Patrick McHenry - the Chairman of the House Financial Services Committee | Official U.S. House headshot
Patrick McHenry - the Chairman of the House Financial Services Committee | Official U.S. House headshot
On May 16, 2024, the House Financial Services Committee convened to review various measures. The focus of the meeting was on financial institutions, capital markets, and housing legislation aimed at enhancing efficiency and accountability in federal agencies while expanding economic opportunities.
Chairman McHenry delivered his opening remarks outlining the legislative agenda for the day. He stated, "Today, we will consider a slate of financial institutions, capital markets, and housing legislation." The chairman emphasized that the number of bills they would address depended on how long each discussion took.
The proposed bills revolved around two main themes: improving efficiency and accountability at federal agencies under their jurisdiction and expanding economic opportunity for all Americans. One such bill was Subcommittee Chairman Barr's Promoting Access to Capital in Underbanked Communities Act. This legislation aims to support the creation of more de novo banks with a focus on underserved areas and banking deserts.
The committee also planned to advance Congressman Rose's CDFI Fund Transparency Act. This bill would add an additional level of transparency for Community Development Financial Institutions (CDFIs) by requiring the director of the CDFI fund to testify before this committee annually.
Another significant piece of legislation under consideration was Congresswoman Kim's Clarity in Lending Act. This act aims to provide regulatory clarity necessary for financial institutions to offer small-dollar loans, thereby offering Americans regulated alternatives to payday loans.
Furthermore, three measures were put forth to provide robust accountability to the SEC. These included Subcommittee Chairman Wagner’s SEC Reform and Restructuring Act and H.R. 8339, which aimed at strengthening the SEC’s cost-benefit analysis, ensuring adequate public comment periods, and requiring semi-annual testimony from the SEC Chair.
The committee also considered four bipartisan bills from its Housing and Insurance Subcommittee. These included proposals from Rep. De La Cruz from Texas and Rep. Sherman from California who both sought ways to help wounded warriors access critical housing assistance.
Chairman McHenry concluded his remarks by stating, "I look forward to a robust debate and yield back."
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