House Financial Services Committee Tackling Depository Institution Regulation, Financial Stability, Federal Housing, and AI in December Hearings

This week, the House Financial Services Committee is convening four hearings on various issues, which will be followed up by a two-day legislative markup next week.

On Tuesday, the full committee held a hearing entitled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” There, they heard from the Honorable Rodney Hood, Chairman of the National Credit Union Administration; The Honorable Jelena McWilliams, Chair of the Federal Deposit Insurance Corporation; The Honorable Randal Quarles, Vice Chairman of Supervision for the Federal Reserve System Board of Governors; and the Honorable Joseph Otting, Comptroller of the Currency.

Today, the full committee met for a hearing entitled “Promoting Financial Stability? Reviewing the Administration’s Deregulatory Approach to Financial Stability” and the Subcommittee on Housing, Community Development and Insurance held a hearing on “An Examination of the Federal Housing Administration and its Impact on Homeownership in America.” The key witness at the full committee hearing was The Honorable Steven Mnuchin, Secretary of the U.S. Treasury Department and Chairperson of the Financial Stability Oversight Council (FSOC).

Tomorrow, the Committee will likely conclude its hearings for the year when the Task Force on Artificial Intelligence meets to hear from witnesses on “Robots on Wall Street: The Impact of AI on Capital Markets and Jobs in the Financial Services Industry.”

When announcing the hearing schedule, the Committee noted that to date, it has held 70 hearings over the course of 2019, including three field hearings.