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WEEK IN REVIEW


Washington, Mar 17 -

Subcommittee Hears Community Perspective on Flood Insurance

The Housing and Insurance Subcommittee held its second in a series of hearings this year examining the National Flood Insurance Program (NFIP).  Members of the subcommittee heard from a panel of witnesses who provided a community-level perspective on flood insurance.

“After getting FEMA’s perspective on flood insurance reform last week, today’s hearing was an opportunity to hear a perspective from those whose community depends on the National Flood Insurance Program,” said Subcommittee Chairman Sean Duffy (R-WI).  “Especially after Superstorm Sandy, it’s important to learn from FEMA’s claims review process, how to prepare against flood damage through better mitigation, and to better understand the barriers to entry for private flood insurance providers who may be able to offer consumers better costs and services, including claims handling.”

Subcommittee Examines the Federal Reserve’s Monetary Policy

The Monetary Policy and Trade Subcommittee held its first hearing of the 115th Congress on Thursday to examine how the Federal Reserve has departed from conventional monetary policy.

The Subcommittee heard from a panel of expert witnesses who discussed how the Fed can facilitate an orderly return to a conventional balance sheet and how monetary policies can reliably support economic growth going forward.

“If the economy begins to improve and the Fed does not withdraw the tremendous reserves it has created from the banking system, rampant inflation will follow.  If it does withdraw the reserves quickly, interest rates will rise rapidly. This situation makes economic calculations extremely difficult and makes businesses less willing to invest, especially for the long term,” said John Allison, Executive in Residence, Wake Forest School of Business, and former Chairman and Chief Executive Officer of BB&T Corporation.  “If business owners could fully trust the Fed, this would not be an issue, but we have all been burned too many times to trust the Fed.”

“The Committee on Financial Services is dedicated to a set of monetary policy reforms that will blow away the lingering policy fog – reforms that will bring monetary policy back into the sunlight so that transparency and discipline can help all Americans finally get back on track,” said Subcommittee Chairman Andy Barr (R-KY).

Member Spotlight

Rep. David Kustoff (R-TN) | 'West Tennessee values are represented in Washington'

Sitting on the Financial Services Committee, I will have the resources to help West Tennessee bounce back from the devastating recession, just as Middle and East Tennessee have.

Rep. Roger Williams (R-TX) | Williams: Time to repeal CFPB prepaid accounts rule

For eight years, Obama Administration bureaucrats regulated with a one size fits all policy on matters they didn’t bother to educate themselves on. We have seen how the Dodd-Frank regulatory hurdles have decimated community banks and credit unions, and now we are about to see similar effects on alternative financial services. Just as the former ultimately hurt small business’ ability to access credit, the latter will disadvantage those who want to securely manage their finances at a low-cost rate.

Weekend Must Reads

National Review | Cordray’s Choice

Hardly a day has passed since the 2016 election without several “Save the Consumer Financial Protection Bureau” editorials. They are irrelevant. Only the agency’s director, Richard Cordray, can save the CFPB — by resigning.

Orlando Sentinel | Payday-loan rule would hurt small businesses, borrowers: Local Viewpoint

Last summer, the Consumer Financial Protection Bureau proposed a rule that would essentially eliminate the short-term lending industry, take away credit options from millions of consumers, and force my family’s small business to close its doors. My father founded LendingBear more than 20 years ago to help hardworking Floridians during trying financial times through payday loans and other short-term lending solutions.

Boston Herald | Bank exec: Trump moving quickly on Dodd-Frank

President Trump is looking to move quickly to make changes to Dodd-Frank — a financial regulation act put in place after the Great Recession — and is eyeing both executive and legislative actions, according to a local bank executive.

On the Horizon 

Tuesday, March 21 at 10:00 a.m.
Oversight and Investigations Subcommittee
“The Bureau of Consumer Financial Protection’s Unconstitutional Design.”

Tuesday March 21 at 2:00 p.m.
Financial Institutions and Consumer Credit Subcommittee
“Ending the De Novo Drought: Examining the Application Process for De Novo Financial Institutions.”

Wednesday, March 22 at 10:00 a.m.
Monetary Policy and Trade Subcommittee
“Examining Results and Accountability at the World Bank.”

Wednesday, March 22 at 2:00 p.m.
Capital Markets, Securities and Investment Subcommittee
“The JOBS Act at Five: Examining Its Impact and Ensuring the Competitiveness of the U.S. Capital Markets.”

In the News

Wall Street Journal | Fed Raises Rates, but Key Bank Metric Suggests Caution

Reuters | Fed eases bank merger rules by lifting size threshold for review

Washington Examiner | More workers quitting — a good sign for the economy

Financial Times | IMF under pressure in Washington over Greek bailout

American Banker | Does the industry have a shot at repealing Durbin?

Politico | Fed hikes interest rates, signals two more increases for 2017

Wall Street Journal | As Fiduciary Rule Gets Reviewed, Class-Action Provision Is Under Microscope

New York Times | Trump Vows to Dismantle Dodd-Frank ‘Disaster’

Wall Street Journal | CFPB, Justice Department Poised to Square Off in Court