Financial Services Committee Republicans

12/01/2022

Republican Leader Patrick McHenry at today's hearing on housing inflation:

"Doubling down on failed housing policies is not the answer."

Read more 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408474

📺 Watch his opening remarks 👇

11/29/2022

U.S. Securities and Exchange Commission on Twitter

Gary Gensler's SEC released its strategic plan for the next four years. Facilitating capital formation—one of three core pillars of the SEC's statutory mission—wasn't mentioned a single time.

House Republicans have a plan to enhance capital formation opportunities—which are central to creating robust, enduring economic growth—by:

✅ Strengthening public markets
✅ Helping small businesses & entrepreneurs
✅ Increasing opportunities for all investors

https://www.sec.gov/news/press-release/2022-210

“Today we released our new strategic plan outlining agency objectives to fight against fraud, maintain a robust and relevant regulatory framework, and sustain a skilled and diverse workforce.”

11/08/2022

: Republican Leader Patrick McHenry issued a statement on recent events involving digital assets trading platforms FTX and Binance.

👇 Read more 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408466

11/03/2022

: Republican Leaders Patrick McHenry and Senator Pat Toomey are demanding answers regarding Gary Gensler's mismanagement of the U.S. Securities and Exchange Commission following an alarming Inspector General report.

👇 Read more 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408465

11/02/2022

The White House is finally admitting President Biden's "leadership" led to 40-year high inflation.

After Democrat-induced inflation made essentials unaffordable for many Americans, social security beneficiaries required a record COLA increase to keep their purchasing power.

11/02/2022

: Top Republicans Patrick McHenry , Jim Jordan, Congressman James Comer, and Congressman Tom Emmer are demanding answers on the SEC's alleged use of "off-channel" communications to skirt record keeping and transparency laws.

👇 Read the letter 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408463

11/01/2022

Opinion | The SEC’s Rules Are Getting Unreal

"The Securities and Exchange Commission’s job is to make markets work. But today’s SEC leadership—which as of August had proposed 26 new rules this year alone—is ignoring the real-world effects of its regulations on market participants."

Read more on SEC Chair Gary Gensler's reckless agenda that threatens the dominance of U.S. capital markets 👇

‘Regulation by hypothesis’ is bad for the capital markets.

10/24/2022

An Economy That's Strong - Commitment to America

Under Democrats' one-party rule:

📉 Real wages are falling
📈 Gas and grocery prices are skyrocketing
❌ Supply chains are broken
💲 Household savings are depleted

A House Republican majority will be committed to restoring a strong economy.

Read more about our :

An Economy That’s Strong The Republican Commitment to a Strong Economy Cost of Living American Energy Supply Chain Fight Inflation and Lower the Cost of Living Everyone knew that wasteful Washington spending would spur inflation. Millions in hardworking taxpayer dollars were sent to luxury resorts...

10/18/2022

Republican Leaders Congressman Patrick McHenry and Congressman French Hill are demanding Treasury Secretary Yellen support investments in clean, reliable nuclear energy at EBRD and other International Financial Institutions.

👇 Read the letter 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408454

10/18/2022

: Republicans on the Capital Markets Subcommittee—led by Rep. Patrick McHenry and Rep. Bill Huizenga—sent a letter to the SEC.

Republicans are raising concerns with the recent “technical glitch,” integrity of rulemakings during Chair Gensler’s tenure.

👇 More 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408453

10/04/2022

For two years, Democrats have cheered as Biden's rogue regulators sought to use our financial system to force their "woke" agenda that couldn't pass in Congress.

A House Republican majority will restore a government that's accountable to the American people—not the far-left.

10/04/2022

US Risk Watchdog Asks Congress to Name Crypto Spot Market Regulator

The Biden Administration continues to focus almost exclusively on the potential risks posed by digital assets, instead of their opportunities.

Continued regulation by enforcement will not provide this ecosystem with the clarity it desperately needs. Blanket rulemaking authority without guardrails is also not a regulatory framework.

We agree that Congress must legislate to provide clear, workable rules of the road for digital assets.

The Financial Services Committee is already working in a bipartisan way to accomplish this.

