On June 11, 2024, U.S. Representative Mike Flood (NE-01) led Republicans on the House floor as lawmakers debated H.R. 537, the Forgotten Heroes of the Holocaust Congressional Gold Medal Act. The proposed legislation seeks to posthumously award the Congressional Gold Medal to 60 diplomats in recognition of their efforts to save Jews from the Nazis during the Holocaust.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing. The Full Committee Hearing is entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a hearing titled "Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture." The hearing is scheduled for 10:00 AM ET on Wednesday, June 12, 2024, at the 2128 Rayburn House Office Building.
The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, chaired by French Hill (AR-02), convened today for a hearing titled “Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets.”
House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Senator Cynthia Lummis (R-WY) led a letter to President Joe Biden urging him to reconsider his threat to veto Staff Accounting Bulletin (SAB) 121 Congressional Review Act (CRA), which passed the Senate and House with strong bipartisan support.
Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing by the Subcommittee on Digital Assets, Financial Technology and Inclusion. The hearing is titled "Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets."
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) has joined Senator Bill Hagerty (R-Tenn.) and other colleagues in sending a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, opposing Freddie Mac’s proposal to purchase and guarantee single-family closed-end second mortgages. The letter was signed by every Republican on the Senate Banking Committee, along with 23 members of the House Financial Services Committee.
On May 23, 2024, the U.S. House of Representatives passed H.R. 5403, known as the CBDC Anti-Surveillance State Act. Sponsored by Majority Whip Tom Emmer (MN-06), this legislation aims to prevent the issuance of a central bank digital currency (CBDC) without explicit authorization from Congress.
House Financial Services Committee Chairman Patrick McHenry (NC-10) has sent letters to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, Acting Comptroller of the Currency Michael Hsu, and FDIC Director Johnathan McKernan. The letters demand their appearance before the Committee to testify following an independent report that confirmed accounts of widespread misconduct at the FDIC.
On May 22, 2024, Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), led Republicans in debating H.R. 4763, the Financial Innovation and Technology (FIT) for the 21st Century Act on the House floor. The FIT21 Act aims to provide comprehensive federal guidelines for the U.S. digital asset ecosystem, ensuring robust consumer protections and regulatory certainty.
House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02), and Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) have sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler. The lawmakers are demanding the SEC clarify its position regarding Prometheum’s recent announcement that it will offer custody services for Ethereum’s token, Ether (ETH).
The U.S. House of Representatives has passed H.R. 4763, the "Financial Innovation and Technology for the 21st Century Act" (FIT21), marking a significant moment for the digital asset ecosystem in the United States. The legislation aims to provide robust consumer protections and regulatory certainty to foster innovation in digital assets.
Congressman French Hill, Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, testified before the House Committee on Rules in support of H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), and H.R. 5403, the CBDC Anti-Surveillance State Act.
Ranking Member Tim Scott (R-S.C.) and fellow Banking Committee Republican Senator Bill Hagerty (R-Tenn.) have called on Secretary of Commerce Gina Raimondo to withdraw the Bureau of Industry and Security (BIS) interim final rule that restricts the issuance and limits the lifespan of export licenses for firearms, ammunition, and certain accessories to overseas markets. The senators are also requesting that BIS leaders testify before the Senate Banking Committee regarding this rule.
On May 21, 2024, the House passed two bills honoring America's working dogs and a Congressional Gold Medal recipient. Chairman Patrick McHenry (NC-10) delivered remarks in support of H.R. 807 and H.R. 1097.
On May 20, 2024, Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, issued a statement in response to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg's announcement of his intent to resign once a successor is confirmed.
On May 20, 2024, Ranking Member Tim Scott (R-S.C.) issued a statement following the announcement by Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg of his intention to resign after a new Chairman is confirmed. Scott criticized the decision, stating, “If President Biden and Democrats were really serious about supporting employees and fixing the FDIC’s toxic work culture, they’d ask Chairman Gruenberg to step down immediately. This draw-it-out strategy makes it clear that this administration is prioritizing their political agenda over protecting workers.”
An official with the Electronic Payments Coalition said that pending federal legislation governing interchange rates on credit cards, similar to those mandated in Europe nearly a decade ago, may have an unintended side effect: Less availability for credit and more consumer fees.
A spokesman for the American Financial Services Association (AFSA) said the Consumer Financial Protection Bureau (CFPB) does not have strong enough policies for rule making and direction, relying on "blog posts and occasional guidance."
A spokesperson for the Consumer Financial Protection Bureau (CFPB) responded to American Financial Services Association (AFSA) president’s call for regulatory clarity by sharing a 2022 blog post with American Credit News.