The House Financial Services Committee previewed its agenda for the next two years as it took up next year’s budget. It held its mark-up session for the 2020 budget on March 6, 2019.
The current budget was only resolved when the government shut down ended on January 25, 2019, but it is back to work for Congress on the upcoming budget.
According to the US Senate, A mark up is defined as, “The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation.”
The memo released along with the mark-up further noted, “Clause 4(f) of Rule X of the Rules of the House of Representatives and section 301(d) of the Congressional Budget Act of 1974 require each standing committee to submit to the Committee on the Budget their views and estimates on programs within their jurisdiction. These views and estimates are required to include a detailed list of planned legislative initiatives and their financing. The Views and Estimates are submitted to the Committee on the Budget for its consideration to formulate a budget resolution, which by statute is to be completed by April 15th of each year.”
During her opening remarks, the committee’s chair, Maxine Waters, a Democrat from the State of California, laid out her vision for the committee.
“This committee will have a new agenda, focused on fairness and policies to benefit consumers, investors, small businesses, and our economy. This committee will prioritize protecting consumers from harmful financial practices, insuring that there are strong safeguards in place to prevent a financial crisis. Expanding and supporting affordable housing, and tackling the homeless crisis, encouraging responsible innovation in financial technology, promoting diversity and inclusion in the financial services sector, and making sure that hard working Americans and small businesses have fair access to the financial system and opportunities to thrive.” Waters said.
Waters said her agenda contrasts with that of the President, “This president has put forth an agenda that is not only harmful to investors and consumers but also to our whole economy.”
Patrick McHenry is a Republican Congressman from the State of North Carolina and he is the ranking member- or leader of the minority- on the committee. He struck a bi-partisan tone during his opening remarks.
“Committee Republicans ready to stand to work with you and the Democrat majority to advance policies which promote competition, free markets, and innovation. At the same time, we must ensure our financial system is strong and the American people are protected.” McHenry said.
McHenry continued by attacking the Democratic priorities in the “Views and Estimates of the Committee on Financial Services on Matters to be Set Forth in the Concurrent Resolution on the Budget for Fiscal Year 2020,” which was released in conjunction with the mark-up.
His said those priorities would “spend more, create more bureaucracy, and create more regulation.”
Carolyn Maloney is a Democrat from the State of New York and also on the committee. She noted that the main priority for the committee is to find the balance between promoting capital formation while insuring investor protections.
