U.S. House of Representatives Committee on Financial Services

12/17/2024 | Press release | Distributed by Public on 12/17/2024 08:46

McHenry, Hill Warn Biden Administration Against Partisan, Eleventh-Hour Rulemakings

McHenry, Hill Warn Biden Administration Against Partisan, Eleventh-Hour Rulemakings
Demand agencies and regulators under the Financial Services Committee's jurisdiction to preserve documents and communications

Washington, December 17, 2024 -

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the incoming Chairman and current Committee Vice Chair, French Hill (AR-02), sent letters to the outgoing Biden Administration's agencies and regulators under the Committee's jurisdiction. After the American people delivered Republican control of the House, Senate, and White House in a stark rebuke of the Biden Administration's regulatory agenda, the lawmakers are warning against finalizing partisan rulemakings prior to the Trump Administration entering office. They are also demanding the agencies preserve all documents and communications.

The letters were sent to the Department of the Treasury (Treasury), the Department of Housing and Urban Development (HUD), the Securities and Exchange Commission (SEC), the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA).

Read key excerpts from the letter to Treasury below:

"This letter serves as instruction to Treasury and its bureaus to preserve all existing and future documents, communications, and other information, including electronic information and metadata, that are or may potentially be responsive to a congressional inquiry, request, investigation, or subpoena that may be initiated or otherwise undertaken by a committee of Congress or any other investigative entity. …

"Additionally, this letter cautions Treasury and its bureaus against finalizing partisan rulemaking over the next several weeks. The Congressional Review Act (CRA) authorizes Congress to disapprove rulemakings, including those finalized toward the end of the Congress. The financial system, its institutions, consumers, and Treasury itself do not benefit from last-minute partisan rulemaking attempts. Thus, we encourage you to refrain from additional rulemaking."

Read the full letter to Treasury here , HUD here , the SEC here , the Fed here , the FDIC here , the CFPB here , the OCC here , and the FHFA here .

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