Washington, D.C.— Today, U.S. Congressman Andy Barr (KY-06) was named Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy by Congressman Patrick McHenry (NC-10), Chairman of the full Financial Services Committee. In this role, Barr will oversee the operations and policy development of the prudential regulators, the Consumer Financial Protection Bureau, and the Federal Reserve and its 12 reserve banks; identify policies that grow and stabilize the financial system and broader economy; and champion best practices and policies that continue to strengthen the financial industry’s commitment to diversity and inclusion. The Subcommittee on Financial Institutions is the only House subcommittee dedicated to ensuring Washington understands the unique nature, challenges, and traditions of financial institutions in the Commonwealth of Kentucky and across America.
“As the newly appointed Chairman of the House Financial Services Committee Subcommittee on Financial Institutions and Monetary Policy, I look forward to continuing the important work of oversight of the Federal Reserve System, both in its conduct of monetary policy and bank supervision. I also look forward to exercising much needed oversight of other key financial regulators, including the OCC, FDIC, NCUA, CFPB and FSOC, to ensure that both financial institutions and their regulators are facilitating a safe, sound, diverse and accessible financial ecosystem that fosters growth and competition,” said Congressman Barr. “I want to thank Chairman McHenry and Financial Services Republicans for entrusting me with this responsibility and I look forward to continuing my work in the 118th Congress to safeguard and strengthen our credit markets and the American financial system.”
“I’m proud to appoint Congressman Andy Barr as Chairman of the Financial Institutions and Monetary Policy Subcommittee. Congressman Barr is a serious leader who understands the concerns of rural communities”, said Chairman Patrick McHenry. His thoughtful approach to policymaking—as evidenced by his work on CFIUS reform and de novo bank charters—will continue to be a valuable asset to Committee Republicans. I’m certain Andy will thrive in this new role, as we implement our opportunity and innovation agenda.”