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
The House Financial Services Committee, chaired by French Hill of Arkansas, convened for its first full committee markup of the 119th Congress. The committee advanced 11 bills to the U.S. House of Representatives for further consideration.
Chairman Hill emphasized the importance of defending the U.S. and its allies against China through several bipartisan measures. "These bills underscore the scope of the Committee’s jurisdiction and the unique ways our members contribute to our national security," said Hill. He also addressed a Congressional Review Act (CRA) aimed at nullifying what he described as a harmful overdraft rule by the Consumer Financial Protection Bureau (CFPB). According to Hill, this rule could force banks to cut fees or treat overdrafts as loans, potentially limiting services for low-income customers and pushing them towards costly non-bank products.
Among the legislation discussed were:
- H.R. 910, the Taiwan Non-Discrimination Act of 2025, sponsored by Rep. Young Kim, passed unanimously with a vote of 48 to 0.
- H.R. 1713, the Agricultural Risk Review Act by Rep. Frank Lucas, also passed unanimously with a vote of 48 to 0.
- H.R. 1716, the Taiwan Conflict Deterrence Act of 2025 from Rep. Lisa McClain, passed with a vote of 48 to 0.
- H.R. 1602, known as the Financial Privacy Act of 2025 and sponsored by Rep. Warren Davidson, was approved with a unanimous vote.
- H.R. 747, titled Stop Chinese Fentanyl Act of 2025 from Rep. Andy Barr, received approval with a vote tallying at 49 to 0.
- H.J. Res. 59 aimed at disapproving an overdraft lending rule submitted by CFPB was sponsored by Chairman Hill and passed narrowly with a vote count of 30 to 19.
- H.R. 1549 named China Financial Threat Mitigation Act of 2025 from Rep. Roger Williams gained passage with unanimous support.
- H.R. 1474 concerning International Nuclear Energy Financing Act was put forward by Chairman Hill and secured passage with a vote count standing at 39 to10.
- H.R.1577 dubbed Stop Fentanyl Money Laundering Act from Rep Andy Ogles garnered unanimous support passing at a count of votes standing at49to0
- H.R1450 under OFAC Licensure for Investigators Act championedbyRepJoyceBeattyreceivedunanimoussupportwithavotecountstandingat49to0
-HR1764regardingAligningSECRegulationsfortheWorldBank'sInternationalDevelopmentAssociationActfromRepMaxineWaterswaspassedwithavotecountstandingat49to0
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