The Treasury-led FSOC has responded to President Joe Biden’s executive order with calls for greater regulatory reach into markets, crypto firms’ affiliates and outside service providers.

09/27/2022

: Ranking Member Patrick McHenry announces Committee Republicans' capital formation agenda.

While SEC Chair Gensler and Congressional Democrats ignore the importance of capital formation, Committee Republicans will bring this issue back to the forefront.

Committee Republicans capital formation agenda will:

✅ Strengthen our public markets
✅ Help small businesses and entrepreneurs
✅ Create new opportunities for all investors

Read more 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408441

09/21/2022

Committee Republicans Blast Amalgamated Bank’s Efforts to Force Companies to Track U.S. Gun Sales | Financial Services Committee Republicans

Committee Republicans—led by Patrick McHenry—sent a letter to Amalgamated Bank blasting its effort to force companies to track U.S. gun sales.

Republican Leader Patrick McHenry also sent a letter to FinCEN demanding information on how the agency will use this new data from the firearm retailer MCC.

👇 Read more 🔗

Ahead of today’s hearing with the CEOs of America’s largest retail banks, Committee Republicans—led by Patrick McHenry (NC-10)—sent a letter to Amalgamated Bank. Committee Republicans are objecting to the bank’s efforts to hijack our financial system to force companies to track law-abiding...

09/16/2022

: Republican Leader Patrick McHenry on the Biden Administration's digital assets reports:

"Reports are not a substitute for legislative clarity. ... We must create a regulatory framework that fosters American innovation, while also protecting consumers."

Read more: https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408421

09/14/2022

Biden slammed for hosting Inflation Reduction Act celebration with ‘American's 401Ks going down the drain’

President Biden hosted a "celebration" of the so-called Inflation Reduction Act on the same day new data showed his policies are making inflation worse.

Tone-deaf Democrats don't understand the struggles of working families.

President Biden was criticized for celebrating the Inflation Reduction Act despite the latest CPI report showing higher than expected inflation, causing stocks to tumble.

09/14/2022

As Gasoline Prices Drop, Electricity and Some Heating Costs Rise

Americans are getting hammered by higher electricity and natural gas prices as winter approaches.

As Biden continues his assault on American energy production, lower-income families will be hit especially hard by the increased cost to heat their homes.

The biggest 12-month rise in a U.S. electricity-cost index in at least 41 years, driven by higher natural-gas prices, is increasing consumers’ energy bills even as gasoline prices fall.

09/14/2022

Republican Leader at today's hearing on de-risking in the Caribbean:

"We should re-examine our approach to ensure we are not lumping in the good with the bad."

Read more: https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408420

📺 Watch his opening remarks 👇

09/14/2022

Hybrid Hearing Entitled: When Banks Leave: The Impacts of De-Risking on the Caribbean and Strategies for Ensuring Financial Access | Financial Services Committee Republicans

: Ranking Member Patrick McHenry leads Republicans as the full Committee holds a hearing on the impacts of de-risking in the Caribbean.

📺 Tune in 🔗

09/13/2022

Opinion | The White House is wrong. Biden is no steward of fiscal responsibility.

The Biden Administration continues to mislead the American people.

Despite claiming the mantle of "fiscal responsibility," Democrats' policies will add $4.8 TRILLION to the deficit over the next decade—in addition to unleashing record inflation.

The nation's fiscal outlook has gotten much worse under Biden.

09/13/2022

Opinion | ESG Does Neither Much Good nor Very Well

"The harder truth is that ESG is largely failing on its own terms. Despite tens of trillions of ESG investments, investors haven’t done very well nor generated much good."

Read more about the failure of ESG in Wall Street Journal Opinion 👇

There’s little evidence that the benefits to mankind make up for lower returns on your investment.

09/13/2022

Inflation rose 0.1% in August even with sharp drop in gas prices

Democrat-induced inflation remained near a 40-year high in August, continuing to clobber Americans.

Grocery prices surged at the fastest pace since 1979.

Democrats' reckless tax-and-spend schemes are making everyday essentials unaffordable for families.

