Financial Services GOP

U.S. House Committee on Financial Services Republicans – Chairman @RepFrenchHill

[Financial Services GOP @FinancialCmte]

Multifamily homes shouldn’t face significantly higher regulatory costs than single-family homes. @HUDGov's findings reinforce the need to cut unnecessary red tape. Alongside the 21st Century ROAD to Housing Act, now law, these reforms can help build more homes, lower costs, and make housing more affordable for American families.

[Department of Housing and Urban Development @HUDgov]

Regulation accounts for roughly 25% of the cost of a single-family home and 40% of a multifamily home.

HUD’s Best Practices Report outlines how localities can cut red tape and build faster.

[Tom Emmer @GOPMajorityWhip]

Thank you @SecScottBessent for your support of my Blockchain Regulatory Certainty Act. Republicans in the House, law enforcement stakeholders, and the Trump administration are all in agreement: pass the Clarity Act now!

[Tom Emmer @GOPMajorityWhip]

Working alongside our law enforcement partners is essential to passing legislation that keeps Americans safe.

With @MjrCitiesChiefs now endorsing the Clarity Act, it is time for the Senate to act and send it to @POTUS desk.

[Financial Services GOP @FinancialCmte]

WATCH: Chairman @RepFrenchHill joins @NikMilanovic on @TheStablecon podcast following the one-year anniversary of the Committee's GENIUS Act being signed into law to discuss the future of stablecoins and the importance of establishing a clear regulatory framework.

Watch the full podcast here ⬇️🔗
https://t.co/E4uI2c7etO

[Treasury Secretary Scott Bessent @SecScottBessent]

More than a year ago, the House passed the Clarity Act.

There’s been progress since — thousands of hours of bipartisan negotiations took place at the staff and Member levels. The Senate Committees on Banking and Agriculture advanced their respective titles. And Senate Republicans produced a floor-ready product that, as I type this, is waiting for a vote.

It’s disappointing — but not surprising — that Senate Democrats are choosing politics on the cusp of a major victory for American leadership. Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts.

These same Democrats — many of whom have taken millions of dollars from the crypto industry — proclaim that Clarity lacks safeguards for consumers and falls short in countering illicit finance. Nothing could be further from the truth. Titles II and III materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions. The Blockchain Regulatory Certainty Act — which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement — does nothing other than codify longstanding Treasury Department policy that’s remained consistent across Administrations: non-custodial builders and developers are not, and have never been, subject to registration obligations under the Bank Secrecy Act. And at this point, major law enforcement trades that once opposed the bill, including the Fraternal Order of Police, have now endorsed it.

The Senate needs to vote NOW on this landmark legislation. The truth is that Senate Democrats are afraid to advance the Clarity Act as they fear Senator Warren and the “Anti-Crypto Army” she once promised to build. In the days ahead, Leader Thune will put this theory to the test. Will Senate Democrats be on the side of American Exceptionalism, or will they opt to cede American leadership of a global industry for fear of the bespectacled squirrel’s Left flank?

America will lead or America won’t. It’s not more complicated than that. I believe Satoshi once said it best:

“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

[Rep. Monica De La Cruz @RepMonicaDLC]

Last week, the Main Street Capital Access Act passed the House! This landmark legislative package includes my legislation – the Bringing the Discount Window into the 21st Century Act – to modernize our banking systems. We are helping community lenders focus on serving families, small businesses, and local economies, making life more affordable for Americans and boosting our Main Streets. Next stop: the Senate floor!

[Financial Services GOP @FinancialCmte]

The Committee is encouraged by the World Bank’s decision to phase out its lending to China by 2031. The decision reflects longstanding concerns about extending World Bank financing to the world’s largest official creditor and second-largest economy.

[Nikkei Asia @NikkeiAsia]

World Bank moves to phase out China loans by 2031 https://t.co/9KsbkkfxCF

[French Hill @RepFrenchHill]

It was a productive week here in Washington before heading back home for the district work period.

The House passed my bipartisan Main Street Capital Access Act, which will help free up our local community banks to better serve Arkansas's entrepreneurs, businesses owners, and farmers.

I was also pleased to join Oversight and Investigations Subcommittee Chairman Dan Meuser as we released our Committee staff report, "Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams."

Financial fraud is one of the fastest-growing threats facing Americans, costing consumers and financial institutions billions of dollars each year.

As Chairman of the House Financial Services Committee, protecting Americans from financial fraud remains one of my highest priorities. This report is another important step as we work to combat fraud.

