GOP Urges Rep. Waters to Examine Brexit and Other “Critical Areas”

Rep. Patrick McHenry (R-NC-10), the ranking member of the House Financial Services Committee, sent a letter to Committee Chairwoman Maxine Waters (D-CA-43) and Democratic leadership to ask them to prioritize Britain’s withdrawal from the European Union, among other “critical areas” that he said deserve the panel’s attention.

Specifically, the North Carolina Republican requested the House Financial Services Committee to hold hearings to determine the impact of Brexit on the U.S. economy and the international financial system, talk about cybersecurity risks, review the Treasury Department’s implementation of the Foreign Investment Risk Review Modernization Act of 2018, and review how China’s economy affects the World Bank and global systemic risk.

“These hearings will be vital to helping ensure the strength and stability of the U.S. financial system and the global competitiveness of American job creators,” McHenry said.

McHenry also called for a number of other oversight hearings, including re-examining anti-money laundering regulations, removing Fannie Mae and Freddie Mac from government control, and discuss fintech regulation.

Earlier this month, Waters outlined her priorities in her first policy speech as Chair of the House Financial Services Committee where she talked about monitoring the growth of fintech industry and ensuring that federal regulators continue adhering to the provisions of the Dodd-Frank Act.

McHenry closes his letter by saying, “While by no means an exclusive list, these hearings would give the Committee – especially its newest Members – the opportunity to better understand the complex legislative landscape we will face this Congress.  I look forward to working with you on these and other items throughout the 116th Congress.”