Financial Services

Legislation

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 Markers, 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]

03/12/98 - H.AMDT.525, Maloney Amendment clarifying that the provisions of the Government Performance and Results Act shall apply to the Federal Reserve System

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

Jul 31, 2014 Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) is calling for the House to consider legislation she introduced to end abusive overdraft fees after a new report from the Consumer Financial Protection Bureau found that, in lending terms, certain overdraft fees are tantamount to a 17,000 percent annual percentage rate (APR).

Jul 29, 2014 Press Release

WASHINGTON -- The House Financial Services Committee today approved a bill (H.R. 3240) introduced by Congressman Robert Pittenger (R-NC) and Congresswoman Carolyn B. Maloney (D-NY) to initiate a GAO study on an outdated banking regulation, which has forced banks to limit consumers to six automatic withdrawals from their savings account per month. The Regulation D Study Act, which passed by voice vote, would study how the regulation affects consumers and what alternatives could be implemented in its place.

Jul 21, 2014 Press Release

Export Import Bank

NEW YORK — The Export Import Bank helps businesses large and small finance the export of American made goods abroad, but the bank’s charter is set to expire at the end of September, fueling concern from New York’s business community and Congresswoman Carolyn B. Maloney (NY-12) that local jobs could be lost if it the charter is not extended.

Jul 16, 2014 Press Release
“If the American people want to know what’s wrong with Washington, this year’s Financial Services and General Government Appropriations Act would be exhibit A. Instead of trying to protect consumers and investors, the bill completely undermines those protections, and includes half a dozen irrelevant policy riders affecting everything from women’s health to DC’s marijuana laws. “This bill represents the latest Republican attempt to undermine the enforcement of Dodd-Frank and end protections for consumers. The bill denies the funding needed by the Securities and Exchange Commission to root out fraud and abuse. It also eliminates the independent funding stream for the Consumer Financial Protection Bureau, moving us one step closer to the Republican goal of eliminating one of the few advocates middle-class families can rely on when purchasing financial products..."
Jul 16, 2014 Press Release

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.

Jul 15, 2014 Press Release

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.

Apr 10, 2014 Press Release

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. 

Apr 10, 2014 Press Release

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. 

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