[Financial Services GOP @FinancialCmte]

There is strong and widespread support for Chairman @RepFrenchHill and @RepAndyBarr's Main Street Capital Access Act. To date, over 100 organizations, including @ABABankers, @ICBA, @ArkBankers, and Kentucky Bankers, have expressed support for the bill.

https://t.co/t8TwvTJUaR

[Congressman Dan Meuser @RepMeuser]

Financial fraud has become a booming criminal business, and Americans are the primary target.

Nearly 15 million people were scammed last year, totaling an estimated $196 billion. Senior losses have quadrupled since 2020, with the average senior victim losing $83,000. Tragically, 1 in 4 victims of serious scams contemplate suicide.

These alarming statistics got @FinancialCmte Chairman @RepFrenchHill and myself involved. We convened roundtables with banks, telecom companies, social media platforms, DOJ, FBI, FTC, FCC, the Fed, and state AGs — bringing everyone who touches this problem to the same table.

I also launched https://t.co/RBzHlY0QWt so constituents have one place to recognize and report a scam before it costs them everything.

That yearlong investigation has culminated in our subcommittee’s staff report, entitled “Fighting Back.” It exposes how scamming has become an organized, for-profit industry, much of it run by Chinese-linked criminal networks operating scam compounds across Southeast Asia. The report concludes with solutions to fight back, including my legislation, the SCAM Act, and other bills that hold bad actors accountable and coordinate agencies to stop scams before they start. Watch my interview with @VarneyCo detailing the report’s findings below.

[Financial Services GOP @FinancialCmte]

Read the full report below ⬇️🔗
https://t.co/dwpRyjtNPA

[Financial Services GOP @FinancialCmte]

ICYMI: Yesterday, the Committee hosted a fireside chat featuring Chairman @RepFrenchHill and Oversight and Investigations Subcommittee Chairman @RepMeuser to highlight the Committee's work to combat financial fraud and scams. The event also marked the release of the Committee's staff report outlining recommendations to better protect consumers and strengthen fraud prevention.

[Congressman Dan Meuser @RepMeuser]

Today, our @FinancialCmte Subcommittee on Oversight and Investigations released our report titled “Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams”. The report details the extent of financial fraud and scams facing the American public, explains what’s being done by the public and private sectors, and identifies policy solutions to address this growing problem.

Financial Services Committee Chairman @RepFrenchHill and I participated in a fireside chat detailing the report’s findings and recommendations for combating cyber criminals and highlighting the insidiousness of scam networks, often coming from overseas.

Thank you, @LACaldwellDC of @pucknews, for moderating this important event.

[Rep. Andrew Garbarino @RepGarbarino]

Happy to join yesterday’s @FinancialCmte hearing to discuss how Federal Home Loan Banks help provide stability to our financial system during times of economic distress.

For nearly a century, FHLBanks have served as an important source of liquidity when our financial system needs it most.

⬇️

[Congressman Troy Downing @RepTroyDowning]

Strong communities depend on local lenders that understand the people they serve. The Main Street Capital Access Act cuts red tape so community banks can expand opportunity across rural Montana.

Proud that @FinancialCmte got this done.

[Rep. Warren Davidson @Rep_Davidson]

I just spoke in support of Chairman @RepFrenchHill's amendment to the NDAA to extend the Defense Production Act for 5 years.

A strong defense industrial base is essential to America’s national security and economic resilience. The Defense Production Act helps secure critical supply chains, strengthen domestic manufacturing, and ensure our service members have the support they need to defend our nation.

[Congressman Troy Downing @RepTroyDowning]

One of the biggest drivers of success for Montanans is access to capital.

This morning, I joined KYYA Radio to discuss the House passage of the Main Street Capital Access Act, which cuts red tape for community banks and helps expand local lending across rural Montana.

[House Republicans @HouseGOP]

Congratulations to Chairman @RepFrenchHill on House passage of the Main Street Capital Access Act, which will help local banks lend more to small businesses, families, and farmers instead of spending time and money navigating unnecessary Washington red tape!

[Congressman Dan Meuser @RepMeuser]

Watch my fireside chat with @RepFrenchHill on our @FinancialCmte Subcommittee report on fraud and scams.

[Chairwoman Lisa McClain @RepLisaMcClain]

The Main Street Capital Access Act cuts unnecessary red tape, promotes competition, and ensures smaller lenders can spend more time serving their customers instead of satisfying bureaucrats. That's exactly the kind of commonsense reform Republicans are fighting for to strengthen Main Street and keep the American Dream within reach.