to better serve local families, small businesses, and underserved communities without compromising financial stability. The provisions of Title IX passed the House on February 9th, 2026 with an overwhelming bipartisan vote of 390 to 9 and form a critical component of housing legislation.”

National Multifamily Housing Council said, “The National Multifamily Housing Council (NMHC) strongly supports the amended 21st Century ROAD to Housing Act as it protects and supports as many as 72,000 Build-to-Rent households every year while taking a major step forward in expanding the nation’s housing supply. Critically, the revised legislation will provide residents with greater housing choice and opportunities at a time when housing affordability is the single most important issue to individuals and families throughout the nation. We applaud the House Financial Services Committee and its leadership for their steadfast, bipartisan dedication and innovative approach to this legislation and now urge the Senate to quickly pass this Act for the President’s signature.”

Mortgage Bankers Association said, “MBA believes this bipartisan measure, as revised, represents a positive and balanced attempt to boost housing supply, expand affordable homeownership and rental opportunities, reduce unnecessary regulatory burdens to housing production, embrace modern manufactured and modular housing, and increase collaboration across all agencies that regulate the housing and real estate finance sectors.”

Housing Partnership Network said, “The revised legislation builds on the important work done by the Senate in the earlier version of the 21st Century ROAD to Housing Act and reflects a sustained bipartisan effort to address the nation’s housing supply and affordability challenges. We are particularly pleased to see the inclusion of important provisions that will modernize the HOME Investment Partnerships Program, allow for increased investment in the Housing Credit and make other common-sense improvements to existing housing programs.”

National Council of State Housing Agencies said, “The bill retains most of the bipartisan policies in the House’s prior version as well as the Senate’s version. It also makes important improvements that result in an even stronger bill overall. In particular, the House bill scheduled for consideration next week adds reforms to rural housing programs, includes a home repair pilot program, and ensures single-family built-to-rent communities owned by institutional investors, including communities financed with the Housing Credit for low-income households, remain a viable source of critically needed supply.”

Council of State Community Development Agencies said, “In addition to the HOME reforms in the Senate’s bill, Section 501 of the House amendment includes the full HOME Reform Act drafted by leaders of the Subcommittee on Housing and Insurance. Congress first authorized the HOME program in 1990 through the Cranston-Gonzalez National Affordable Housing Act. Since then, HOME has supported more than 1.4 million units of affordable housing for renters, home buyers, and homeowners. Despite the program’s success, Congress has not substantially modified HOME since its original authorization. COSCDA is pleased to see the full HOME Reform Act included in the House amendment as it represents a comprehensive effort to modernize the HOME program to address current development realities.”

National Housing Conference Coalition said, “We write to express our strong support for the House amendment to the 21st Century ROAD to Housing Act. This critically needed legislation makes a substantial down payment on efforts to address the housing affordability crisis affecting communities nationwide. We urge the House of Representatives to swiftly pass the amended bill and work with the Senate to send it to the President without delay.”

Up For Growth Coalition said, “America’s housing crisis demands action, and the amended language introduced for the 21st Century ROAD to Housing Act is a strong step forward. We write today to express our support for this legislation and to urge the House of Representatives to pass it without delay. As you know, building more homes is the best way to lower housing costs for American families. The House bill reflects that reality. It preserves pro-supply provisions while making critical corrections to ensure that the 21st Century ROAD to Housing Act truly meets its promise as a housing supply bill.”

American Fintech Council said, “Community banks remain a cornerstone of local lending and community development, and innovative banks are increasingly bringing this local approach to a national stage. Providing this targeted regulatory flexibility helps ensure these institutions can deploy capital to support housing supply, homeownership, and investment in the communities they serve. AFC supports inclusion of the community banking provisions already advanced by the House, in particular the bills that would strengthen community banks’ ability to serve customers while promoting access to financial services for more Americans.”

American Land Title Association said, “The amended 21st Century ROAD to Housing Act represents an important step in the legislative process toward enacting a bipartisan, bicameral bill that will strengthen housing supply and modernize federal housing policy while ensuring the real estate system remains reliable and secure for homebuyers and lenders.”

