Chairwoman Waters Announces Financial Services Subcommittee Leadership for the 117th Congress

Table Of Content

• Chairwoman Waters Announces Financial Services Subcommittee Leadership for the 117th Congress
• Bills
• House GOP wants answers from OMB about rulemaking costs
• Maxine Waters, Ranking Member, Announces Passage of Democratic-Led Bills in Response to Bank Failures
• House Financial Services Field Hearing on Housing Policy and the Housing Market
• Members, 118th Congress
• Jurisdiction

In 2018, the committee has several issues at the center of its focus. This act, signed into law by Barack Obama, brought sweeping new regulation and oversight to the banking industry in the wake of the financial crisis of 2008. Statements issued by the committee call for the replacement of the bill in order to lift regulations and make it easier for Americans to procure home mortgages, start small businesses and access bank services such as free checking. That does not sit well with House Budget Committee Republicans, who argue that’s contrary to the intent of the law and similar provisions in previous laws. Arrington and Bergman wrote that past administrations defined the pay-as-you-go rule as a “budget neutrality requirement” on agency actions that increase mandatory or automatic spending.

Chairwoman Waters Announces Financial Services Subcommittee Leadership for the 117th Congress

It also has oversight over government-sponsored entities (GSEs) such as Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). The pay-as-you-go requirement lapses after Dec. 31, 2024. But a future president could reinstate it unilaterally.

Bills

The letter expresses concern that “OMB is effectively ignoring” the requirement. In a letter to White House budget director Shalanda Young, House Budget Chairman Jodey C. Arrington, R-Texas, and Jack Bergman, R-Mich., the panel’s oversight task force chairman, said they have “serious concerns” about the Office of Management and Budget’s treatment of the 2023 requirement. Representative French Hill, a senior Republican on the Financial Services Committee, said he would support combination legislation tying marijuana banking to stablecoin regulation if negotiators can reach a deal. (April 24, 2024) - Congresswoman Erin Houchin is proud to announce that two of her bills recently passed out of the Financial Services Committee. These important pieces of legislation address critical banking issues and reform regulations.

House GOP wants answers from OMB about rulemaking costs

All committee members are elected members of the U.S. The policy of offsetting the cost of administrative actions goes back to former President George W. Bush’s administration, and continued in various forms under his next two successors. Biden revoked former President Donald Trump’s pay-as-you-go rule and other initiatives from the prior administration as one of his first acts.

Maxine Waters, Ranking Member, Announces Passage of Democratic-Led Bills in Response to Bank Failures

Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), reported 13 pieces of legislation out of Committee to the full House for consideration. Included among the measures is a slate of Congressional Review Act (CRA) resolutions to nullify a series of gross regulatory oversteps on the part of Biden’s regulators. The Committee also considered measures to preserve and promote innovation in financial services and correct provisions in existing law that are being expl...

HEARING NOTICE: Subcommittee on Digital Assets, Financial Technology and Inclusion - House Financial Services Committee

HEARING NOTICE: Subcommittee on Digital Assets, Financial Technology and Inclusion.

Posted: Wed, 08 Nov 2023 08:00:00 GMT [source]

The GOP letter seeks details on how many rules since Biden took office would qualify for the administrative pay-as-you-go requirement, how many have been given waivers by OMB, and the estimated cost of each rule where pay-as-you-go was waived. The pay-as-you-go policy always had loopholes, and records are spotty about how it was used. But according to a 2011 GAO report, USDA administrative actions during the Bush administration resulted in net savings of $244 million between fiscal 2006 and fiscal 2015. As described in a November 2023 report from the Government Accountability Office, OMB said that of 28 major rules that were finalized between June 3, 2023 and Nov. 3, 2023, only two were costly enough to qualify for administrative pay-as-you-go. “As our nation faces an unprecedented and continuously growing debt crisis, offsetting costs of administrative rules is imperative,” the letter says.

Members, 118th Congress

The Committee oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.

The bill also provides for a congressional review process for national security interest waivers of these sanctions if Iran continues its support for global terror. Today, the House Financial Services Committee is holding a markup of various measures, including a slate of Congressional Review Act (CRA) resolutions to nullify a series of gross regulatory oversteps on the part of Biden’s banking regulators. The Committee will also consider measures to preserve and promote innovation in financial services and correct provisions in existing law that are being exploited for uses other than their intended purposes.

The letter also highlights the record-setting surge in reported housing discrimination complaints received by HUD and local fair housing organizations, further underscoring the urgent need for full and robust enforcement of the Fair Housing Act. Another issue that the committee is focused on is bringing more oversight and transparency to the Federal Reserve, the central bank of the United States. The committee has finalized and introduced a bill to this effect, though it has not yet been passed into law. Arrington and Bergman requested that the GAO prepare a supplemental report, which they said they would use in “fiscal oversight duties.” A committee spokesman said GAO has not “formally responded” to the request for a supplemental report.

While the pay-as-you-go provision requires agencies to propose offsets under certain circumstances, OMB says in its formal guidance that even if agencies propose offsets, they are not required to implement them. Pandemic-era pauses in student loan repayments and other initiatives to forgive student debt cost hundreds of billions of dollars, according to the committee. Another costly regulation tightens vehicle emission standards. The House Financial Services Subcommittee on Oversight and Investigations holds a hearing in Lebanon, Tennessee, on the impact of the Securities and Exchange Commission’s (SEC) climate disclosure rule, which was finalized on March 6, 2024. The committee also aims to crack down on waste of tax dollars, abuse of power and fraud within all federal programs under its jurisdiction. Toward this end, it has created an accessible way for citizens to confidentially report on any of these things directly to the committee.

Hearing Entitled: Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets - House Financial Services Committee

Hearing Entitled: Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets.

Posted: Wed, 15 Nov 2023 08:00:00 GMT [source]

Members are listed in order of their rank on the committee and its subcommittees. Committee membership information is from the unitedstates project on github. As recently as May 2018, the committee has also held hearings focused on fighting money laundering, examining the current state of homelessness in America and studying the impact that driverless cars may have on the auto insurance industry in the U.S. The House Financial Services Committee also has oversight over several important federal departments, such as the Department of the Treasury and the U.S. Department of Housing and Urban Development, the Federal Reserve and the U.S.

The changes to income-based student loan repayments alone cost more than $260 billion over a decade, the Congressional Budget Office estimated. Congresswoman Houchin invites her colleagues to join her in supporting these important legislative efforts to ensure the safety and soundness of our financial system. “The FUTURES Act harnesses technological advancements to streamline regulation and reduce burdens on banks and customers alike,” said Congresswoman Houchin. Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released the foll...