Financial Services GOP

I commend the Trump Administration and the Federal Reserve for improving the Basel III proposal—easing regulatory burdens and giving banks more flexibility to lend and support small businesses and the main street economy. Expanding access to capital is key to economic growth. I look forward to @FinancialCmte review of this new proposal.

NEW: Chairman @RepFrenchHill and Subcommittee on Financial Institutions Chairman @RepAndyBarr statement on the @federalreserve, @FDICGov, and @USOCC Basel III proposal and accompanying capital rulemakings.

Great to be on stage earlier at the @DigitalChamber ‘s #DCBlockchainSummit! We need to ensure the future of digital assets and financial innovation remains U.S. led, and I’m proud to continue this bipartisan work as a member of both the @FinancialCmte and @HouseAgGOP. And always great to be joined by colleagues @RepYoungKim and @RepBynum!

President Trump knows the connection between community banking relief and housing supply. @POTUS' Executive Orders align with many of the provisions in our housing bill and the Main Street Capital Access Act. Now's the time to turn that alignment into real housing supply.

Financial fraud makes up a majority of cybercrimes. Guard your personal information to ensure your finances, identity, and future remain protected.

This is a welcome development from @SECGov and @CFTC as Congress works to enact the CLARITY Act, establishing a functional framework for the digital asset ecosystem.

WATCH: @USRepMikeFlood questions witnesses on the Fed and Treasury providing clarity on future plans, to which Mr. Hoenig responds: “Well, I think anytime you clarify what your intentions are, you're going to improve the outcomes. There's no question about it. But I want to emphasize to you that the main issue is how much debt has to be monetized to keep the Treasury market stable and liquid, because the Treasury, because of the debt, has to issue so much additional debt and someone has to buy it. And if that debt is going much too quickly, if the Fed monetizes it, you're going to have inflation. That's the real problem.” 📺⬇️

WATCH: @RepStutzman on U.S. fiscal dominance: “Folks in Indiana know full well that federal spending is far beyond reasonable levels. The spending not only has severe consequences for everyday Hoosiers but also poses risks to the Independence of the Fed's monetary policy decisions. I'd like to begin by discussing the idea of fiscal dominance. As our government persistently runs deficits and increases our national debt, the government must pay interest to service that debt. Should spending continue on its current pace, investors will eventually demand a higher interest rate to purchase government debt, which as a result, increases the cost of issuing new debt.” 📺⬇️

WATCH: @RepMonicaDLC questions witnesses on government spending on inflation, to which Mr. Hoenig responds: “Well, I think from where we are today, we're going to incur $2 trillion in new debt, and that has to be financed. And that puts strain on the markets and does put upward pressure on interest rates, depending on what the Fed does to intervene, which then risks inflation down the road. So, I think it's mostly going to be harmful in terms of what it does to inflation. And I think that's where the Congress and the Fed and the Treasury should be concerned. And I think ignoring it or saying that we can just divide our activities without a clear message that we're going to control our domestic fiscal deficits, I think is not beneficial in the long run for the American consumer.” 📺⬇️

China is the world's largest creditor, and it's not writing checks out of generosity. Dozens of countries owe more than 10% of their GDP to Beijing's state lenders. That's debt trap diplomacy. We're advancing legislation to crack down on China's predatory financing and ensure American businesses can compete on a level playing field.

WATCH: Task Force Chairman @RepFrankLucas delivers opening remarks at today's hearing: "It is my intention for this Congress to similarly express the need for a formal dialogue between the Fed and Treasury on the appropriate boundaries of their authority and where increased communication might bolster the strength, resiliency, and depth of the Treasury market, while reinforcing monetary policy independence. I plan to introduce a resolution to do just that.” 📺⬇️

HAPPENING NOW: Chairman @RepFrankLucas convenes the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity hearing entitled: "Revisiting the Treasury-Fed Accord." 📺Tune in x.com/i/broadcasts/1…

WATCH: Chairman @RepFrenchHill on the Committee's Housing for the 21st Century Act: "In the fall, the House — we did our own bill that focused on no new major spending programs, but instead make HUD more accountable, create more supply through deregulating and removing barriers inside the HUD programs like building codes, making the Community Development Block Grant Program eligible for housing, adding how banks could invest in community development in a major way, and then finally also freeing up community banks from the burden so that they can do more home construction lending. That was the approach we took." 📺⬇️

WATCH: @ZachNunn on predatory financing: “[China has] been the world's largest creditor since 2017. Its Belt and Road Initiatives deploy cheap predatory infrastructure financing to buy global influence, undercut competitors, including the United States and our allies, and trap developing nations in debt. More than two dozen countries now owe over 10% of their GDP to Chinese state lenders. Pakistan $77 billion. Sri Lanka $11 billion. Kenya $9 billion. This is not developmental finance. This is debt trap diplomacy.” 📺⬇️

WATCH: @ZachNunn on predatory financing: “[China has] been the world's largest creditor since 2017. Its Belt and Road Initiatives deploy cheap predatory infrastructure financing to buy global influence, undercut competitors, including the United States and our allies, and trap developing nations in debt. More than two dozen countries now owe over 10% of their GDP to Chinese state lenders. Pakistan $77 billion. Sri Lanka $11 billion. Kenya $9 billion. This is not developmental finance. This is debt trap diplomacy.” 📺⬇️

WATCH: @RepRWilliams on EXIM’s global competitiveness: “Recently, there's been an increase in competition from foreign export credit agencies, particularly from countries like China, who are not operating under the same rules or standards as the United States. And China is deploying large scale, state backed financing to support its exports and secure strategic projects around the world. It is critical, I think we all agree, that the United States remains a leader in this space and ensures our exporters have the tools they need to compete and win globally.” 📺⬇️