The House Financial Services Committee agreed to, by a voice vote, its Authorization and Oversight Plan for the 115th Congress after a hearing Feb. 7. The plan includes oversight of the Dodd-Frank Wall Street Reform and Consumer Protection Act and states the committee will “continue its close examination of the implementation of the [Dodd-Frank Act] by the financial regulators charged with implementing the law.”
The plan also outlines the committee’s oversight of the Consumer Financial Protection Bureau, including its regulatory, supervisory, enforcement and other activities and the effect of those activities on regulated entities.
“The committee will also examine the governance structure and funding mechanism of the CFPB,” according to the plan.
There were 18 amendments offered to the plan introduced Tuesday including nine that were approved, seven that were denied and two that were withdrawn. Democrat members of the committee, with the exception of one by Chairman U.S. Rep. Jeb Hensarling (R-Texas), introduced the amendments during the hearing.
The committee was required to adopt its plan for the 115th Congress by Feb. 15.
“Our task is to make sure every dollar spent by the agencies under our committee’s jurisdiction is treated with the respect that the taxpayers deserve,” Hensarling said in his opening statement at the hearing. “That’s why our committee’s oversight plan requires us to continually and vigilantly scrutinize how these agencies spend precious taxpayer dollars. We will hold hearings and investigate and ask the tough questions of the heads of these agencies and bureaus about their spending, and hold them accountable,” Hensarling said.
The plan also includes a focus on reducing regulatory burden and the committee will continue to review the current regulatory burden of financial institutions.
The committee’s approval of the plan including a continuous review of the Dodd-Frank Act comes after President Donald Trump issued executive orders for review of the law, ACA International previously supported.
Hensarling commended the actions for the executive orders and said the action mirrors provisions in the Financial CHOICE Act, which includes changes that would impact the funding and structure of the CFPB.
A markup of the Financial CHOICE Act could be introduced soon now that the 115th Congress is in session.
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