CHAIRMAN HILL: OUR GOAL IS TO CREATE A FINANCIAL SYSTEM THAT FOSTERS ECONOMIC GROWTH, INNOVATION, AND STABILITY

The following information was released by the U.S. House of Representatives Committee on Financial Services:

House Financial Services Committee Chairman French Hill (AR-02) delivered the following statement at today's markup of various bills which foster economic growth, strengthen our capital markets, and more.

Read Chairman Hill's remarks as prepared for delivery.

"Good morning. Today, we will advance a series of bills aimed at strengthening our banking system and making our capital markets more efficient.

"We will also bring up bills that aim to protect our financial system from foreign interference and corruption.

"These bills are designed to reinforce the foundations of our financial system and are crucial to ensuring our economy remains robust.

"As Hamilton said, banks are 'nurseries of national wealth.'

"Members of this committee know that a strong banking system is the foundation for economic growth, financial stability, and consumer confidence.

"Yet, we've heard for fifteen years about how the bank regulatory framework needs to be revisited, especially for our community banks. The bipartisan banking reform law passed by President Trump in 2018 was a good start but we can and must do more.

"That's why the committee will be considering bills to allow banks to access diverse sources of funding such as through reciprocal and custodial deposits, which allow small and well-managed institutions to grow organically while remaining competitive.

"We'll also be marking up a bill to improve how the DOJ works with the Federal banking agencies to analyze bank mergers, in addition to legislation that would modify the community bank leverage ratio in a way that encourages smaller banks to opt-into the framework established in S.2155.

"We also will be considering bills to strengthen our capital markets.

"Capital markets are the lifeblood of our economy, providing businesses with the resources they need to innovate and grow.

"Capital markets rely on a fundamental concept: trust. Investors, whether individuals or large institutions, must trust that their investments are safe.

"Today, the Committee will consider legislation which seeks to protect our most vulnerable investors by authorizing financial institutions to intervene in cases of suspected fraud. By creating a safer environment for investors, we will strengthen public trust in our markets.

"We also will mark up legislation that works to remove unnecessary authorities granted to the Securities and Exchange Commission pursuant to Dodd-Frank but have never been activated, creating regulatory uncertainty for market participants.

"By streamlining operations and reducing unnecessary regulatory burdens, we can foster an environment that promotes growth while maintaining the necessary safeguards to protect consumers, investors, and our national and economic security.

"Our goal is to create a financial system that fosters economic growth, innovation, and stability while also meeting the evolving needs of U.S. consumers and businesses.

"I look forward to today's discussion on these important bills and hearing from our members on how we can better support our banking system and expand our capital markets."