As the current ranking member of the House Financial Services Committee, Rep. Patrick McHenry (R-NC), and one of his top lieutenants, Rep. Blaine Luetkemeyer (R-MO), are poised to be elected to committee leadership ahead of the chamber’s shift to Republican control, Accountable.US is highlighting its recent memo on the congressmen’s ties to Wall Street and the financial industry.
Throughout their careers, McHenry and Luetkemeyer have received praise from industry groups and have been rewarded with a collective $15.5 million by the very institutions they are set to oversee. Under the influence of these industries, both have already threatened to “exercise robust investigative and legislative powers” to challenge the CFPB’s enforcement authority, praised misguided decisions by right-wing judges against the Bureau’s constitutionality, and have sharply criticized the CFPB Director Rohit Chopra’s efforts to save consumers billions each year by curbing abusive and surprise overdraft fees imposed by banks across the country.
McHenry and Luetkemeyer pretend to represent everyday working Americans, yet they frequently do the dirty work of their greedy corporate funders – including making excuses for excessive overdraft penalties and predatory hidden fees. It’s clear that both congressmen are gearing up for payback on behalf of their industry donors against the CFPB – an agency that has successfully returned billions in relief to millions of consumers. Reps. McHenry and Luetkemeyer are prepared to do everything in their power to let powerful Wall Street special interests write their own rules and evade accountability for mistreating consumers.”
Liz Zelnick, Accountable.US’ Director of Economic Security and Corporate Power
Accountable.US’ review of McHenry’s career found that he received praise from industry groups while raking in millions in campaign contributions and numerous endorsements from financial institutions and trade groups. McHenry’s ties to the industries he could oversee as HSFC Chair include:
- over $9.2 million in contributions from industries regulated and overseen by the House Financial Services Committee, including the finance, insurance, and real estate sectors.
- at least $154,000 in campaign donations from industry groups that lobbied in support of McHenry’s Protecting Consumers’ Access To Credit Act, which sought to codify “rent-a-bank” schemes into law.
- and at least $722,500 in contributions from the three largest banks that made over $6.8 billion in overdraft fees in 2021.
The memo also dives into the corporate ties of Rep. Blaine Luetkemeyer – who’s vying to lead one of the committee’s subcommittees. Like McHenry, Luetkemyer carries several conflicts of interest, including:
- Connections to the former Bank of St. Elizabeth—which was founded by his great grandfather in 1914—while his brother Brice had continued to serve as the bank’s president until its eventual acquisition in 2021 by Mid America Bank.
- $6.2 million in campaign contributions from the finance, insurance and real estate sectors overseen by the House Financial Services Committee.