Financial Services
Related Issues on Financial Services
- American Jobs Act
- Basel Capital Standards
- Consumer Banking
- Corporate Governance
- Credit Cardholder's Bill of Rights
- Currency, Coins and Medals
- CFPB
- Economic Recovery
- Expediting Credit Card Reforms, H.R. 3639
- Financial Institutions
- Financial Regulatory Reform
- Foreign Acquisitions and National Security
- Housing Finance Reform
- Identity Theft Protection
- Incorporation Transparency and Law Enforcement Assistance Act, H.R. 6098
- International Finance and Monetary Organizations
- Overdraft Protection Act
- TARP Data Disclosure Bill, H.R. 1242
- Terrorist Financing
- Terrorism Risk Insurance Act
Financial Services is the most important industry for the New York City economy and the biggest job creator in the region. As the senior New York Democrat on the House Financial Services Committee, I believe one of my chief tasks is to maintain the preeminence of New York City as the world’s financial center. Since coming to Congress, I have advocated modernization of financial services regulation, state-of-the-art consumer protection and vigilant oversight of the safety-and-soundness of the banking sector. I am committed to defending the health of our financial institutions so that they can lead our economic recovery.
In the 113th Congress, I am member of three subcommittees. I serve as the Ranking Member of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, and also serve on the Subcommittee on Financial Institutions and Consumer Credit, and the Subcommittee on Oversight and Investigations.
In the 112th Congress, I served as the Ranking Member of the Subcommittee on Financial Institutions and Consumer Credit, which has jurisdiction over all financial regulators, such as the Federal Deposit Insurance Corporation and the Federal Reserve, all matters pertaining to consumer credit and access to financial services, as well as the safety and soundness of the banking system.
In the 111th Congress I authored and passed the Credit Cardholders’ Bill of Rights which became law on May 22, 2009 [Public Law 111-24]. This bill eliminated credit card practices that the Federal Reserve had deemed unfair and deceptive to customers, and which had an anticompetitive effect, such as retroactive interest rate increases on existing balances, double cycle billing, and agreements that allowed issuers to raise rates “any time for any reason,” without even providing effective notice. According to some estimates, the law ended these practices that cost consumers $10 billion in one year alone.
In the 110th Congress I served as the Chair of the Financial Institutions and Consumer Credit Subcommittee. I stepped down from this position in the 111th Congress to serve as Chair of the Joint Economic Committee.
In the 110th Congress, I was also proud to author and pass the Foreign Investment and National Security Act of 2007 (Public Law 110-49). This legislation, known as FINSA, strengthens and reforms the process by which the interagency Committee on Foreign Investment in the United States (CFIUS) reviews foreign direct investment for national security issues. The need for this reform was made evident in early 2006 when CFIUS failed to raise red flags about a deal that would have put commercial control of several key U.S. ports into the hands of a company owned by the government of Dubai. This Act establishes CFIUS in statute rather than as a creature of Executive Order, implements mandatory 45-day investigations for all deals involving foreign governments, requires high-level review of such transactions, gives the Director of National Intelligence a greater role in the CFIUS process, and improves congressional oversight, among other provisions. FINSA encourages safe foreign investment by establishing a transparent, objective, and predictable process for review.
I also worked towards the extension of the Terrorism Risk Insurance Act (TRIA) in the Terrorism Risk Insurance Program Reauthorization Act of 2007 (Public Law 110-160). The original passage of TRIA, which provides a federal backstop for catastrophic loss following a terrorist attacks, was perhaps the most helpful thing that Congress did to help New York City recover after 9/11. This reauthorization extends the TRIA program for seven years (until 2014), includes domestic terrorist attacks, and clarifies the annual liability cap to indicate that insurers are not liable for losses over $100 billion.
Previously, I served as the Ranking Member on the Domestic and International Monetary Policy, Trade and Technology Subcommittee (DIMP) with jurisdiction over international finance, banking, and monetary organizations, including the International Monetary Fund and the World Bank. The Subcommittee was also responsible for issues involving monetary policy, economic stabilization, and trade in financial services. In my role as the ranking member I strongly supported multilateral debt cancellation for the Highly Indebted Poor Countries. I also support the United States' replenishment of the International Development Association (IDA-14), the African Development Fund (AfDF-10), and the Asian Development Fund (ADF-8) subject to important governance, anti-corruption, and transparency-related reforms which our Subcommittee has agreed on. These reforms are essential to improving the effectiveness of development assistance to poor countries.
