Today, the House Financial Services Subcommittee on Oversight and Investigations, chaired by Bill Huizenga (MI-04), convened a hearing titled “The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors.”
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led by Chairman French Hill (AR-02), is holding a hearing entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance.”
Today, the U.S. House of Representatives passed bipartisan financial services legislation aimed at countering the economic threat from China. The measures are designed to deter Chinese Communist Party (CCP) aggression towards Taiwan and prevent the CCP from influencing international financial institutions such as the International Monetary Fund (IMF).
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing for the Financial Institutions and Monetary Policy Subcommittee. The hearing is titled "Transparency in Global Governance."
Lindsey Johnson, the president and CEO of the Consumer Bankers Association (CBA), said that certain government regulations proposed under the Biden Administration "will undoubtedly have far-reaching ramifications for consumers, banks, and the economy." Johnson made the statement in a RealClear Markets op-ed posted on August 16.
House Financial Services Committee Chairman Patrick McHenry (NC-10) and six subcommittee chairmen have sent a letter to U.S. Treasury Secretary Janet Yellen in response to the Treasury’s Request for Information (RFI) on Artificial Intelligence (AI) in financial services. The lawmakers emphasize the significant potential AI holds for the sector and urge financial regulators to focus on its benefits to consumers as firms increasingly leverage AI.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), sent a comment letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra with Financial Services Committee Republicans in response to the CFPB’s Notice of Proposed Rulemaking (NPRM) regarding the agency’s proposal to change American credit and health care systems. Prior to the comment letter, Chairman McHenry raised concerns with the NPRM, which would prevent the consideration of medical debt when constructing credit reports.
All Financial Services Committee Republicans, led by Chairman Patrick McHenry (NC-10), have sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg demanding his immediate resignation. Despite announcing his intent to resign, Chair Gruenberg continues to push partisan regulatory initiatives while failing to address widespread and entrenched misconduct at the agency.
Over eight months after initially calling for his resignation, and following the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) report detailing the agency’s failure to implement an effective sexual assault prevention program, Ranking Member Tim Scott (R-S.C.) issued a statement reiterating demands for FDIC Chairman Martin Gruenberg to step down from the agency. The Ranking Member noted that Gruenberg is overseeing the creation of new offices to handle employee complaints while continuing to advance his own regulatory agenda.
Today, the Republican Environmental, Social, and Governance (ESG) Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—released its final staff report. This report is the culmination of the Working Group’s comprehensive examination of the factors contributing to the rise of ESG initiatives and the consequences for everyday investors, in addition to recommendations to protect American capital markets from the threats posed by these politically motivated mandates.
Ranking Member Tim Scott (R-S.C.) joined Senator Thom Tillis (R-N.C.) and his Republican colleagues on the Senate Banking Committee in a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, criticizing the agency's new corporate governance and risk management guidelines. The senators argue that these guidelines would harm the safety and soundness of the U.S. financial system.
In his opening remarks at the U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on infrastructure and public transportation investment, Ranking Member Tim Scott (R-S.C.) emphasized the need for local solutions to address infrastructure challenges in both urban and rural communities. Scott criticized progressive policies for contributing to record-high inflation and increasing costs, arguing that these have hindered local efforts to improve infrastructure.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), alongside all Committee Republicans, has called on Federal Reserve Chairman Jerome Powell to withdraw and re-propose the Basel III Endgame rulemaking in its entirety. The lawmakers argue that significant changes to the original proposal necessitate a complete re-proposal in accordance with the Administrative Procedure Act.
Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Cynthia Lummis (R-Wyo.) on a panel titled “For Love of Country & Bitcoin” at the Bitcoin 2024 conference in Nashville, Tennessee. During the panel, Scott emphasized Bitcoin and blockchain technology’s potential to democratize the financial world and improve financial inclusion. He also called for a regulatory environment that encourages innovation within the United States.
At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on advancing national security through export controls, investment security, and the Defense Production Act, Ranking Member Tim Scott (R-S.C.) emphasized the importance of U.S. economic leadership. He criticized the Biden administration's policies for harming American competitiveness, security, and industry.
Today, the House Financial Services Subcommittee on Housing and Insurance, led by Chairman Warren Davidson (OH-08), is holding a hearing entitled “Housing Solutions: Cutting Through Government Red Tape.”