United States House Committee On Financial Services
Recent News About United States House Committee On Financial Services
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House Committee reviews financial institutions, capital markets, and housing legislation
On May 16, 2024, the House Financial Services Committee convened to review various measures. The focus of the meeting was on financial institutions, capital markets, and housing legislation aimed at enhancing efficiency and accountability in federal agencies while expanding economic opportunities.
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House Financial Services Committee advances multiple bills for consideration
The House Financial Services Committee has advanced a series of bills to the full House for consideration. These bills encompass a wide range of financial services issues, from promoting access to capital in underbanked communities to enhancing transparency within Community Development Financial Institutions (CDFIs).
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McHenry responds to SCOTUS ruling on CFPB funding structure
Patrick McHenry, the Chairman of the House Financial Services Committee, has issued a statement in response to the Supreme Court of the United States (SCOTUS) ruling on the case of Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al.
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Lawmakers urge timely implementation of Financial Data Transparency Act
The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), Ranking Member Maxine Waters (D-CA), U.S. Senator Mike Crapo (R-ID), and U.S. Senator Mark Warner (D-VA) have sent a letter to federal financial regulators. They urge these regulators to fulfill their respective obligations under the Financial Data Transparency Act (FDTA) as directed by the National Defense Authorization Act for Fiscal Year 2023 (FY23 NDAA) within the timeline set forth by the FDTA.
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McHenry criticizes FDIC Chair Gruenberg at oversight hearing
On May 15, 2024, the House Financial Services Committee, under the leadership of Chairman Patrick McHenry (NC-10), held a hearing to conduct oversight of President Biden's prudential banking regulators. The committee scrutinized Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg following Cleary Gottlieb’s independent report confirming allegations of widespread misconduct and a toxic workplace culture at the agency during his tenure. Members also closely examined regulators’ Basel III Endgame proposal among other partisan regulatory initiatives.
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House committee announces hearing on PHA oversight's impact on residents and taxpayers
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced a forthcoming hearing. The Housing and Insurance Subcommittee Hearing is titled: "PHA Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers". The hearing is scheduled for 10:00 AM ET on Wednesday, May 22, 2024, at the 2128 Rayburn House Office Building.
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Republicans call for FDIC Chair's resignation following misconduct report
An independent report released last week by the law firm Cleary Gottlieb has confirmed allegations of widespread misconduct and a toxic workplace culture at the Federal Deposit Insurance Corporation (FDIC). The report implicates FDIC Chair Martin Gruenberg, who has led the agency for ten of the past thirteen years, in verbally abusive behavior. Republicans on the House Financial Services Committee are now calling for Gruenberg's resignation to address these long-standing issues.
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House Financial Services Committee announces full committee markup
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced a comprehensive markup. The Full Committee Markup will cover H.R. 758, H.R. 3161, H.R. 8337, H.R. 8338, H.R. 8339, H.R. 4551, H.J.Res. 100, H.R. 8302, H.R. 3507, H.R. 7480 and H.R. 8340.
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Headline: House Financial Services Committee Chairman Supports Resolution to Overturn SEC’s SAB 121
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), delivered remarks on the House floor in support of H.J.Res. 109, “Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ‘Staff Accounting Bulletin No. 121.’”
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House Passes Bipartisan Resolution to Overturn SEC's SAB 121
The U.S. House of Representatives passed Representative Mike Flood’s bipartisan H.J.Res. 109 on May 8, 2024. The resolution aims to overturn the Securities and Exchange Commission's (SEC) SAB 121 under the Congressional Review Act (CRA). By nullifying SAB 121, the bipartisan effort seeks to eliminate obstacles preventing highly regulated financial institutions from acting as custodians of digital assets.
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House Financial Services Committee" schedules hearing on "Oversight of Prudential Regulators
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has scheduled a hearing on "Oversight of Prudential Regulators" for Wednesday, May 15, 2024, at 10:00 AM ET in the 2128 Rayburn House Office Building. More details, such as the livestream link, committee memo, relevant legislation, and witness list, can be accessed here and will be updated closer to the hearing date.
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House Financial Services Subcommittee on Capital Markets holds hearing to discuss SEC’s Enforcement Function
Today, the House Financial Services Subcommittee on Capital Markets, led by Chairman Ann Wagner (MO-02), is holding a hearing entitled, "SEC Enforcement: Balancing Deterrence with Due Process."
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House Financial Services Committee Chairman Calls for Resignation of FDIC Chair Amid Misconduct Allegations
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the independent report released today by Cleary Gottlieb regarding allegations of entrenched and widespread misconduct at the FDIC. “It’s time for Chair Gruenberg to step aside. The independent report released today details his inexcusable behavior and makes clear new leadership is needed at the FDIC,” said Chairman McHenry. “This report confirms the toxic workplace culture at the FDIC—which starts at the top—has led to entrenched and...
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Rep. Flood Testifies in Support of H.J.Res. 109 to Overturn SEC’s SAB 121
Representative Mike Flood from NE-01 testified in front of the House Committee on Rules in support of his resolution, H.J.Res. 109, aimed at overturning the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin No. 121 (SAB 121). Flood highlighted the importance of consumer protection and financial innovation in his testimony.Flood criticized the SEC's handling of SAB 121, stating, "It is unfortunate that the SEC would attempt to circumvent the rulemaking process while falsely claiming that SAB 121 is simply non-binding staff-level guidance." He emphasized...
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Barr Delivers Remarks at Hearing to Examine Merger Policies of the Federal Banking Agencies
Today, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, led by Chairman Andy Barr, is conducting a hearing to scrutinize the merger policies of the Federal Banking Agencies. In his opening remarks, Chairman Barr highlighted the importance of mergers in the financial sector, emphasizing their role in promoting competition and cost savings for consumers. He stated, "Mergers of financial institutions can promote competition and generate cost savings that can then be passed on to consumers in the form of lower interest rates on loans,...
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House Financial Services Committee Announces Hearing on National Security and Illicit Finance
On May 1, 2024, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), revealed plans for an upcoming hearing focusing on critical national security and illicit finance issues. The hearing, titled "Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization, Part II," is scheduled to take place at 2:00 PM ET on Wednesday, May 8, 2024, at the 2128 Rayburn House Office Building.According to the announcement, the hearing will delve into key matters concerning national security, illicit finance, and...
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HEARING NOTICE: Subcommittee on Capital Markets
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced an upcoming hearing titled "SEC Enforcement: Balancing Deterrence with Due Process." The hearing is scheduled to take place at 10:00 AM ET on Tuesday, May 7, 2024, at the 2128 Rayburn House Office Building.According to McHenry, the focus of the hearing will be on finding the right balance between deterrence and due process in SEC enforcement. The Chairman emphasized the importance of ensuring fairness and justice in the regulatory actions of the Securities and Exchange...
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House Financial Services Committee Announces Hearing on Merger Policies
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has revealed plans for an upcoming hearing focused on the merger policies of the Federal Banking Agencies. The event, titled “Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: Merger Policies of the Federal Banking Agencies,” is scheduled to take place at 10:00 AM ET on Wednesday, May 1, 2024, at the 2128 Rayburn House Office Building.In a statement, McHenry highlighted the importance of addressing the merger policies within the banking sector, indicating the...