Tag Archives: Financial Services Committee

This Is Governing?

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Yesterday Sara Carter posted an article on some recent actions taken by Chairman of the House Oversight and Government Reform Committee Elijah Cummings and Financial Services Chairwoman Maxine Waters.

The article reports:

Chairman of the House Oversight and Government Reform Committee Elijah Cummings and Financial Services Chairwoman Maxine Waters executed a secret Memorandum of Understanding (MOU) to “target” President Trump and subpoena all his financial and banking records, according to a letter sent to Cummings from ranking committee member Rep. Jim Jordan.

Further, Jordan’s letter indicates that other MOUs have apparently been signed and agreed to with House Permanent Select Committee on Intelligence Chairman Rep. Adam Schiff, D-Ca, who has promised to continue investigations into the president despite findings by Special Counsel Robert Mueller’s office that there was no conspiracy between the Trump campaign and Russia. Attorney General William Barr released a summary of Mueller’s 400 page report several weeks ago and the redacted version of the report is expected to be released by the DOJ this Thursday.

I can’t believe that the American public will tolerate the use of Congressional Committees to target one American. This is the sort of thing you see done in Communist countries.

Representative Jordan has asked that Representative Cummings answer several specific questions about the MOUs.

These are the questions:

  1. How many MOUs with committee chairpersons have you signed as Chairman since the beginning of the 116th Congress?
  2. Would you provide the Committee with a detailed list of the other MOUs you have signed, including their dates, signatories, and topics?
  3. Why did you not publicly disclose that you had signed MOUs with committee chairpersons?
  4. Will you publicly disclose all the MOUs you have signed as Chairman since the beginning of the 116th Congress?
  5. Why did you choose not to consult with any Republican Members before signing these MOUs?
  6. Have you signed any MOUs as Chairman with any entities outside of the House Representatives relating to the Committee’s oversight or legislative work?
  7. To the extent your MOUs create duties for the Committee that conflict with the Rules of the House of Representatives or the Rules of the Committee, which duties prevail?
  8. The Rules of the Committee for the 116th Congress do not authorize the Chairman to bind the Committee through an MOU.[2]Could you explain the specific authority that allows you to bind the Committee through an MOU without first obtaining approval through a vote of the Committee?
  9. As I understand your MOU with Chairwoman Waters, you have committed to sharing Committee information with the Financial Services Committee. This provision of your MOU may conflict with Rules of the House of Representatives and the Committee’s whistleblower protocol, which requires the Committee to keep some Committee information confidential. Will you still protect the confidentiality of whistleblower information notwithstanding your apparent obligation to share it with the Financial Services Committee?
  10. As I understand your MOU with Chairwoman Waters, you have agreed to consult with her before issuing a subpoena. Do you intend to consult with Chairwoman Waters before or after you consult with me, as required by Committee Rules? If I object to your proposed subpoena, do you intend to consult with Chairwoman Waters before or after the Committee votes, as you promised in the Committee’s organizing meeting?
  11. As I understand your MOU with Chairwoman Waters, you have declined to include any provision protecting the Minority’s rights to documentary or testimonial information. Can you guarantee that Minority Members will have the same access to documentary or testimonial information under this MOU as we do in every other Committee inquiry?

At least some Republicans have learned to push back against the never-ending attempts to undo the results of the 2016 election. The Democrats would do better to focus on developing policies that will win the 2020 election rather than trying to undo 2016.

 

When Congress Becomes A Joke

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PJ Media posted an article today about some recent statements by Congresswoman Maxine Waters.

The article reports:

Waters is the chairwoman of the House Financial Services Committee — the committee that regulates the banks.

During a hearing examining the practices of some of the nation’s biggest banks, Waters complained to a panel of seven bank CEOs that there are more than 44 million Americans that owe … $1.56 trillion in student loan debt.”

She added, “Last year, one million student loan borrowers defaulted, which is on top of the one million borrowers who defaulted the year before.”

She then demanded to know what they intended to do about this massive problem. “What are you guys doing to help us with this student loan debt?” she asked. “Who would like to answer first? Mr. Monahan, big bank.”

I guess she wasn’t paying attention when the Health Care and Education Reconciliation Act of 2010 (HCERA) which put the government in charge of all student loans. The band CEO’s she was questioning both stated that they had stopped making student loans long before 2010.

The article also states:

Waters then quickly changed the subject to small businesses.

The Obama administration put the federal government in charge of student lending in 2010, with the intention of saving taxpayer dollars by “cutting out the middleman,” as President Barack Obama put it.

According to the Washington Times, “student loan debt exploded from $154.9 billion in 2009 to $1.1 trillion at the end of 2017”  with current student debt “estimated at more than $1.5 trillion.”

Earlier in the hearing, Waters grilled the bank execs about their interactions with Russia.

This woman serves in Congress. She continues to be re-elected. That is beyond sad.

Watch Out For The Bright, Shiny Object

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Rightwinggranny is a little more than ten years old. I have learned a few things along the way. One of those things is that when the media is screaming headlines in unison, there is probably something going on behind the scenes that I need to be aware of. This article is an example of that.

