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 financial products. I have been proud to lead efforts to make financial products more accessible 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. 
• 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 CFPB Transparency and Accountability Reform Act, subjects the CFPB to the traditional congressional appropriations process like virtually every other federal agency, creates a multi-member commission, requires rigorous cost benefit analysis, and creates an independent inspector general. Due to its funding mechanism, the CFPB is the most unaccountable agency to congress, making it impenetrable to congressional oversight. My legislation will reform the rogue CFPB.
• I have led the charge on holding the Federal banking regulators accountable. Presently, the regulators have proposed a sleuth of onerous regulations that will decrease access to and availability of capital and credit, which will hinder Americans’ ability to finance a car, achieve the American dream of homeownership, and much more. Through my oversight, we have pushed back on these proposals and will continue to ensure the banking regulators are not harming the ability of finanical institutions to provide financial services to Americans.
• The diversity and dynamism of our banking system makes the U.S. the envy of the world. We need to ensure we foster and protect this. That is why I introduced the Bank Failure Prevention Act, which creates a shot clock on merger applications to improve timeliness and certainty in the process. Furthermore, 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. 
• 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.