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Prudential Regulators Testify Before FSC
On Wednesday, Chairwoman Waters convened a full Committee hearing to conduct oversight of regulators at the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, the National Credit Union Association (NCUA), and the Office of the Comptroller of the Currency, where Members pressed regulators on issues including the Community Reinvestment Act, Suntrust/BB&T merger and diversity and inclusion.
See the Chairwoman’s opening statement here.
Witnesses from L to R: NCUA Chairman Rodney Hood, FDIC Chairman Jelena McWilliams, Federal Reserve Vice Chairman of Supervision Randal Quarles.
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As Seen on FSC-TV
In case you missed it, see below for a snippet of the infographics displayed in the hearing room this week.
December 4: Full Committee hearing to conduct oversight of prudential regulators.
December 5: Full Committee hearing to review the Trump Administration’s deregulatory approach to financial stability.
December 5: Subcommittee on Housing, Community Development and Insurance hearing to examine the Federal Housing Administration.
December 6: Task Force on Artificial Intelligence hearing on robots on Wall Street.
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Member Spotlight
| Congressman Jim Himes (D-CT) |
On Thursday, the U.S. House of Representatives passed H.R. 2534, the Insider Trading Prohibition Act, a bipartisan bill to create the nation’s first statute explicitly banning insider trading.
This legislation was introduced by Congressman Jim Himes (D-CT).
In the Wall Street Journal, the Congressman said the bill “will help bolster faith in the fairness of the system for American investors and let potential wrongdoers know exactly what behavior will cross the line.”
H.R. 2534 passed by a vote of 410-13..
Mnuchin Testifies on FSOC
On Thursday, at a hearing entitled, “Promoting Financial Stability? Reviewing the Administration’s Deregulatory Approach to Financial Stability," Committee Democrats pressed Steven Mnuchin, Treasury Secretary and Chairperson of the Financial Stability Oversight Council (FSOC), on the Trump Administration’s harmful deregulatory actions.
During the hearing, Committee Democrats also discussed H.R. 5194, the Climate Change Financial Risk Act of 2019, introduced by Rep. Sean Casten (D-IL).
Click here to learn more.
Tweet of the Week
Weekend Reads
Chairwoman's Corner
Sherman Elected as Subcommittee Chairman: This week, Chairwoman Waters announced that Congressman Brad Sherman (D-CA) was elected by the Committee’s Democratic Caucus to serve as Chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.
“I am very proud of the work the House Financial Services Committee has completed during the 116th Congress and I credit the very talented, experienced and diverse leadership of our six Subcommittees and two Task Forces for working to make sure the interests of hardworking Americans are well represented at every hearing,” said Chairwoman Waters. “I want to thank Congresswoman Maloney for her leadership as Chair of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, and I look forward to working with Congressman Sherman in his new capacity as we continue to make great strides in our efforts to protect investors and the integrity of our capital markets.”
Click here to view the full announcement.
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