April 15, 2016

We Remember

On this anniversary of the Boston Marathon bombing, I am thinking about the families who lost their precious loved ones: Martin Richard, Krystle Campbell, Lu Lingzi and Officer Sean Collier. I hope you are finding some measure of comfort knowing that so many hold you in their prayers

Airplane Noise

I had a great conversation this week with Massport Executive Director Tom Glynn about airplane noise. He told me that due to encouragement from the public, the Massachusetts Congressional delegation, and Massport, the FAA is finally considering using Logan Airport to conduct various experiments on ways to minimize the impact of noise on the people living under flight paths. At the very least, they will try to “spread the pain” more equitably. This is great news and I look forward to working with the FAA, Massport, the Citizens Advisory Committee, and all other interested parties to design, implement and test as many different proposals as possible until we find the best solution for as many people as possible. I know this is a persistent problem for many of my constituents. I congratulate Tom Glynn, Massport, and the FAA for working with us and at least trying new approaches.

Asset Threshold Requirements for Small Banks

Yesterday the House considered H.R. 3791, legislation To Raise the Consolidated Assets Threshold under the Small Bank Holding Company Policy Statement. In a 2014 bipartisan effort, Congress passed legislation requiring the Federal Reserve to increase its Small Bank Holding Company Policy Statement (SMHCPS) from $500 million to $1 billion, which allows small banks to take on additional debt and leverage for the purposes of buying or merging with another bank. Just last year, the Federal Reserve finalized rules implementing that change. H.R. 3791 increases the SMHCPS to $5 billion, a significant increase over what the threshold was just a year ago. The legislation provides no justification for why an additional increase is necessary so soon after Congress raised the threshold. It also limits our ability to analyze the effects of the Federal Reserve’s rule implementing the change. H.R. 3791 could result in larger banks sweeping up too many smaller community banks, resulting in too much consolidation. I voted NO. H.R. 3791 passed and the entire vote is recorded below:

Financial Stability Oversight Council

Yesterday the House also considered H.R. 3340, the Financial Stability Oversight Council (FSOC) Reform Act. This legislation would place the FSOC and the Office of Financial Research (OFR) under the regular appropriations process. The FSOC and the OFR were established through the Dodd Frank Wall Street Reform and Consumer Protection Act. Their purpose is to monitor and identify risk to the financial system and protect consumers. Currently, both entities operate independently of the appropriations process, similar to other regulators such as the Federal Reserve. By subjecting these agencies to the Congressional appropriations process, they are at risk of having their funding subject to partisan negotiations. The Administration has stated that H.R. 3340 will be vetoed. I voted NO. The legislation passed and the entire vote is recorded below:

Allowing the FCC to Protect Customers

Today the House considered H.R. 2666, the No Rate Regulation of Broadband Internet Access Act. The Federal Communications Commission (FCC) recently used its authority to create net-neutrality rules for Internet Service Providers. When the FCC established those rules the commission stated that they would not regulate rates. H.R. 2666 prevents the FCC from regulating rates but defines the process so generally that anything impacting rates will be prohibited. Because H.R 2666 is so broadly written, it could prevent the FCC from taking any consumer protection actions that might increase rates. The Administration has stated that this legislation will be vetoed. I voted NO. H.R. 2666 passed and the entire vote is recorded below:

What’s Up Next

Votes are scheduled for Monday April 18th. The House is expected to consider H.R. 1206, the No Hires for the Delinquent IRS Act and H.R. 4885, the IRS Oversight While Eliminating Spending Act.