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Monday, April 29, 2024

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House Financial Services Committee Announces Hearing on Merger Policies

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has revealed plans for an upcoming hearing focused on the merger policies of the Federal Banking Agencies. The event, titled “Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: Merger Policies of the Federal Banking Agencies,” is scheduled to take place at 10:00 AM ET on Wednesday, May 1, 2024, at the 2128 Rayburn House Office Building.In a statement, McHenry highlighted the importance of addressing the merger policies within the banking sector, indicating the...

By Clarksville Times | Apr 24, 2024

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House Financial Services Committee Holds Markup of Regulatory Oversight Legislation

In a recent session, Chairman McHenry delivered remarks at the markup of regulatory oversight legislation by the House Financial Services Committee. The Committee discussed various measures aimed at nullifying regulatory oversteps, promoting innovation, and correcting existing law provisions.Chairman McHenry welcomed participants to the markup, stating, "Good morning, everyone. Welcome back to another Financial Services Committee markup." He emphasized the importance of the day's agenda by mentioning, "Today we will consider several regulatory oversight measures. This...

By Clarksville Times | Apr 17, 2024

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House Passes Bipartisan Iran Counterterrorism Act

By Clarksville Times | Apr 17, 2024

The U.S. House of Representatives has passed Representative Young Kim’s (CA-40) H.R. 6323, the Iran Counterterrorism Act of 2023. The bill 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. It also establishes a congressional review process for national security interest waivers of these sanctions if Iran continues its support for global terror.Chairman McHenry (NC-10) expressed his support for the bill, stating, “Hamas’s terrorist strike last October on innocent...

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

By Clarksville Times | Apr 17, 2024

The House Financial Services Committee, under the leadership of Chairman Patrick McHenry, has advanced 13 pieces of legislation to the full House for consideration. Among these measures are Congressional Review Act (CRA) resolutions aimed at addressing regulatory oversteps and promoting financial innovation.One of the bills, H.R. 5535, known as the “Insurance Data Protection Act,” presented by Rep. Scott Fitzgerald, focuses on limiting the ability of certain offices to subpoena data directly from insurance companies. Instead, the bill advocates for collaborative efforts...

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McHenry on H.R. 6323: When it Comes to Iran, the Status Quo is Simply Unsustainable

By Clarksville Times | Apr 16, 2024

Washington D.C., Apr 16 2024 - Today, on the House floor, Chairman of the House Financial Services Committee, Patrick McHenry, advocated for H.R. 6323, the Iran Counterterrorism Act of 2023. McHenry expressed concern over Iran's recent aggression towards Israel, stating, "Mr Speaker, over the weekend, we witnessed Iran’s unprecedented attack on our greatest middle eastern ally and the lone democracy in the region—Israel."Highlighting the seriousness of the situation, McHenry pointed out, "Tehran struck our friends in Israel with a swarm of missiles and drone attacks...

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House Passes Bipartisan Financial Services Legislation to Hold Iran Accountable

By Clarksville Times | Apr 16, 2024

The U.S. House of Representatives recently passed a series of bipartisan financial services bills aimed at holding Iran accountable for its acts of international aggression and financing of terrorism. The legislation includes four key bills sponsored by various representatives.One of the bills, H.R. 5923, the "Iran-China Energy Sanctions Act of 2023," sponsored by Rep. Mike Lawler (NY-17), expands the secondary sanctions regime involving Iran to include transactions between Chinese financial institutions and sanctioned Iranian banks handling the purchase of petroleum and...

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House Financial Services Subcommittee Holds Hearing on Ransomware Threats

By Clarksville Times | Apr 16, 2024

The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Subcommittee Vice Chair Young Kim, convened a hearing titled “Held for Ransom: How Ransomware Endangers Our Financial System” on April 16, 2024.During the hearing, Vice Chair Young Kim expressed gratitude to the witnesses and colleagues present, stating, "I would like to begin by thanking our witnesses for taking the time to be here today. I am delighted to sit right next to my friend and colleague, Representative Beatty. Additionally, I would...

