Financial Services Committee
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Congressman Andy Barr (KY-06) today voted in favor of H.R. 10, the Financial Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs (CHOICE) Act. Congressman Barr is an original cosponsor of the legislation which overhauls the Dodd-Frank Act to expand economic opportunity, end taxpayer bailouts, and to increase penalties for financial fraud and crimes.
Congressman Andy Barr (KY-06) today reintroduced the Taking Account of Bureaucrats’ Spending (TABS) Act. The legislation would make the budget of the Consumer Financial Protection Bureau (CFPB) subject to congressional appropriations and therefore give Congress the power of the purse over this unaccountable agency, its regulatory overreaches, and lavish spending for the first time.
Congressman Andy Barr (KY-06) today reintroduced H.R. 2226, the Portfolio Lending and Mortgage Access Act. The bill promotes affordable home financing and discourages the practices that led to the 2008 financial crisis and the resulting taxpayer bailouts of Fannie Mae, Freddie Mac, and too-big-to-fail financial institutions.
Congressman Andy Barr (KY-06) released the following statement following introduction of H.R. 10, the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act.
Congressman Andy Barr (KY-06) has been named the Chairman of the Financial Services Subcommittee on Monetary Policy and Trade for the 115th Congress. Among other issues, the subcommittee is responsible for oversight of the Federal Reserve System, as well as domestic and international monetary policy.
Congressman Andy Barr (R-KY) today made the following statement after the U.S. Court of Appeals for the District of Columbia ruled that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional:
“Today the second highest court in the land agreed with what I have been saying all along; that the Consumer Financial Protection Bureau as currently structured is unconstitutional. This ruling vindicates my work to reform the Bureau and hold the agency accountable for its regulatory overreaches and abuses of power.”
Congressman Andy Barr (KY-06) today participated in a Financial Services Committee hearing titled, “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Accounts” to question John Stumpf, Chairman and CEO of Wells Fargo. The hearing is the first in the committee’s investigation of Wells Fargo since the company admitted to opening hundreds of thousands of deposit and credit card accounts without customers’ knowledge or consent.
Congressman Andy Barr (KY-06) today introduced H.R. 5276, the No Bailouts for State, Territory, and Local Governments Act. The bill prohibits the use of federal funds to bail out any state, territory, municipal, local or county government that is bankrupt or at risk of default. It also prohibits the Department of Treasury and the Federal Reserve from bailing out state, territorial, and local governments in financial distress.
In response to questions from Congressman Andy Barr (KY-06) during a Committee on Financial Services hearing, Director Richard Cordray of the Consumer Financial Protection Bureau confirmed that the Federal Reserve does not review or question the Bureau’s budget requests as long as they are below the allowed spending caps.
In response to questions from Congressman Andy Barr (KY-06) during a Committee on Financial Services hearing, Federal Reserve Chair Janet Yellen confirmed that the Fed does not approve or even oversee the budget of more than $600 million a year it gives to the Consumer Financial Protection Bureau. Because the Bureau receives its funding directly from the Fed, it is beyond the reach of Congress's power of the purse to rein in its regulatory overreaches and lavish spending.