Clarksville Times

In a hearing led by Chairman Patrick McHenry, the House Financial Services Committee delved into the risks associated with relinquishing control over American financial regulations to international governance bodies. McHenry expressed concerns about the lack of transparency in the interactions between U.S. banking regulators and global entities, highlighting the influence of organizations such as the Bank for International Settlements and the Basel Committee on Banking Supervision.

McHenry pointed out alarming instances where foreign banking officials were involved in assessing U.S. laws for compliance with international rules, emphasizing the potential impact on American financial competitiveness. The focus of the hearing was on the Basel III Endgame proposal, with McHenry and other committee members questioning the motivations behind potentially favoring foreign financial institutions over domestic ones.

The Chairman stressed the need for accountability and transparency, particularly in light of what he perceived as a lack of openness from President Biden’s banking regulators. Proposing a bill to enhance reporting requirements for regulators’ engagements with global governance groups, McHenry aimed to bring financial oversight in line with other governmental departments.

Amid concerns that progressive agendas driven by international bodies could be imposed on the U.S. financial system, McHenry warned about the consequences of opaque decision-making processes in global regulation. He urged for a more transparent approach to ensure American interests are safeguarded in the realm of financial governance.