Term limits and a focus on fintech and regulatory oversight, including the CFPB, shape plans under GOP House Financial Services Committee Chair Patrick McHenry.
01/16/2023 12:55 P.M.
3 minute read
House Financial Services Committee Chair Patrick McHenry, R-N.C., has made one of his first big moves as leader of the committee by announcing subcommittee leadership, including a new subcommittee on cryptocurrency.
Oversight of and legislation related to cryptocurrency will be top on the Republicans’ agenda with the creation of the subcommittee, chaired by U.S. Rep. French Hill, R-Ark., Politico reports.
At the same time, in December’s House Financial Services Committee hearing with Consumer Financial Protection Bureau Director Rohit Chopra, McHenry said there will be more oversight of the bureau under his leadership, ACA International previously reported.
U.S. Rep. Andy Barr, R-Ky., is continuing his legislation, the Taking Account of Bureaucrats’ Spending (TABS) Act, which would bring the bureau’s funding into the congressional appropriations process.
One challenge faced by McHenry, according to the Politico report, was appointing members to their subcommittee of interest, especially in chair positions, while handling term limits.
For example, U.S. Reps. Blaine Luetkemeyer, R-Mo., and Bill Huizenga, R-Mich., reached their six-year term limits at subcommittees they previously ran.
McHenry will also have two years as chair of the financial services committee.
The following are subcommittees and GOP leadership selected by McHenry.
Subcommittee on Capital Markets, Chair: U.S. Rep. Ann Wagner
- Developing and pursuing policies that strengthen access to capital formation.
- Overseeing the operations and policy development of the SEC and other regulators.
- Overseeing and responding to the SEC’s regulatory agenda.
- Identifying best practices and policies that continue to strengthen diversity and inclusion in the capital markets industry.
Subcommittee on Financial Institutions and Monetary Policy, Chair: U.S. Rep. Andy Barr
- Overseeing the operations and policy development of the prudential financial regulators, the CFPB, and the Federal Reserve and its 12 reserve banks.
- Identifying policies that grow and stabilize the financial system and broader economy.
- Identifying best practices and policies that continue to strengthen the financial industry’s commitment to diversity and inclusion.
Subcommittee on Digital Assets, Financial Technology and Inclusion, Chair: U.S. Rep. French Hill
- Providing clear rules of the road among federal regulators for the digital asset ecosystem.
- Developing policies that promote financial technology to reach underserved communities.
- Identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.
“This slate of subcommittee [c]hairs will be the drivers of our policy agenda centered around economic prosperity for all Americans,” McHenry said in a news release. “Whether that is increasing opportunities for all investors, expanding access to innovative financial products, or ensuring the safety and soundness of our financial system—this [c]ommittee’s leadership team is ready to meet the moment. I am honored to have these talented leaders—who represent the diverse experiences and expertise of our Conference—by my side as we get to work.”
The complete list of the GOP House Financial Services members is available on the committee’s website.
ACA submitted a letter (PDF) to House Financial Services Committee members last month urging Congress to consider ongoing concerns with the CFPB’s rulemaking processes, jurisdiction and actions surrounding medical debt credit reporting, among other topics.
ACA’s letter also focused on the bureau’s approach to rulemaking through advisory opinions, guidance and new “CFPB Circulars,” plus the pending petition for certiorari from the bureau to review the 5th Circuit Court of Appeals’ decision on the bureau’s funding structure and vacating its payday lending rule.
ACA’s advocacy team is meeting with new legislators and committee members to learn their legislative priorities and inform them about the work of the accounts receivable management industry.
For updates on advocacy and how to get involved, visit ACA’s Advocacy Resource Center and Policymakers website.
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