Within the Financial Services Committee there are five Subcommittees. I serve on two: the Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Housing and Insurance.
As someone with an extensive business background, I understand the importance of a limited, functional federal government that allows business to thrive. The focus of the Financial Services Committee should be to change the message coming from Washington and provide businesses with a modicum of certainty. This is a critical time for our capital markets and our economy. The passage of the Dodd-Frank bill under the Obama Administration fundamentally altered the structure of the U.S. financial services sector. As the Financial Services Committee addresses the implications for taxpayers and our capital markets there is no question that now is the time for pro-growth solutions that fuel the American economy.
During my time on the Committee, I have served on the conference committees for some of the most significant legislation in the financial services arena, including the Dodd-Frank Act, and I have been a leading proponent of comprehensive housing finance reform.
In 2017, I introduced the End Banking for Human Traffickers Act. This legislation helps law enforcement and the financial industry better detect money laundering related to human trafficking. This abhorrent trade is increasingly carried out by sophisticated international criminals who pose a threat to U.S. national security interests. The End Banking for Human Traffickers Act will hit these criminals where it hurts the most: their bank accounts.
In 2015, my legislation titled the Equity in Government Compensation Act was signed into law. This bill suspended the compensation packages for executives at Fannie Mae and Freddie Mac and limits salaries to the highest level paid at the FHFA, which was estimated at $255,000 a year by the Congressional Budget Office in 2011. This legislation also placed non-executive GSE employees on the General Schedule (GS) pay scale, the highest rank being $132,122 per year. The near universal support in both the House and Senate for capping GSE CEO pay is proof positive that multi-million dollar raises at taxpayer bailed-out and backed organizations are unconscionable
In 2011, as part of the Republican effort to end the bailouts, protect taxpayers and get private capital off the sidelines, I introduced the GSE Mission Improvement Bill. Specifically, this bill permanently abolishes Fannie and Freddie’s affordable housing goals, which were a central cause behind the collapse of the GSEs.