American Planning Association said, “The clear bipartisan agreement to address housing supply is vital to lowering costs and driving economic prosperity. This bill will spur and support the work of planners finding local solutions and reforming housing codes and systems. Now, we encourage the Senate to finish the job and deliver a landmark housing victory for Americans.”

Appraisal Institute said, “We appreciate Chairman Hill and Ranking Member Waters’ efforts in moving this important housing legislation one step closer to the President’s desk for his signature. These appraisal provisions reflect a thoughtful and balanced approach to modernization that strengthens consumer protections, supports workforce development, and preserves confidence in the valuation process.”

Arkansas Bankers Association said, “The Arkansas Bankers Association (“ABA”) applauds your work on the 21st Century ROAD to Housing Act, advancing legislation that recognizes the important role community banks play in expanding access to housing, supporting local economies, and keeping capital working in the communities we serve. Arkansas community banks are essential providers of credit for housing, small businesses, agricultural operations, municipal projects, and local economic development. For our members, the provisions in this Act are not abstract policy changes; they affect whether community banks can continue to compete, lend, and meet the needs of Arkansas families and businesses. ABA strongly supports the Act’s provisions designed to help community banks keep deposits local. This flexibility will help banks better retain and deploy local funding to support housing, community development, agriculture, and small business lending. It will also provide helpful clarity and flexibility for community banks while maintaining appropriate limits.”

Bipartisan Policy Center Action said, “The 21st Century ROAD to Housing Act, as passed by the House of Representatives, will help boost housing supply through commonsense regulatory reforms, modernizing federal programs, and encouraging states and local communities to adopt pro-housing policies. With so many families struggling with high housing costs, I commend the leadership of the House Financial Services Committee for advancing this critical bipartisan measure and urge Congress to come together to send a final housing bill to the president's desk."

Commercial Real Estate Finance Council said, “By refining the scope of investment regulations, the House revisions are a step in the right direction to protect the flow of capital necessary to increase housing supply and liquidity while addressing broader affordability challenges.”

Economic Innovation Group said, “The House’s passage of the 21st Century ROAD to Housing Act is welcome progress on one of the most pressing economic challenges facing American families. America cannot lower housing costs without building substantially more homes of all types. This legislation takes meaningful steps toward that goal, and Congress should move quickly to get it across the finish line. America’s housing shortage has raised the cost of living, limited mobility, and made it harder for workers and families to access opportunity. Meeting the scale of the challenge requires federal policy that is unambiguously pro-production across all dimensions: reducing barriers, improving financing tools, and supporting communities that want to grow. The 21st Century ROAD to Housing Act advances that goal.

Florida Bankers Association said, “This bill would help address high housing costs by reducing barriers to new construction, modernizing federal housing programs, and allowing banks to deploy more capital into their communities. For Florida, those reforms would help expand housing supply and improve access to homeownership. Community banks are critical to this effort. They are relationship-based mortgage lenders that serve first-time homebuyers, rural communities, and other local borrowers, and they also finance small businesses, entrepreneurs, and community growth. Right-sized regulation is essential so community banks can continue providing mortgage credit, housing development financing, and Main Street lending.”

Kentucky Bankers Association said, “The provisions of the Act, particularly Title IX, will allow our community banks to continue to serve as a leader in addressing Kentucky’s housing crisis. Specifically, the changes under the Act allow more flexibility with keeping deposits local, tailoring regulation appropriate with a bank’s size and risk profile, and halting uncertain methods and practices in supervision, all of which significantly benefit Kentucky’s community banks in allowing them to focus on serving consumers and their housing needs rather than unnecessary barriers to service.”

Leading Builders of America said, “This legislation, together with the President Trump’s Executive Order Removing Regulatory Barriers to Affordable Home Construction, will pave the wave toward increased housing affordability for American families. LBA urges the Senate to bring the House bill up for a floor vote as soon as possible.”

