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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...
Ranking Member Maxine Waters
Hearing Entitled: Oversight of Prudential Regulators - House Financial Services Committee
Hearing Entitled: Oversight of Prudential Regulators.
Posted: Wed, 15 Nov 2023 08:00:00 GMT [source]
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...
Federal Reserve Chair Testifies on Monetary Policy Report
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.
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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.
– House Appropriations Committee Chairman Tom Cole (R-OK) today released guidance for Fiscal Year 2025 Community Project Funding requests and deadlines for all Fiscal Year 2025 Member requests. Similar to previous reforms made in this Congress, this change aims to ensure projects are consistent with the community development goals of the federal program." Chairman Cole’s dear colleague is available here.The electronic submission portal is available here.Submission deadlines and request guidance are listed below and available here. As we work to address our nation’s worsening affordable housing and homelessness crisis, we must recognize that ongoing housing discrimination, inequitable community development, and a lack of robust enforcement of the FHAct exacerbate that crisis. I urge you to act quickly to release the final AFFH rule and I thank you for your attention to this critical issue.
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.
Waters Releases Report Celebrating Four Years of Historic Committee Achievements
The “administrative pay-as-you-go” provision in the 2023 debt limit law requires federal agencies to propose spending cuts or other pay-fors to offset “economically significant” or “major” rules or regulations that would cost $1 billion or more over a decade and $100 million or more annually. But waivers baked into the law have thus far rendered the provision basically toothless. House of Representatives passed Representative Young Kim’s (CA-40) H.R. 6323, requires Iran to cease support for acts of international terrorism as a condition for the President to waive secondary sanctions imposed on the regime in Tehran.
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.
Members, 118th Congress
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.
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.
House Budget Committee Republicans ratcheted up pressure on the White House on Monday to provide details on implementation of a law intended to offset the budgetary costs of administrative rules and regulations, which they claim have run into the trillions of dollars during President Joe Biden’s first term. There are 60 congressional members on the committee, the majority of whom are republicans. The current chairwoman of the committee is Maxine Waters, a Democrat congresswoman from California. Patrick McHenry, a Republican from North Carolina, is the ranking member of the committee. The U.S. House Financial Services Committee is the congressional committee responsible for monitoring and writing legislation for the financial services and housing-related industries in the United States.
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.
Members of the committee oversee the government’s financial aid to industry and commerce, international finance, the insurance industry, securities and exchanges, urban development, and more. The Financial Services Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission and other financial services regulators.
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