The consumer price index for August was expected to decrease 0.1% from the previous month and increase 8% from a year ago, according to Dow Jones.

09/12/2022

U.S. household wealth suffers record drop in second quarter

Contrary to the White House's assertions, household finances are in terrible shape with families' wealth dropping by a record amount last quarter.

Americans can't keep up with the declining real wages of the Biden economy.

U.S. household wealth fell by a record $6.1 trillion in the second quarter to its lowest in a year as a bear market in stocks far outweighed further gains in real estate values, a Federal Reserve report showed on Friday.

09/08/2022

: Republican Leaders Patrick McHenry and Congressman French Hill urge Speaker Pelosi to bring their clean NFIP extension to the House Floor for a vote this month.

👇 Read their full letter 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408415

09/08/2022

: All Committee Republicans—led by Patrick McHenry—sent a letter to Federal Reserve Vice Chair Lael Brainard.

They are demanding she clarify her testimony regarding the Fed's authority to issue a .

⬇️ Read more 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408412

09/07/2022

Republicans Urge FINRA to Reject Proposals that Limit Choice for Everyday Investors | Financial Services Committee Republicans

: Republicans—led by Patrick McHenry and Rep. Bill Huizenga—sent a letter to FINRA.

They are urging FINRA to reject proposals that limit choice for everyday investors.

Read more:

Today, all Republican members of the House Financial Services Committee’s Investor Protection, Entrepreneurship, and Capital Markets Subcommittee—led by Republican Leaders Patrick McHenry (NC-10) and Bill Huizenga (MI-02)—sent a letter to Robert Cook, President and CEO of the Financial Industr...

09/02/2022

McHenry, Huizenga Request Testimony of PCAOB Chair Williams and Acting SEC Chief Accountant Munter at Hearing on Accounting Standards | Financial Services Committee Republicans

: Republican Leaders Patrick McHenry and Rep. Bill Huizenga sent a letter inviting PCAOB Chair Erica Williams to testify at next week's hearing entitled "Accounting Standards in the 21st Century."

The Republican Leaders also sent a letter to Chairwoman Waters urging her to invite Acting SEC Chief Accountant Paul Munter to testify at next week's hearing, and demanding she convene a hearing with SEC Chair Gary Gensler this month.

👇 Read more 🔗

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), and the top Republican on the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Bill Huizenga (MI-02), sent two letters regarding witnesses for next week’s hearing, entitled “A...

08/30/2022

McHenry Responds to DOJ Opinion Supporting Democrats’ Partisan FDIC Board Power Grab | Financial Services Committee Republicans

: Republican Leader Patrick McHenry responds to the Department of Justice Office of Legal Counsel opinion supporting Democrats' partisan power grab at the Federal Deposit Insurance Corporation.

"House Republicans will not be deterred from our investigations into the lawless tactics of rogue Democrat regulators."

Read more:

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the public release of the Department of Justice (DOJ) Office of Legal Counsel’s opinion supporting Democrats’ unprecedented, partisan power grab on the boar...

08/12/2022

House readies vote on $739B Manchin-Schumer bill as progressive holdouts remain silent

House Democrats are preparing to raise taxes in a recession to fund their radical "green" agenda—all under the guise of inflation reduction.

Reminder: Nothing in Democrats' tax-and-spend scheme will bring down inflation.
https://www.foxnews.com/politics/house-readies-vote-739b-manchin-schumer-bill-progressive-holdouts-remain-silent?fbclid=IwAR1IIX98Ty5ZamEQaKdpDZNjmeL2CmXoULefujL4RI07bzQ5x1DTrWmTpP0

Members of the U.S. House of Representatives will return to Washington Friday to vote on a $739 billion tax, climate and health care bill central to President Biden's agenda.

08/09/2022

White House stands by Inflation Reduction Act after CBO warns inflation won't drop as a result

The non-partisan Congressional Budget Office says the so-called "Inflation Reduction Act" will NOT reduce inflation.

Don't let them fool you—Democrats are prioritizing Green New Deal mandates and subsidies over lowering consumer prices for everyday Americans.