On January 16th, Breitbart reported that New York Democratic Representative Alexandria Ocasio-Cortez will be serving on the House Financial Services Committee. The Committee is led by Representative Maxine Waters, a Democrat from California.

Representative Ocasio-Cortez has made some remarks that indicate she may not totally understand exactly how America’s Representative Republic works, but that’s okay–she still got elected. So let’s look at who supported her election. Opensecrets.org is a website that tracks political campaign donations, The link I highlighted leads to information on the funding of Representative Ocasio-Cortez’s campaign for the House of Representatives. There is nothing illegal here, but it is always interesting to see where a candidate gets their funding.

The campaign funding information on Representative Ocasio-Cortez shows that during her primary campaign, two-thirds of the donations came from small donors. She may not fully understand how our government works, but she did a very good job or organizing a campaign. Eighty-eight percent of the large donations to her campaign (over $200) came from outside her district. From the time she won the primary election until the end of June, she received $70,000 from out-of-state donors. How does a newcomer to politics build that kind of a political machine? Who were the people who helped her organize her campaign? I don’t have answers to those questions.

So why is it significant that Representative Ocasio-Cortez has been appointed to the House Financial Services Committee? That is the committee that oversees big banking, lending, and the financial sector. Representative Ocasio-Cortez has already expressed an interest in looking into the student loan crisis (a crisis created when the government took over student loans). It is quite possible that the committee will attempt to undo the deregulation President Trump has done that has led to the economic growth we are experiencing. Hopefully the Senate can protect our booming economy.

The other significant appointment you might not have heard about is the appointment of Representative Ilhan Omar from Minnesota to the House Foreign Affairs Committee. (You can read more about Ilhan Omar at Power Line Blog.) 

Breitbart posted an article about the appointment yesterday.

The article reports:

Omar supports the boycott, divestment, and sanctions (BDS) movement against Israel, which has been called antisemitic because it singles out the Jewish state for isolation and ignores the Palestinian side.

…House Minority Leader Kevin McCarthy (R-CA) issued a statement in which he reminded Pelosi that she said Congress “must” oppose BDS, and that Schumer had called BDS “anti-Semitism.”

“I would love to know what changed, because Democratic leaders just promoted a pro-BDS Democrat to a key committee that deals with the State of Israel.”

McCarthy continued: “Anti-Semitism has no place in Congress and certainly not on the House Foreign Affairs Committee.”

House Minority Whip Steve Scalise (R-LA) blasted Pelosi for appointing Omar to the committee, saying she had a “documented history of making anti-Semitic and anti-Israel remarks.”

He added: “House Democrats have now just endorsed that ideology.”

This appointment may simply be a reflection of the ongoing battle between Nancy Pelosi and President Trump as to who is going to lead the country. However, both of these appointments represent a very severe left turn on the part of the Democrats in the House of Representatives. It remains to be seen if Americans will support this extreme left turn.

A Different Solution To America’s Spending Problem

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The national debt has doubled since 2007.  It is now approximately $19,000,000,000,000. Congress has not been successful at stopping spending, and the economy is struggling along with the burden of debt and over-regulation. One Congressman has a proposal that will deal with at least part of the problem.

Yesterday PJ Media posted an article about a proposal by Senator Mike Lee (R-Utah).

The article reports:

Rep. Mark Walker (R-N.C.), Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Rep. Dave Brat (R-Va.) joined Lee to formally introduce the Article I Regulatory Budget Reform Act, which would require Congress to cast a vote on the “total regulatory burden” federal agencies are able to enforce on the private sector each fiscal year.

“Federal regulations come with a cost, albeit a hidden one. The American people can look up in the federal budget and see a monetary cost for the IRS and the EPA. They should also be able to look up what the regulatory cost for these agencies are as well. Beyond making the cost of federal regulation transparent, a regulatory budget will help restore accountability for the cost of regulation onto the people’s elected representatives,” Hensarling said at Hillsdale College’s Kirby Center in Washington.

“With a regulatory budget, it would become so much more difficult for members of Congress to simply pass the buck and blame the faceless, nameless bureaucrats for the cost of regulations on the American people’s families and their businesses,” he added.

Under the U.S. Constitution, Congress is charged with making laws. They are supposed to be held accountable for the laws they pass. Unfortunately, we have wandered into a system where unelected bureaucrats are making our laws, and we can’t vote them out of office.

The article adds:

Lee argued that most of the major bills Congress has passed only “establish aspirational guidelines,” which gives the executive branch the power to determine the specifics. He said Congress should establish “regulatory-cost limits” for federal agencies to follow.

“For the rule-writing bureaucrats, these open-ended laws are gifts that keep on giving. For instance, in the years since Congress first passed the Clean Air Act in 1977, federal bureaucrats have used the law to enact more than 13,500 pages of regulations – roughly 30 pages for every page of legislative text,” Lee said.

“But for the American people, this kind of government without consent is a violation of the social compact at the heart of our republic and exactly why they no longer trust the federal government,” he added.

The U.S. Constitution is an amazing document. The government it established works. Unfortunately we have altered that government to the point where it barely works and is not trusted by the American people. We need serious reform in Washington. Senator Lee’s proposal might be a good place to start.