Lincoln Avenue Communities said, “Communities across the nation in urban, suburban, and rural areas alike are facing an acute housing affordability crisis that requires a multipronged policy response. The Amended 21st Century ROAD to Housing Act includes many impactful provisions that, when enacted, will strengthen the tools and resources affordable housing developers and stakeholders need to deliver more cost-effective, quality affordable housing where it is needed most.”

Manufactured Housing Institute said, “The inclusion of an entire title in the bill dedicated to manufactured housing reflects the strong bipartisan, bicameral recognition of manufactured housing as an essential segment of the housing market with tremendous potential to deliver more safe, affordable, efficient, and desirable homeownership opportunities for American families with the right policies in place. Removing outdated statutory requirements that a manufactured home be built on a permanent chassis will allow for more attractive and efficient design possibilities, particularly when complemented with provisions reaffirming HUD’s primacy and ultimate discretion with respect to regulations impacting manufactured housing.”

Mayors and CEOs for U.S. Housing Investment said, “The 21st Century ROAD to Housing Act addresses many of our coalition’s priorities by streamlining federal reviews for housing projects, modernizing programs, incentivizing local governments to address barriers to housing development, and increasing veterans’ access to federal housing programs. Additionally, the bill contains reforms to the Community Development Block Grant (CDBG) Program, such as adding affordable housing construction as an eligible activity.”

Modular Building Institute said, “As the voice of the commercial modular construction industry, the Modular Building Institute has been following the 21st Century ROAD to Housing Act since it was introduced, and we are pleased to offer our support for this landmark legislation. We believe the provisions related to the modular industry will protect consumers and provide avenues for the future study of the barriers to wider adoption of modular construction. America needs housing, and MBI’s members stand ready to build, and the 21st Century ROAD to Housing Act will allow our members to build more housing than ever before.”

National Association of Counties said, “The changes regarding the Community Development Block Grant (CDBG) and large institutional investors reflect meaningful engagement with county partners and demonstrate a clear commitment to addressing local concerns while advancing efforts to expand housing availability nationwide. As front-line administrators of CDBG and other federal housing programs, counties depend on stable, flexible federal partnerships to finance housing, infrastructure, and economic development investments tailored to local needs.”

National Association of Mortgage Brokers said, “For every home that is built, financed, or sold in America, mortgage brokers are working on the front lines to turn housing supply into actual homeownership opportunities. We are not peripheral to the housing equation — we are foundational. H.R. 6644 speaks directly to the barriers NAMB members encounter every day. From housing counseling improvements that prepare borrowers long before they reach a broker's desk, to supply barrier removal grants that help convert regulatory relief into actual units on the ground, this legislation takes a comprehensive view of what it truly means to make homeownership accessible.”

National Association of Realtors said, “This legislation confronts barriers to housing at all levels of government and represents the kind of comprehensive response needed to restore affordability and expand the dream of homeownership to more Americans. It gives communities new tools and resources to plan and build for growth, streamlines federal processes that delay construction, and updates financing options for manufactured and rural housing. The bill also modernizes federal programs, such as the HOME Investment Partnerships Program, to expand homeownership opportunities, takes steps to improve access to credit for homebuyers, and helps ensure veterans take full advantage of their VA home loan benefits.”

National Bankers Association said, “The legislation includes meaningful reforms designed to strengthen community and mission-driven financial institutions by reducing unnecessary regulatory burden, expanding access to stable deposits, improving flexibility for smaller banks, and encouraging new bank formation. These provisions recognize the important role community and mission- driven banks play in supporting small businesses, increasing access to credit, and driving economic growth in underserved communities.”

National Coalition of Housing Providers said, “The revised Act, like all compromise legislation, is not perfect. Nevertheless, it is one that our organizations support as it encompasses some of the most significant housing proposals in a generation. As the process moves forward, it will be vital that the final language safeguards millions of BTR homes and the individuals and families that are building their lives in them. The Act includes many meaningful reforms that will help modernize federal housing programs, reduce barriers to development, and encourage the production and preservation of more housing nationwide. This revised legislation will help communities expand housing supply, improve affordability and create more pathways to both rental housing and homeownership.”