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Barr Delivers Remarks at Hearing to Review CFPB Financial Reporting & Transparency

By Clarksville Times | Apr 16, 2024

Representative Andy Barr (KY-06) led the House Financial Services Subcommittee on Financial Institutions and Monetary Policy in a hearing to review the financial reporting and transparency of the Consumer Financial Protection Bureau (CFPB).During the hearing, Chairman Barr expressed concerns about the lack of transparency and accountability within the CFPB, stating, “The CFPB is increasingly out of control and lacks transparency because there are virtually no checks on the agency’s power.” He also highlighted the agency's refusal to provide a witness for the hearing,...

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Rep. Kim Testifies in Support of the Iran Counterterrorism Act of 2023

By Clarksville Times | Apr 15, 2024

Representative Young Kim (CA-40) testified before the House Committee on Rules in support of her bill, H.R. 6323, the Iran Counterterrorism Act of 2023. The bill aims to address Iran's support for international terrorism and the need for greater congressional oversight on U.S. sanctions waivers for Tehran.Kim emphasized the urgency of the situation, stating, "Israel is confronting a critical moment as it fights for its right to exist. Iran and its proxies continue to attack our greatest ally in the middle east and the lone democracy in the region." She highlighted Iran's...

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House Financial Services Committee Chairman Announces Full Committee Markup of Various Regulatory Oversight Measures

By Clarksville Times | Apr 12, 2024

Today, the Chairman of the House Financial Services Committee, Patrick McHenry, revealed a list of measures slated for a full committee markup. The Chairman disclosed that the markup would cover a range of legislative items, stating, "Full Committee Markup of H.R. 5535, H.R. 802, H.R. 7437, H.R. 7440, H.R. 7428, H.R. 4206, H.R. 4116, H.J. Res. 127, H.J. Res. 122, H.J. Res. 120, H.J. Res. 125, H.J. Res. 126, H.J. Res. 124."The markup is scheduled to take place at 10:00 AM ET on Wednesday, April 17, 2024, at the 2128 Rayburn House Office Building. Additional information...

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Chairman McHenry, Rep. Pettersen Reintroduce Bill to Protect America’s Critical Financial Infrastructure from Ransomware Attacks

By Clarksville Times | Apr 11, 2024

House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Representative Brittany Pettersen (D-CO) have reintroduced the bipartisan Ransomware and Financial Stability Act, aimed at protecting America's critical financial infrastructure from ransomware attacks. The legislation seeks to deter hackers and establish guidelines for financial institutions to respond to such cyber threats effectively.Chairman McHenry emphasized the importance of the bill, stating, "Ransomware attacks pose a serious threat to the stability of our financial system." He...

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McHenry: The SEC’s Final Climate Disclosure Rule Would Be Catastrophic for Our Markets and American Competitiveness

By Clarksville Times | Apr 10, 2024

Step 2:Today, during a hearing on the Securities and Exchange Commission’s (SEC) climate risk disclosure final rule, Chairman Patrick McHenry expressed strong concerns about the potential impact of the rule on the American markets and competitiveness. McHenry emphasized that the finalized rule could have severe consequences, stating, "We’re here to discuss the SEC’s recently finalized climate disclosure rule, which will be disastrous for American markets, job creators, workers, and investors. It’s costly, complex, and against the public good."Highlighting recent...

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House Financial Services Committee Announces Hearings on National Security and Financial Institutions

By Clarksville Times | Apr 9, 2024

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced two upcoming hearings to be held on Tuesday, April 16, 2024.The first hearing, organized by the National Security, Illicit Finance, and International Financial Institutions Subcommittee, is titled “Held for Ransom: How Ransomware Endangers Our Financial System.” The hearing will take place at 10:00 AM ET in the 2128 Rayburn House Office Building.In a statement, Patrick McHenry highlighted the importance of addressing the issue, stating, “Held for Ransom: How Ransomware...

