Financial Services

Proposals Would Help Homeowners, Make Ex-Presidents Pay for Office Supplies
Financial Services spending bill amendments also could affect local post offices

Rep. Patrick McHenry, R-N.C., wants to bar the U.S. Postal Service for expanding its offering of financial services. Other proposed amendments to the Financial Services spending bill would help homeowners with bad foundations. (Bill Clark/CQ Roll Call file photo)

Local post offices would be barred from offering most banking services, homeowners with crumbling foundations would get some help and ex-presidents would have to pay for their own office supplies under proposals to amend the House’s fiscal 2019 Financial Services spending bill.

Proposed amendments also include some of the usual suspects: keeping the District of Columbia from enforcing certain local laws, allowing federally insured banks to take deposits from companies in the marijuana industry, and barring federal funds from being spent at properties owned by President Donald Trump.

When Things Get Heated in the Hearing Room
Strzok shouting match is hardly the first time emotions have erupted in the paneled recesses of the Capitol

Posters depicting the men who have pleaded guilty in special counsel Robert Mueller’s probe are displayed alongside Rep. Elijah Cummings, D-Md., as he gives his opening statement Thursday. (Sarah Silbiger/CQ Roll Call)

FBI agent Peter Strzok felt the heat at Thursday’s House Oversight and Judiciary hearing, as tempers flared and points of order flew.  

Chairman Trey Gowdy, a former federal prosecutor, brought the interrogative theatrics. “I don’t give a damn what you appreciate, Agent Strzok,” the South Carolina Republican told the witness, who was removed from the bureau’s Russia probe last year over politically charged texts.

Texas Tough: Hensarling Hammers Trump Administration on Trade, Treatment of Allies
Comments made at opening of testimony with Treasury secretary

House Financial Services Chairman Jeb Hensarling, R-Texas, shown here at a February 2017 hearing, had strong words for the Trump Administration about trade policies and how U.S. allies are being treated. (Bill Clark/CQ Roll Call file photo)

House Financial Services Chairman Jeb Hensarling sharply rebuked the Trump administration Thursday over its treatment of allies and the handling of trade, urging it to unite with “traditional allies to confront China.”

Hensarling, R-Texas, made his comments at the opening of testimony by Treasury Secretary Steven Mnuchin and in the wake of President Donald Trump’s trip to Europe, where the president said both that the North Atlantic Treaty Organization was strong and yet criticized its members, most of which are close trading partners.

House Panel Advances Bills Aimed at Helping Small Businesses
Rep. Maxine Waters calls bills approved Wednesday an example of “true bipartisanship”

House Financial Services Chairman Jeb Hensarling, R-Texas, and ranking member Maxine Waters, D-Calif., have hailed the bipartisan group of bills the panel approved Wednesday. Also pictured, Rep. Joyce Beatty, D-Ohio. (Tom Williams/CQ Roll Call file photo)

The House Financial Services Committee on Wednesday approved a group of bills designed to make it easier for small companies to raise capital and relax regulations for investors, or potentially set the stage to make it easier.

Four of the bills would call for studies or reports.

Carson Grilled About Lead Paint and Mold in Public Housing
How to pay prompts heated exchange

Housing and Urban Development Secretary Ben Carson was grilled about his agency’s handling of lead paint and mold in public housing. (Tom Williams/CQ Roll Call file photo)

Housing and Urban Development Secretary Ben Carson was peppered with questions by lawmakers over the department’s handling of lead paint and mold in public housing, leading to a heated exchange over how to pay for fixing the issue.

At a House Financial Services Committee oversight hearing Wednesday, Rep. Nydia M. Velazquez, D-N.Y., quizzed Carson on the Trump administration’s fiscal 2019 funding request, which called for zeroing out the department’s public housing capital fund, a source used for repairs to public housing.

Opinion: Where Have You Gone, Aunt Maxine?
Moderates and independents want to reclaim their country and they are looking for a way to do that

California Rep. Maxine Waters should stick to “Aunt Maxine” and show voters the way amid President Donald Trump’s rhetoric, Murphy writes. (Bill Clark/CQ Roll Call file photo)

Oh, Aunt Maxine. You had us at “Reclaiming my time.”   

There was something so totally brilliant, inspiring and boss last August when Rep. Maxine Waters, sensing that Treasury Secretary Steve Mnuchin was trying to roll her during a Financial Services Committee hearing, decided she wasn’t having it. “Reclaiming my time,” she said once.

Wall Street Regulator Coddles Big Banks but Clobbers Small Firms
Lenient treatment from the SEC leaves misconduct unchecked

Protesters call for higher taxes on big banks in 2012. (Neilson Barnard/Getty Images file photo)

JPMorgan Chase, the nation’s largest financial services firm, has paid $28 billion to settle cases brought by federal agencies in the past 10 years, most of them related to the 2008 financial crisis.

Yet the massive fines extracted from banks like JPMorgan for their role in the Wall Street meltdown have done little to deter other types of misconduct in the decade since, and one reason is lenient treatment from the Securities and Exchange Commission, according to our analysis of SEC enforcement records with a Georgetown University law professor.

Take Five: Al Green
Texas Democrat never thought he would be the leading voice on impeachment of a president

Rep. Al Green, D-Texas, measures holidays in his district in pounds. (Bill Clark/CQ Roll Call file photo)

Texas Democratic Rep. Al Green, 70, is the loudest voice in Congress calling for President Donald Trump’s impeachment. He talks to HOH about bad dating advice from a friend and who in the House he would leave a million dollars with.

Q: Compared to when you first came to Congress almost 15 years ago, what has changed?

House Budget Would Direct $302 Billion in 10-Year Spending Cuts
‘Three-step process to give to the rich and make everyone else pay for it,’ Democrats say

Rep. Steve Womack, R-Ark., walks down the House steps after final votes of the week in the Capitol on Thursday, Feb. 15, 2018. (Bill Clark/CQ Roll Call file photo)

House Budget Chairman Steve Womack’s fiscal 2019 budget resolution charts a path to balancing the budget in nine years through a combination of steep cuts in mandatory spending programs, freezing nondefense discretionary spending and banking on robust economic growth, according to a summary.

Under the draft fiscal blueprint, which will be marked up in committee Wednesday and Thursday, the deficit would be reduced by $8.1 trillion over 10 years compared to current law or policy. The budget would produce a surplus of $26 billion in 2027 if all of the assumed policies were enacted, growing to $142 billion in 2028.

Trade Groups in Turmoil in the Trump Era
Industry associations change dramatically with the times

When Tim Pawlenty announced earlier this year that he was walking away from the Financial Services Roundtable, K Street expected the group to put out a “help wanted” sign. Instead, the membership pushed for consolidation. (Tom Williams/CQ Roll Call file photo)

When Pamela Bailey, who heads the Grocery Manufacturers Association, announced in February that she will leave her $3 million-a-year gig, it came as no shock. After all, the lobbying group had in the past year lost some of its biggest members, including candy-maker Mars Inc. and Tyson Foods, the world’s second-largest producer of chicken, beef and pork.

The organization is undergoing a “reinvention,” in the words of its spokesman Roger Lowe, and this week tapped Geoff Freeman, who runs the American Gaming Association, as its next CEO. The group will move from its downtown Washington headquarters into a smaller space across the river in the Rosslyn section of Arlington.