The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), along with incoming Chairman and current Vice Chair French Hill (AR-02), have issued letters to agencies and regulators under the jurisdiction of the committee. These letters, addressed to the outgoing Biden Administration’s agencies, urge against finalizing partisan rulemakings before the Trump Administration assumes office. Additionally, they demand that all documents and communications be preserved.
The recipients of these letters include several key departments and regulatory bodies: the Department of the Treasury (Treasury), Department of Housing and Urban Development (HUD), Securities and Exchange Commission (SEC), Federal Reserve Board (Fed), Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), and Federal Housing Finance Agency (FHFA).
In a specific excerpt from the letter to Treasury, it states: “This letter serves as instruction to Treasury and its bureaus to preserve all existing and future documents, communications, and other information, including electronic information and metadata, that are or may potentially be responsive to a congressional inquiry, request, investigation, or subpoena that may be initiated or otherwise undertaken by a committee of Congress or any other investigative entity.”
Further caution is expressed in another part of the letter: “Additionally, this letter cautions Treasury and its bureaus against finalizing partisan rulemaking over the next several weeks. The Congressional Review Act (CRA) authorizes Congress to disapprove rulemakings, including those finalized toward the end of the Congress. The financial system, its institutions, consumers, and Treasury itself do not benefit from last-minute partisan rulemaking attempts. Thus, we encourage you to refrain from additional rulemaking.”
The full text of these letters can be accessed for each respective agency.
