House Financial Services Committee Congressional Chronicle

Table Of Content

• FDA finalizes rule to increase oversight of lab tests
• Maxine Waters, Ranking Member, Statement on Department of Labor’s Final Retirement Security Rule
• Maxine Waters, Ranking Member, Calls on President Biden to Release Long-Awaited Final Fair Housing Rule
• Ranking Member Waters Announces Democratic Members Appointed to Serve on Financial Services Committee

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.

House Financial Services Committee Advances Regulatory Oversight, Financial Innovation Legislation to Full House ... - House Financial Services Committee

House Financial Services Committee Advances Regulatory Oversight, Financial Innovation Legislation to Full House ....

Posted: Wed, 17 Apr 2024 07:00:00 GMT [source]

FDA finalizes rule to increase oversight of lab tests

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.

Maxine Waters, Ranking Member, Statement on Department of Labor’s Final Retirement Security Rule

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, Calls on President Biden to Release Long-Awaited Final Fair Housing Rule

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.

Current subcommittees

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.

U.S. House Financial Services Committee

Lucas notes 'capital-starved' Oklahoma in Financial Services bid - Roll Call

Lucas notes 'capital-starved' Oklahoma in Financial Services bid.

Posted: Mon, 29 Apr 2024 09:04:07 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.

Ranking Member Waters Announces Democratic Members Appointed to Serve on Financial Services Committee

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.

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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...

Arrington and Bergman wrote to Young that the Biden administration has either proposed or already implemented executive actions that could cost more than $2 trillion over a decade, according to an informal running tally Budget panel Republicans updated on Friday. Congresswoman Houchin also passed a second bill out of the Financial Services Committee, which she authored alongside Congressman Bill Foster (D-IL) and Congressman French Hill (R-AR). The Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act is bipartisan legislation that modernizes banking regulation using technology. This appointment portal is for Non-Cannabis transactions ONLY. For Cannabis related payment appointments, email your request to  Cannabis appointments set through this portal will not be allowed entry.

– 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.

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.

Congresswoman Houchin’s first bill to pass committee dismantles the Federal Deposit Insurance Corporation’s (FDIC) recent climate rule. The Biden Administration’s climate-focused obsession undermines proper risk management within the banking sector. The Biden climate rule requires banks to account for customers’ “climate risks” and other Environmental, Social, and Governance (ESG) factors when determining business transactions.

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.

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.

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.

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.