Senate Banking Committee Chair Outlines Agenda for 116th Congress

U.S. Senate Committee on Banking, Housing and Urban Affairs Chair Mike Crapo (R-IA) outlined the Committee's agenda for the 116th Congress.

According to Mr. Crapo, the Committee will, among other priorities:

• evaluate housing finance reforms to (i) "fix the flawed system," (ii) create taxpayer protections, (iii) continue the provision of a 30-year fixed rate mortgage, (iv) increase competition between mortgage guarantors and (v) foster access to affordable housing;
• promote capital formation, mitigate burdens for smaller businesses and bolster corporate governance;
• review the efficacy of expiring programs up for reauthorization, including: the Terrorism Risk Insurance Act of 2015 (TRIA), the Export-Import Bank’s charter, the Fixing America’s Surface Transportation (FAST) and the National Flood Insurance Program (NFIP);
• provide consumers with more control over, and protection of, their financial data, and make it easier for consumers to dispute inaccuracies with credit bureaus;
• "ensure the regulatory landscape welcomes" FinTech innovation;
• confront "predatory Chinese acquisitions of U.S. technology and intellectual property";
• supervise the operations of various federal agencies (e.g., the Federal Reserve Board, Consumer Financial Protection Bureau, FDIC and Office of the Comptroller of Currency, among others) and ensure that the regulators are implementing recently enacted laws; and
• help financial companies deliver credit to local communities.