National League of Cities said, “The House “21st Century Road to Housing Act” maintains important local government provisions that will improve existing programs like Community Development Block Grants and the HOME Investment Partnership Program, targets new resources to expedite uptake and adoption of administrative and service improvements, and reduces federal regulatory obstacles that unintentionally add to the cost of housing. These provisions, alongside important private-sector improvements to expand access to private capital, will foster more and better public-private partnerships in communities across the country to preserve existing housing, increase new housing, and reduce the cost to rent or buy a home.”

Public Housing Authorities Directors Association said, “PHADA strongly supports the House amendment to the 21st Century ROAD to Housing Act. The bill includes important bipartisan reforms to modernize federal housing programs, reduce barriers to affordable housing development, and provide communities with additional tools to address housing needs.”

Small Business & Entrepreneurship Council said, “The amendment recognizes the critical role of community banks and local financial institutions in supporting housing development and neighborhood revitalization. Preserving provisions that strengthen the capacity of community banks to participate in housing finance and lending is vital to expanding affordable housing opportunities and supporting long-term economic growth. The amendment also makes adjustments related to build-to-rent investment provisions. Build-to-rent communities have become an important part of the housing ecosystem mix, particularly for working families seeking attainable housing options in growing communities.”

Texas Bankers Association said, “Texas community banks serve as the backbone of local mortgage lending, small business finance, and rural economic development. By reducing unnecessary regulatory burdens, supporting de novo bank formation, and strengthening our banks’ ability to support their communities, the ROAD to Housing Act will help ensure that Texas community banks can compete and thrive. This legislation takes a balanced approach to expanding housing opportunities while recognizing the important role community banks play in helping families achieve homeownership, supporting local development, and driving economic growth in Texas and across the country.”

The Home Depot said, “The Home Depot applauds Chairman French Hill and the House for the overwhelming bipartisan passage of the 21st Century ROAD to Housing Act. This legislation addresses key barriers to housing production, cuts permitting delays, and supports critical repairs for existing housing stock. Unlocking housing inventory is the fastest way to drive broad-based economic growth, and we urge the Senate for swift passage.”

The Student Cottage Coalition said, “We support the House's amendments in Section 1001 of its latest text, which eliminates the disposal provision in the Senate text. These changes will prevent a wave of unintended socioeconomic problems in university communities across the country.”

U.S. Chamber of Commerce said, “The amendment also removes provisions that would have discouraged capital and limited flexibility for investment. These changes would help unlock housing construction, support workforce mobility, and strengthen economic growth. The U.S. Chamber stands ready to work with Congress to advance policies that expand housing supply, and we urge the House to pass the amendment to the 21st Century ROAD to Housing Act.”

Veterans Association of Real Estate Professionals said, “The legislation takes important steps to improve housing affordability, expand housing opportunities, and strengthen long-term housing stability, especially for servicemembers, veterans, and working families. VAREP especially applauds the VALID Act provisions, which help improve consumer awareness and support more informed use of the VA Home Loan benefit earned through military service.”

Veterans United Home Loans said, “This legislation takes meaningful steps toward improving the homeownership affordability crisis. We are particularly encouraged by the Veteran-specific provisions that will improve Veteran and service member awareness of their earned housing benefit. More broadly, we support the bill's efforts to reduce unnecessary regulatory barriers, modernize federal housing programs and expand affordable housing supply for families across the country. These changes will benefit the millions of Veterans and service members who call every corner of this nation home.”

Zillow said, “Zillow strongly supports the efforts in the House to pass housing legislation that improves both access and affordability. For millions of Americans, homeownership remains out of reach — not for lack of desire, but lack of supply and affordability. This legislation takes meaningful steps to change that, and Zillow stands ready to work with Congress to get housing legislation across the finish line.”

Markup of Various Measures

Wed, 01 Jul 2026 04:00:00 GMT

Click here to view the livestream of this markup.

Markup of Various Measures

Tue, 30 Jun 2026 14:00:00 GMT

Click here to view the livestream of this markup.

