Financial Services

As a senior member of the House Financial Services Committee, I know that access to high quality and competitively priced financial services and products are critical to all Kentuckians. From opening a checking account, buying a car, starting a business, or saving for retirement – Americans rely on both traditional and new financial products that make our lives easier. I have been proud to lead efforts to make it access to financial products easier for Main Street businesses and the American people.

• In the 118th Congress, I serve as the Chairman of the Subcommittee on Financial Institutions and Monetary Policy, which oversees the operations and policy development of the prudential regulators, the Consumer Financial Protection Bureau (CFPB), and the Federal Reserve and its 12 reserve banks; identifies policies that grow and stabilize the financial system and broader economy; and champions best practices and policies that continue to strengthen the financial industry. 
• I have led the way in combatting the politicization of access to capital and the dangerous environmental, social, governance (ESG) movement. The Ensuring Sound Guidance Act would require investment advisors and retirement fund sponsors to consider maximum financial returns when making investment decisions on behalf of their client, bringing the decision back into the hands of the investors away from social activists. Additionally, in March of 2023, I successfully led bipartisan, bicameral legislation through the House and Senate disapproving of the Biden Administration’s rule greenlighting ESG investing in retirement accounts to ensure the Administration’s policies aren’t interfering with Americans’ ability to retire comfortably.
• I am also championing the fight against the politicization of the banking system. My Fair Access to Banking Act requires financial services to be offered based on creditworthiness instead of the fashionable politics of the day.
• As the top Republican on the Subcommittee overseeing the CFPB, I’m leading the charge to reform the agency to prioritize consumer empowerment versus prioritizing politics and hurting businesses. My bill, the Taking Account of Bureaucrats’ Spending (TABS) Act, would subject the CFPB to the traditional congressional appropriations process like virtually every other federal agency.  Currently, the CFPB bypasses the appropriations process by receiving its funding directly from the Federal Reserve, making it impenetrable to congressional oversight.
• I supported the most pro-growth financial regulatory relief bill in a generation that aids our community financial institutions. Additionally, the legislative package included two of my bills – the Portfolio Lending and Mortgage Access Act and the Preserving Access to Manufactured Housing Act.
• To expand access to banking in our rural and urban communities, I authored the Promoting Access to Capital in Underserved Communities Act of 2023, which will incentivize new bank formation in rural and underserved communities to eliminate banking deserts.