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.
I currently sit on three key Subcommittees of the Financial Services Committee: the Capital Markets Subcommittee, the Subcommittee on Financial Institutions and Consumer Credit, and the Domestic Monetary Policy Subcommittee. In the 112th Congress I currently serve 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.
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]
02/08/07 - H.R. 946, Consumer Overdraft Protection Fair Practices Act