Hearing Entitled: “From Wall Street to Main Street: The Future of How America Invests”

Thu, 25 Jun 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Hearing Entitled: “Future of Payments: Promoting Innovation and Fair Markets”

Wed, 24 Jun 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Field Hearing Entitled: “Examining the Structure of the Federal Reserve System”

Fri, 12 Jun 2026 15:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Mr. Thomas Hoenig, Distinguished Senior Fellow, Mercatus Center at George Mason University
Ms. Esther George, Former President and Chief Executive Officer, Federal Reserve Bank of Kansas City
Mr. Gary Kelly, Deputy Chair, Board of Directors, Federal Reserve Bank of Dallas
Mr. Benjamin Keen, Associate Professor of Economics, University of Oklahoma

Hearing Entitled: Examining Local Needs in Disaster Recovery

Wed, 10 Jun 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Mr. Joseph V. Jaroscak, Analyst in Economic Development Policy, Congressional Research Service
Mr. J. Patrick Cave, Senior Vice President of Policy, Enterprise Community Partners
Ms. Heather Lagrone, Senior Deputy Director, Texas General Land Office
Mrs. Stephanie McGarrah, Deputy Secretary, North Carolina Department of Commerce

Hearing Entitled: “Converging Criminal Enterprises: Chinese Money Laundering Networks and Cartel Financing in the U.S. Financial System”

Tue, 09 Jun 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Ms. Liana Rosen, Specialist in International Sanctions and Financial Crimes in the Foreign Affairs, Defense, and Trade Division, Congressional Research Service
Mr. Leland Lazarus, Founder and Chief Executive Officer, Lazarus Consulting
Mr. John Cassara, Special Agent, U.S. Department of the Treasury (Retired)
Mr. Louis DeTitto, Chief Executive Officer, MissionLytics

Hearing Entitled: Oversight of Prudential Regulators

Thu, 04 Jun 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

The Honorable Michelle Bowman, Vice Chair for Supervision, Board of Governors of the Federal Reserve System
The Honorable Jonathan Gould, Comptroller Office of the Comptroller of the Currency
The Honorable Kyle Hauptman, Chairman, National Credit Union Administration
The Honorable Travis Hill, Chairman, Federal Deposit Insurance Corporation

Hearing Entitled: From Order to Execution: Ensuring Efficient and Transparent Equity Markets”

Wed, 20 May 2026 18:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Dr. Robert Battalio, Professor of Finance at the Mendoza College of Business, University of Notre Dame
Mr. Matt Billings, Vice President of Brokerage and President, Robinhood Financial and Robinhood Securities
Mr. Kevin Kennedy, Executive Vice President and Head of North American Market Services, Nasdaq
Mr. Matt MacKenzie, Head of U.S. Policy and Regulatory Affairs, Optiver, on behalf of PTG Markets
Mr. Joseph Saluzzi, Partner and Co-Founder, Themis Trading

Legislation

H.R. 3197, the Fortifying U.S. Markets From Chinese Military Aggression Act
H.R. 1483, the Protecting Investors’ Personally Identifiable Information Act
H.R. ___, the SEC Regulatory Accountability Act
H.R.___, the Review the Expansion of Government (REG) Act of 2026

Hearing Entitled: Partnering for Innovation: How Bank-Fintech Collaborations Enhance Financial Infrastructure

Wed, 20 May 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Ms. Alexandra Steinberg Barrage, Partner, Morrison Foerster
Ms. Henrietta Thomas, Executive General Manager for Advocacy, Risk & Compliance, Xero
Ms. Sheetal Parikh, General Counsel & Chief Compliance Officer, Treasury Prime
Ms. Erica Khalili, Co-founder, Chief Legal & Risk Officer, Lead Bank
Mrs. Mitria Spotser, Vice President, Federal Policy, and President, Julian Bond Institute for Financial Equity Research, Center for Responsible Lending

Legislation

H.R. 6552, the Bank-Fintech Partnership Enhancement Act