Financial Services

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… 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… 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… 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… Read more »

Congressman French Hill (AR-02) issued the following statement after supporting bipartisan legislation to help provide Americans with affordable housing options: “Hardworking Arkansans, especially those in our rural communities, depend on manufactured homes as an affordable housing option. With only a handful of lenders making loans for manufactured home, it is already difficult for… Read more »

Today, Congressman French Hill (AR-02) and other members of the Financial Services Committee advanced 23 bills for future House consideration. Among the measures advanced included H.R. 3978, the TRID Improvement Act and H.R. 4278, the Independence from Credit Policy Act, introduced by Congressman Hill, the Committee’s Majority Whip. Rep. Hill’s Statement on H.R. 3978, the TRID… Read more »

Banking industry lobbyists and representatives are practically salivating over the election results, convinced that Republican control of the White House and Congress will finally give them the opportunity to roll back key parts of the Dodd-Frank Act. President-elect Donald Trump's transition team declared war Thursday on the 2010 financial reform law, vowing to "dismantle"… Read more »

Hill admonishes Wells Fargo CEO U.S. Rep. French Hill told Wells Fargo CEO John Stumpf that he was surprised and disappointed by news of the company's 2 million fake accounts, created by employees under pressure to meet sales goals. "I've been a customer of your company, and I've admired your company and I've used your company as an example for my own businesses in… Read more »

Wells Fargo CEO John Stumpf returned to Capitol Hill Thursday to testify about the bank's sales practices before the House Financial Services Committee on Thursday morning. Scroll down for updates compiled through the day. 2:11 p.m. Hearing wraps. 2:05 p.m. Bruce Poliquin (R-Maine) says "I'm looking at this pattern of you folks ripping off customers, paying a fine and doing the damn… Read more »

Alexander Hamilton, one of the founders of our great national experiment (and now namesake of Broadway's biggest hit), once stated that a key benefit of a solid financial system is that "banks become the nurseries of national wealth." Read more »