Press Releases
Wide Ranging Industry Shilling Expected at House Financial Services Hearing With Chair Patrick McHenry
WASHINGTON, DC — The Republican-led House Financial Services Committee continues to show its propensity to serve as a platform for financial industry grievances while ignoring the concerns of American families as they prepare for today’s hearing, “Oversight of Prudential Regulators.” House Financial Services Chair Patrick McHenry (R-NC) and his committee peers are expected to criticize new proposed rulemaking from federal regulators seeking to enhance capital requirements for banks with $100 billion or more in assets on the heels of the March 2023 banking meltdown. Unsurprisingly, these attacks come amid $77,500 in contributions from industry groups opposed to the enhanced capital requirements.
Weaker financial industry oversight opens the door for risky and greedy behavior with other people’s money. The proposed requirements are a surefire way to insulate Americans from future banking failures. But protecting American families is the furthest thing from Chair McHenry’s mind as he continues with his industry-focused glad-handing. At the end of the day, you get what you pay for, and America’s largest banks paid for Republican support.”
Liz Zelnick, Accountable.US’ Director of Economic Security And Corporate Power.
Industry Money, The Real Motive Behind This Hearing: A litany of banking and other industry trade groups have come out against the much-needed changes to capital requirements. In September 2023, the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, the Institute of International Bankers, the Securities Industry and Financial Markets Association, and the U.S. Chamber of Commerce submitted a comment letter blasting the proposed capital requirement changes, arguing the agencies failed to adhere to the Administrative Procedure Act in releasing the proposal.
- Since March 2023, House Financial Services Chair Patrick McHenry (R-NC)—who criticized regulators in July 2023 as “taking advantage of recent instability in the well-capitalized banking system to push through their long-held priority of raising capital requirements of our nation’s banks”—has received $25,500 from industry groups opposed to enhanced capital requirements.
- Since March 2023, Rep. Blaine Luetkemeyer (R-MO)—who in November 2023 criticized the proposed changes as placing an “excessive burden on banks, businesses, and individuals to meet higher capital requirements”—has received $16,500 from industry groups opposed to enhanced capital requirements.
- Since March 2023, Rep. Andy Barr (R-KY)—who in September 2023 criticized the proposal as being “incorrectly pushed as a response to the March banking instability”—has received $9,000 from industry groups opposed to enhanced capital requirements.
Accountable.US’ MAGA Economic Profiles puts a sharp spotlight on the Members of Congress who prioritize corporations over consumers in the House majority’s MAGA economic agenda. View Reps. Andy Barr, Blaine Luetkemeyer, and Chair Patrick McHenry’s full profiles here.
