Financial Services Committee
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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.
Congressman Andy Barr (R-KY) today voted for and the House passed H.R. 22, the Fixing America’s Surface Transportation (FAST) Act. The bill funds improvements to America’s surface transportation infrastructure including roads, bridges, transit systems, and rail transportation network. The bill includes a number of reforms to refocus funding on national priorities, provide certainty and flexibility for states and local governments, streamline approval processes, while maintaining a strong commitment to safety.
H.R. 1259, the Helping Expand Lending Practices (HELP) in Rural Communities Act introduced by Congressman Andy Barr (KY-06) has been included in the final conference report of H.R. 22, the Fixing America’s Surface Transportation Act, which is expected to be voted on by the House of Representatives tomorrow. Congressman Barr’s bill would allow communities to contest their designation as “non-rural” and the restrictions that designation brings on lending by community banks and credit unions.
The House of Representatives today passed H.R. 1210, the Portfolio Lending and Mortgage Access Act introduced by Congressman Andy Barr (KY-6) in a bipartisan vote of 255 to 174. The bill promotes affordable home financing and discourages the practice of securitizing and selling of mortgages that led to the 2008 financial crisis and the resulting taxpayer bailouts of Fannie Mae, Freddie Mac, and large systemically important financial institutions.
Congressman Andy Barr (KY-6) today voted against renewing the charter of the Export-Import Bank, which expired on June 30, 2015. The Bank offers taxpayer-backed loans and guarantees purportedly to support U.S. exports, but has been criticized for politicized lending, internal corruption, cronyism, handing out taxpayer dollars to foreign governments and corporations at the expense of American competitors, and providing an unfair advantage to large corporations over smaller exporters.
Congressman Andy Barr (KY-6) applauded the House’s passage yesterday of bipartisan legislation he introduced with Congressmen Scott Tipton (CO-3) and Lacy Clay (MO-1) to reduce the frequency of on-site examinations for small banks in good standing.
Yesterday afternoon, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced that, due to an administrative error, his Bureau would be delaying the effective date of the Truth in Lending Act, Real Estate Settlement Procedures Act, Integrated Disclosure (TRID) regulation required by the Dodd-Frank Act from August 1 until October 1, 2015. Representative Andy Barr (R-KY) issued the following statement concerning this policy change:
Representatives Andy Barr (R-KY), Carolyn B. Maloney (D-NY), and 252 other House Members have asked the Consumer Financial Protection Bureau (CFPB) for a grace period that would help lenders and home buyers comply with a new regulation. The Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) regulation required by the Dodd-Frank Wall Street Reform Act is meant to reduce the number and complexity of disclosure forms home buyers must review when closing on a home. The rule is set to take effect in August – the peak home buying season.
Congressmen Andy Barr (R-KY) and John Carney (D-DE) announced the introduction of H.R. 2362, the Medical Debt Relief Act. This bill would require credit reporting agencies to remove medical debt from a credit report within 45 days of the debt being either settled or paid in full. Currently, consumers may have to wait for up to seven years for paid medical debt to be removed from their credit report.
Today, the House of Representatives passed H.R. 1259, the Helping Expand Lending Practices (HELP) in Rural Communities Act introduced by Congressman Andy Barr (KY-6). The bill would provide individuals in rural areas the right to petition for the area to be properly reclassified as “rural” and relieve local community banks and credit unions from burdensome regulations that unfairly limit their ability to lend and help create jobs in their communities.