The DIMP Subcommittee also was the focus of hearings in the 109th Congress on human trafficking. The End Demand Act, which I cosponsored with DIMP Chairman Deborah Pryce, is the domestic counterpart to H.R. 972, a comprehensive trafficking reauthorization bill. The End Demand amendment complements and strengthens H.R. 972 by giving the U.S. better tools to fight trafficking in our communities, focusing on ending demand. Click here to see the section of this website on Human Trafficking.
Legislation
08/2/2012 - H.R. 6337, To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums [112th Congress]
05/09/12 - H.R. 5691, Overdraft Protection Act of 2012 [112th Congress]
12/12/2011 H.R.3635 Investing in America's Small Businesses Act of 2011 [112th Congress]
11/14/2011 H.R.3416 Incorporation Transparency and Law Enforcement Assistance Act [112th Congress]
10/24/2011 H.R.3252 Rabbi Arthur Schneier Congressional Gold Medal Act [112th Congress]
8/10/2010 H.R.6098 Incorporation Transparency and Law Enforcement Assistance Act [111th Congress]
5/20/2010 H.R.5361 Responsible GSE Affordable Housing Investment Act of 2010 [111th Congress]
10/22/2009 H.R. 3904 Overdraft Protection Act of 2009 [111th Congress]
9/24/2009 H.R.3639 Expedited CARD Reform for Consumers Act of 2009 [111th Congress]
7/22/2009 H.R.3291 Mutual Holding Company Beneficial Owners' Protection Act of 2009 [111th Congress]
6/16/2009 H.R.2893 Money Service Business Act of 2009 [111th Congress]
3/23/2009 H.R.1674 National Consumer Cooperative Bank Act Amendments of 2009 [111th Congress]
3/12/2009 H.R.1455 Financial Consumer Hotline Act of 2009 [111th Congress]
3/12/2009 H.R.1456 Consumer Overdraft Protection Fair Practices Act [111th Congress]
3/2/2009 H.R.1242 To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Asset Relief Program. [111th Congress]
1/22/2009 H.R.627 Credit Card Accountability Responsibility and Disclosure Act of 2009 [111th Congress]
9/11/2008 H.R.6871 Expedited Funds Availability Dollar Limits Adjustment Act of 2008 [110th Congress]
7/29/2008 H.R.6642 National Consumer Cooperative Bank Act Amendments of 2008 [110th Congress]
2/7/2008 H.R.5244 Credit Cardholders' Bill of Rights Act of 2008 [110th Congress]
12/6/2007 H.R.4332 Financial Consumer Hotline Act of 2007 [110th Congress]
11/1/2007 H.R.4049 Money Service Business Act of 2008 [110th Congress]
08/01/07 - H.R. 556, Foreign Investment and National Security Act of 2007 [110th Congress]
02/08/07 - H.R. 946, Consumer Overdraft Protection Fair Practices Act
05/04/05 - H.AMDT.109, Maloney Amendment on Deposit Insurance Coverage [109th Congress]
12/13/05 - H.R. 4507, Natural Catastrophe Insurance Act of 2005 [109th Congress]
03/09/06 - H.R. 4195, Committee on Foreign Investment in the United States Reform Act [109th Congress]
10/07/05 - H.R.4045, Rabbi Arthur Schneier Congressional Gold Medal Act [109th Congress]
07/27/05 - H.R.3449, Consumer Overdraft Protection Fair Practices Act [109th Congress]
05/04/05 - H.AMDT.109, Maloney Amendment on Deposit Insurance Coverage [109th Congress]
04/28/05 - H.R.2012, End Demand for Sex Trafficking Act of 2005 (Lead Democrat) [109th Congress]
04/19/05 - H.R.1694, Revitalizing Cities Through Parks Enhancement Act
03/10/05 - H.R.1226, United States Financial Policy Committee For Fair Capital Standards Act (Lead Democrat)
02/17/05 - H.R.950, Prevention of Trafficking of Tsunami Orphans Act of 2005
02/15/05 - H.R.799, Consumer Checking Account Fairness Act
11/19/04 - H.R.5410, Consumer Checking Account Fairness Act [108th Congress]
10/07/04 - H.R.5265, Children's Development Commission Act (Kiddie Mac) [108th Congress]
07/20/04 - H.AMDT.712, Maloney Amendment on Preserving SEC Accounting Standards [108th Congress]
06/16/03 - H.R.2482, Iraqi Freedom From Debt Act [108th Congress]
06/05/03 - H.R.2373, Revitalizing Cities Through Parks Enhancement Act [108th Congress]
05/20/03 - H.R.2171, Federal Reserve Labor-Management Relations Accountability Act [108th Congress]
07/26/02 - H.R.5291, Children's Development Commission Act (Kiddie Mac) [107th Congress]
03/07/02 - H.R.3914, Energy Trading Oversight Act [107th Congress]
12/20/01 - H.R.3590, Electronic Marketplace Ownership Disclosure Act [107th Congress]
06/25/01 - H.R.2304, Federal Reserve Labor-Management Relations Accountability Act [107th Congress]
