Hill Update – November 2024
With the November elections behind us, Congress returned to Capitol Hill with a number of priorities to work on throughout the lame duck session. In addition, work is already being done to prepare for the 119th Congress starting in January, with Committee leadership changing hands in both the House, with Rep. Patrick McHenry retiring at the end of the year, and the Senate, with the election results, the Committees are finalizing any work they have left until the next Congress. Because of that and the Thanksgiving break, it was a light work period on Capitol Hill as both parties prepare for the next Congress.
House Holds Prudential Regulator Oversight Hearing
On November 20th, the House Financial Services held an important oversight hearing with the banking regulators, the Fed, FDIC, OCC, and NCUA. The regulators were asked a number of questions related to their priorities over the past four years, including capital requirements and climate related financial risk. Additionally, they were also pressed to be forward looking into what the next administration would mean for working families and the cost of living. While the prudential regulators will soon have new leadership with the incoming administration, Better Markets will continue to press the important leaders at these agencies and in Congress to keep Main Street Americans top of mind in lawmaking and the regulatory agenda.
New Senate Banking Leadership Next Year
With the results of the elections decided in several key Senate races, we also learned who the new leadership of the critically important Senate Banking Committee will be. Sen. Tim Scott (R-SC) will be the new Chairman, and Sen. Elizabeth Warren (D-MA) will be the new Ranking Member of the Committee. Better Markets will continue to work with Committee leadership and urge Senators to do the work in creating a financial system that works for all Americans and not just the wealthy few.
