ABSTRACT

Oversight of Financial Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions During the Pandemic, Hearing Before the Committee on Financial Services, U.S. House of Representatives, One Hundred Sixteenth Congress, Second Session, November 12, 2020   [open pdf - 110MB]

This is the November 12, 2020 hearing on "Oversight of Financial Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions During the Pandemic," held before the House Committee on Financial Services. From the opening statement of Maxine Waters: "From the beginning of this [coronavirus disease 2019] pandemic, I have urged regulators to focus their efforts on pandemic response, and halt rulemakings unrelated to addressing the crisis. I am very concerned that regulators have nonetheless issued numerous harmful regulatory rules in the midst of the ongoing pandemic. For example, the Office of the Comptroller of the Currency (OCC) issued a harmful rule that badly undermines the Community Reinvestment Act (CRA). Regulators have also moved to weaken the Volcker Rule, which prevents banks from gambling with taxpayer money. There have also been a number of troubling rulemakings to weaken capital and other prudential requirements for the nation's largest banks. The last thing the nation needs during this crisis are actions from regulators that harm communities and make our financial system insecure and less stable. I am putting our witnesses on notice that I will be working with the Biden Administration to roll back these rules. Financial regulation, and the approach to diversity and inclusion in this country, are going to change for the better." Statements, letters, and materials submitted for the record include those of the following: Brian P. Brooks, Rodney E, Hood, Jelena McWilliams, and Randal K. Quarles.

Report Number:
Serial No. 116-113
Publisher:
Date:
2021
Series:
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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