The White House defended the Inflation Reduction Act on Friday following a report from the Congressional Budget Office suggesting the legislation would not lower inflation.

08/09/2022

Middle-class Americans to bear brunt of IRS audits under Dem inflation bill, analysis shows

The middle class is already being decimated by skyrocketing consumer prices caused by Democrats' reckless spending.

If the House passes the "Inflation and Recession Act," Americans making under $75k will be squeezed even more by 710,863 additional IRS audits.

Lower- and middle-class Americans are projected to bear the brunt of the vast majority of additional tax audits authorized under Democrats' spending bill the Senate passed Sunday.

08/09/2022

More than a quarter of Americans are being forced to delay their retirement due to Democrat-induced inflation.

The Manchin-Schumer spending bill will further deplete Americans' retirement savings by taxing companies for trying to return value to its shareholders.

08/05/2022

Over 230 economists warn Manchin's spending bill will perpetuate inflation

: More than 230 economists say Democrats' reckless spending bill will exacerbate inflation.

At the same time, they want to increase taxes to fund the same far-left agenda that got us into this mess in the first place.

230 economists are warning congressional leaders in the House and Senate that Manchin's tax and spending bill will actually cause more inflation nationwide, despite claims otherwise.

08/05/2022

House Republicans call on Biden admin to rescind 'dangerous,' potentially unconstitutional energy proposal

Republican Leader Patrick McHenry joined Congressman John Rose and 20 other Committee Republicans in a letter to SEC Chair Gary Gensler.

Following the Supreme Court's decision in EPA v. West Virginia, Gensler must rescind his reckless climate disclosure proposal.

Nearly two dozen Republicans urged the Biden administration to rescind a potentially unconstitutional regulation that would force companies to disclose climate-related information.

07/29/2022

Opinion | The Biden Stagflation Arrives

"Call it a recession or stagflation or a slowdown or a transitory blip or even Ethel or Fred—however you name it, the U.S. economy described in Thursday’s GDP report for the second quarter is struggling. ...

"Mr. Biden inherited a growing economy primed to roar back from the pandemic, and in barely a year and a half he has dragged America back to the 1970s. ... It's time to do the opposite."

Wall Street Journal Opinion hits the nail on the head on how Democrats' economic policies are failing Americans. 👇

Bad policies have produced slow economic growth, falling real wages, and soaring prices.

07/29/2022

A key US inflation gauge reaches 6.8% as prices keep surging

🚨 The Board of Governors of the Federal Reserve System's preferred inflation index surged at the highest rate in four decades.

Unfortunately for Americans, Democrats have revived their plan to super charge their tax & spend agenda that got us into this economic mess in the first place.

WASHINGTON (AP) — An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs.

07/29/2022

: Republican Leader Patrick McHenry led a letter with Congressman Tom Emmer and Blaine Luetkemeyer to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra.

The Republican Leaders are demanding answers regarding alleged improper collusion between state Attorneys General and the CFPB.

👇 Read more 🔗 https://republicans-financialservices.house.gov/news/documentsingle.aspx?DocumentID=408401

07/26/2022

Difficulty Paying Bills Tops Pandemic High in US Census Survey

🚨 Thanks to Democrat-induced inflation, more Americans are having trouble paying their bills than during the height of the pandemic in 2020.

Democrats' reckless spending is making it harder for families to make ends meet.

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07/26/2022

Opinion | Gary Gensler Stonewalls Congress

"An administrative agency is obliged to answer Congressional inquiries—even if it’s a pain in the neck. SEC Chairman Gary Gensler is acting as if he’s above all that."

Chair Gensler's stonewalling of Congress is unacceptable and aided by Democrats' weak oversight.

The SEC chief refuses to answer questions about his climate rule.

07/25/2022

House Republican Task Force on Jobs and the Economy Supply Chain Roundtable

: Republican Leader Patrick McHenry led a roundtable with Rep. Adrian Smith, Rep. French Hill , and Rep. Lisa McClain to discuss the Jobs and Economy Task Force's proposals to secure U.S. supply chains.

📺 Watch their full discussion 👇