In a recent session, Chairman McHenry delivered remarks at the markup of regulatory oversight legislation by the House Financial Services Committee. The Committee discussed various measures aimed at nullifying regulatory oversteps, promoting innovation, and correcting existing law provisions.
Chairman McHenry welcomed participants to the markup, stating, "Good morning, everyone. Welcome back to another Financial Services Committee markup." He emphasized the importance of the day's agenda by mentioning, "Today we will consider several regulatory oversight measures. This includes seven pieces of legislation and six Congressional Review Act, or CRA, resolutions."
Addressing the need for innovation in financial services, Chairman McHenry highlighted the significance of the Financial Services Innovation Act and the FUTURES Act, stating, "This will help firms harnessing technology to innovate, without fear of heavy-handed penalties from regulators."
Furthermore, Chairman McHenry expressed the importance of protecting consumers' access to innovative products like Earned Wage Access (EWA), mentioning, "protecting consumers’ access to these innovative products is more important than ever."
The Committee also discussed the importance of ensuring federal financial regulators keep pace with technological advancements and addressed the need to rein in rogue regulators by correcting provisions in existing laws.
Chairman McHenry underscored the Committee's commitment to combatting regulatory overreach by advancing resolutions through the Congressional Review Act process, emphasizing the importance of holding the executive branch accountable.
In conclusion, Chairman McHenry reiterated his open-door policy for addressing issues and finding common ground, stating, "My door is always open...where we can find common ground, I’m committed to finding solutions."
The markup session covered a wide array of regulatory measures and resolutions aimed at safeguarding consumer interests, promoting innovation, and ensuring accountability in financial regulations.