Financial Services

Today, the Financial Services Committee advanced eight bills for future House consideration, including Congressman French Hill’s legislation, the Volcker Regulatory Harmonization Act. He issued the following statement: “As a former community banker, I have dealt with countless regulatory inconsistencies across the federal banking agencies. The Volcker Rule has been one of the most indecipherable given this rule is over 930 pages long and names five different agencies as regulatory authorities. M... Read more

Congressman French Hill, Majority Whip of the House Financial Services Committee, issued the following statement, criticizing Fannie Mae’s and Freddie Mac’s request for a $4 billion bailout from the U.S. Department of the Treasury, and calling for Federal Housing Finance Agency (FHFA) Director Mel Watt to suspend payments to the Housing Trust Fund. “As a taxpayer in this country, I am deeply troubled by the recent multi-billion-dollar bailout request by our largest government-sponsored enterpris... Read more

Today, Congressman French Hill (AR-02) issued the following statement after the House passed his bill, the TRID Improvement Act, by a vote of 271-145: “For an Arkansas family, purchasing a home is one of the most important events, and the last things they want are hidden costs and fees. Arkansas families can breathe a little easier tonight because my bill that passed the House eases one part of the complex maze of regulations created by Dodd-Frank regulations, ensuring that homebuyers are able t... Read more

Congressman French Hill (AR-02) issued the following statement after supporting the World Bank Accountability Act: “The World Bank’s extravagant and unaccountable spending practices have been in conflict with the values of Arkansans and Americans for far too long. This bill helps put an end to sending hard-earned American dollars to despots and corrupt regimes, stop the culture of measuring success not by ‘how effective’ but by ‘how much,’ and see these funds used how they were truly intended, w... Read more

Today, Congressman French Hill (AR-02) introduced the Volcker Rule Regulatory Harmonization Act of 2018, H.R. 4790, to increase enhanced coordination among the federal banking regulatory agencies as it relates to the Volcker Rule. Congressman Hill, the Majority Whip of the House Committee on Financial Services, issued the following statement: “As a former community banker, I have dealt with the confusion associated with regulatory inconsistencies across the federal banking agencies, the Volcker ... Read more

This morning, the Federal Housing Finance Agency (FHFA) and the U.S. Treasury Department announced an agreement that deprives taxpayers of the compensation they are entitled to under the current conservatorships of Fannie Mae and Freddie Mac – both Government-Sponsored Enterprises (GSEs). This agreement modifies the prudent practice of the Obama Treasury Department that determines how taxpayers are compensated for the continued risk of their financial backing of the failed GSEs. Under the new pr... Read more

Congressman French Hill (AR-02) issued the following statement after supporting H.R. 3312, the Systemic Risk Designation Improvement Act of 2017: “I am pleased to support this measure to remove one more Dodd-Frank creation that has penalized and burdened our banks through a completely arbitrary asset threshold of $50 billion to designate firms as ‘systemically important financial institutions.’ This provision was created by plucking a number out of thin air – without regard to the actual busines... Read more

Congressman French Hill (AR-02) issued the following statement after supporting two pieces of legislation to provide stronger oversight over Iran’s financial transactions in an effort to stop Iran’s sponsorship of terrorism: “I am pleased that, as a member of the House Financial Services Committee, I have the opportunity work on legislation that has a direct effect on the safety and protection of Arkansas and American families. This rogue regime poses one of the greatest threats to our nation an... Read more

Congressman French Hill (AR-02) introduced H.R. 4560, the GSE Jumpstart Reauthorization Act of 2017. This legislation would extend an existing prohibition while preventing the U.S. Treasury Department from selling its Government-Sponsored Enterprise (GSE) preferred shares. It also would require the GSEs to pay dividends to the Treasury Department prior to making payments to the Housing Trust Fund for that year. “By allowing the GSEs to retain earnings is beside the point,” said. Rep. Hill. “The ... Read more

Today, Congressman French Hill (AR-02) introduced the Community Bank Access to Capital Act of 2017, which further increases the ability of community banks in Arkansas and across the Nation to extend credit to hardworking Arkansans and Americans. Rep. Hill issued the following statement: “Having spent two decades in community banking in Arkansas, I understand the importance of being able to extend credit to hardworking Arkansans. This bill attempts to relieve community banks from excessive and un... Read more