11/01/00 - H.R.5620, Electronic Marketplace Ownership Disclosure Act [106th Congress]
03/20/00 - H.R.4036, Federal Reserve Labor-Magement Relations Accountability Act [106th Congress]
10/20/99 - H.R.3117, Credit Card Interest Rate Change Disclosure Act [106th Congress]
06/22/99 - H.R.2305, Revitalizing Cities Through Parks Enhancement Act [106th Congress]
06/08/99 - H.R.2062, Financial Privacy Act Amendments of 1999 [106th Congress]
03/16/99 - H.R.1112, Children's Development Commission Act (Kiddie Mac) [106 Congress]
04/01/98 - H.R.3624, Elder Abuse Idenitification and Referral Act of 1998 [105th Congress]
04/01/98 - H.R.3637, Children's Development Commission Act [105th Congress]
11/13/97 - H.R.3066, Credit Card Interest Rate Charge Disclosure Act [105th Congress]
06/25/97 - H.R.2119, Efficient Check Clearing Act of 1997 [105th Congress]
02/12/97 - H.R.726, Revitalizing Cities Through Parks Enhancement Act [105th Congress]
12/15/95 - H.CON.RES.121, Legislation supporting establishing Ireland Development Bank [104th Congress]
08/12/94 - H.R.4954, Free Speech protection Act of 1994 [103rd Congress]
09/23/93 - H.R.3129, Interstate Bank Consolidation Act of 1993 [103rd Congress]
03/31/93 - H.R.1574, To permit banks to underwrite municipal revenue bonds [103rd Congress]
More on Financial Services
WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today questioned Federal Reserve Chair Janet Yellen about what actions the Federal Reserve might take after the wind down of Quantitative Easing (QE3). For the first time, Yellen indicated that the Fed will not start raising the interest rate on excess reserves in the interim period between the end of QE3 and the first rate hikes in 2015. Yellen also indicated that the Fed would primarily use "forward guidance" as the main policy tool in the interim period between October 2014 and the first rate hikes in 2015.
WASHINGTON – In a response to a question from Rep. Carolyn B. Maloney (D-NY) during a hearing of the House Financial Services Subcommittee on Oversight and Investigations, Federal Reserve General Counsel Scott Alvarez confirmed for the first time that the Insurance Capital Standards Clarification Act of 2014 (S. 2270) would allow the Federal Reserve to tailor capital standards for insurance companies. The Senate unanimously approved S. 2270 on June 3, 2014. Maloney is a cosponsor of the House companion, HR 4510.
WASHINGTON – Congresswoman Carolyn Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and GSEs, today released the following statement on a bipartisan Senate bill to reauthorize the Terrorism Risk Insurance Act (TRIA). Maloney is the lead Democratic co-sponsor of the TRIA Reauthorization Act of 2013 (H.R. 508) to extend the Terrorism Risk Insurance Program for five years, through December 31, 2019.
WASHINGTON – A new report from Pew Charitable Trusts highlights the urgent need for the Overdraft Protection Act (H.R. 1261), a bill introduced by Congresswoman Carolyn Maloney (NY-12) to protect consumers from excessive overdraft fees. The new report shows that a quarter of the nation’s financial institutions allow consumers to overdraw their accounts using automatic teller machines and charge excessive fees as a penalty. Half of financial institutions will reorder a consumer’s transactions to unfairly generate multiple overdraft fees. Both problems would be addressed by Maloney’s Overdraft Protection Act.
NEW YORK – Congresswoman Carolyn B. Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises (GSE), today released the following statement on Financial Services Committee Ranking Member Maxine Waters housing finance reform proposal:
WASHINGTON – Congresswoman Carolyn B. Maloney (NY-12) today responded to the Federal Housing Finance Agency’s request for public input on a proposal to reduce conforming loan limits, the maximum size of a home mortgage that Fannie Mae and Freddie Mac can purchase, with a letter signed by a bipartisan coalition of 35 House members who oppose the change. Maloney, the top Democrat on the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, has been highly critical of the FHFA proposal that could result in reduced access to mortgages for middle-class families in high-cost real estate markets like New York City.