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House Financial Services Committee to Hold Hearing on SEC's Climate Rule Impact on American Markets

By Clarksville Times | Apr 3, 2024

The Chairman of the House Financial Services Committee, Patrick McHenry, has announced a upcoming hearing titled "Beyond Scope: How the SEC’s Climate Rule Threatens American Markets." The hearing is scheduled to take place on Wednesday, April 10, 2024, at 10:00 AM ET in the 2128 Rayburn House Office Building.According to the announcement, the hearing will delve into the potential impact of the SEC's Climate Rule on American markets. Additional details about the hearing, such as the livestream link, committee memo, relevant legislation, and witness list, can be found on...

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Financial Services, Agriculture Republicans Demand SEC Clarify Position Regarding Prometheum’s Custody of Ethereum’s Ether

By Clarksville Times | Mar 26, 2024

Mar 26 2024In response to Prometheum Capital's announcement of providing custody services for the digital asset Ether (ETH), Republicans on the House Financial Services Committee and House Committee on Agriculture have sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler demanding clarification on various key issues.The lawmakers expressed their concerns about Prometheum's intentions, highlighting the lack of transparency in the SEC's SPBD regime and the potential risks associated with custodying an asset that is recognized as a non-security...

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McHenry: Biden’s Banking Regulators Criticized for Pushing Global Governance Agendas in Financial System

By Clarksville Times | Mar 21, 2024

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...

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Davidson Delivers Remarks at Hearing to Examine the Characteristics and Challenges of Today’s Homebuyers

By Clarksville Times | Mar 20, 2024

Warren Davidson, Chairman of the House Financial Services Subcommittee on Housing and Insurance, led a hearing entitled “The Characteristics and Challenges of Today’s Homebuyers.” Davidson opened the session by stating, "Today, we bring together a panel of our nation’s housing experts to delve into housing challenges in purchase markets across the country." He emphasized the complexity of the issues at hand, mentioning, "These may seem like simple questions. But underlying them are more complicated factors that have been driving unaffordability for millions of American...

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Wagner Delivers Remarks at Hearing to Examine SEC Overreach and the Need for Reform

By Clarksville Times | Mar 20, 2024

Chairman Ann Wagner of the House Financial Services Subcommittee on Capital Markets led a hearing today to address concerns regarding regulatory overreach at the Securities and Exchange Commission (SEC) and the necessity for reform. Wagner emphasized the need for sensible reforms to protect investors and maintain efficient markets.During her opening remarks, Wagner criticized Chair Gensler's regulatory approach, stating, "The SEC’s aggressive and burdensome regulatory approach reveals the urgent need for sensible reforms at an agency responsible for protecting investors,...

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Huizenga Delivers Remarks Criticizing SEC’s Climate Disclosure Rule

By Clarksville Times | Mar 18, 2024

Chairman Bill Huizenga, leading the House Financial Services Subcommittee on Oversight and Investigations, expressed his concerns at a field hearing titled “Victims of Regulatory Overreach: How the SEC’s Climate Disclosure Rule Will Harm Americans.” Huizenga criticized SEC Chair Gary Gensler's approach, stating, “In a rush to appease the left, Gary Gensler, the chair of the Securities and Exchange Commission (SEC) proposed a nearly 500-page climate-disclosure rule in 2022, which, by the SEC’s own estimation, would cost companies billions of dollars to comply.”Huizenga...

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McHenry, Hill, Luetkemeyer Demand Secretary Yellen Push for New Leadership at the IMF

By Clarksville Times | Mar 14, 2024

Lawmakers Patrick McHenry, French Hill, and Blaine Luetkemeyer have called on Treasury Secretary Janet Yellen to advocate for new leadership at the International Monetary Fund (IMF) as Managing Director Kristalina Georgieva's term comes to an end. The lawmakers highlighted ethical concerns, including data manipulation and inattention to allegations of sexual harassment, as reasons for their demand.In a letter to Secretary Yellen, the lawmakers emphasized the importance of upholding ethical standards at the IMF, stating, "IMF member countries should expect the Fund’s...