U.S. Rep. Patrick McHenry (R-NC), chair of the Financial Services Committee, gave opening remarks at the committee began markup of capital formation and Consumer Financial Protection Bureau (CFPB) reform legislation, according to a news release.
"We've got a lot to cover today, but it's important work that I hope we can find areas of agreement," McHenry said. " I want to reiterate my call to every Member, Republican or Democrat, to bring your ideas to me - my door is open."
The committee will consider proposals to strengthen public markets, support small businesses and entrepreneurs, and create opportunities for all investors, according to the news release. In addition, it will review a measure that reforms the CFPB to deliver much-needed accountability and transparency to the agency.
McHenry stated that the Committee's investigations into the financial system's recent volatility are ongoing. The regulators will be testifying in front of the Committee next month, and McHenry expects to have a thorough examination of their reports, the GAO study, and the questions asked by committee members at that hearing.
The congressman emphasized that the committee can "walk and chew gum at the same time," and that the 15 bills being considered are a legislative solution to improve existing laws and regulations. The majority of these bills represent years of work to strengthen and expand access to capital markets. McHenry also highlighted that many of the bills being considered are bipartisan, and he encourages Members to review the remaining bills that contain commonsense policies that will encourage everyday investors and small entrepreneurs to access capital markets.
Furthermore, the committee will mark up the CFPB Transparency and Accountability Reform Act, a compilation of seven bills that were attached to the hearing held back in February. McHenry believes that this bill will ensure that the CFPB is finally accountable to Congress and the American people.