Committee Rules Adopted at
First Markup

Chairwoman Maxine Waters convened the House Financial Services Committee for its first official meeting of the 116^th Congress on Wednesday. At the organizational markup, a resolution to adopt rules of the Committee was adopted by voice vote.

The rules package put forth by Chairwoman Waters includes the creation of a new Subcommittee on Diversity and Inclusion, a first-of-its kind Subcommittee dedicated to examining diversity and inclusion issues under the Committee’s jurisdiction. In addition to the creation of the new Subcommittee, the new rules also modify the names of several Subcommittees to reflect and guide their important work on issues such as consumer and investor protection, community development, international development and national security.

A number of harmful Republican amendments to the rules were defeated along party lines. An amendment involving advance notice of subpoenas to the Minority Ranking Member which was already the practice of the Committee was adopted by a voice vote.

Resolutions appointing majority and minority members to Subcommittees were also adopted.

To read the Chairwoman’s full opening statement at the hearing, click here.

On Tuesday, Chairwoman Waters announced the Subcommittee assignments for the 116^th Congress. To see the full list of assignments, click here.

This week, the U.S. House of Representatives passed the following bipartisan financial services bills:

H.R. 624, the Promoting Transparent Standards for Corporate Insiders Act

Introduced by Congresswoman Maxine Waters (D-CA) and Congressman Patrick McHenry (D-NC)

H.R. 502, the FIND Trafficking Act

Introduced by Congressman Juan Vargas (D-CA) and Congresswoman Ann Wagner (R-MO)

H.R. 56, the Financial Technology Protection Act
Introduced by Congressman Ted Budd (R-NC) and Congressman Stephen Lynch (D-MA)

Member Spotlight

Rep. Joyce Beatty

Congresswoman Joyce Beatty, Chairwoman of the Financial Services Subcommittee on Diversity and Inclusion, is our Financial Services Committee featured member of the month. Click here to learn more about Congresswoman Beatty.

Weekend Reads

American Banker | Top Democrats urge FHFA's Otting to clarify plans for GSEs

WSJ | CBO: Shutdown Will Cost Government $3 Billion of Projected 2019 GDP

American Banker | House passes bills to tackle illicit use of virtual currencies

The Hill | Dems demand records from Mnuchin on lifting sanctions on Deripaska-tied firms

Politico| House leans on banks, credit reporting firms to help federal workers

Tweet of the Week

Chairwoman’s Corner

This week, the House passed Chairwoman Waters’ resolution to help Americans affected by the Trump shutdown.

Watch her floor statement: