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 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]

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

Dec 11, 2014 Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today released the following statement applauding the Federal Housing Finance Agency for directing Fannie Mae and Freddie Mac to allocate funds to the Housing Trust Fund and Capital Magnet Fund pursuant to the Housing and Economic Recovery Act of 2008 (HERA). Maloney repeatedly urged the Federal Housing Finance Agency to comply with the law. The move will provide hundreds of millions of dollars for affordable housing development.

Dec 2, 2014 Press Release

WASHINGTON – The House of Representatives today approved three Financial Services Committee bills for which Congresswoman Carolyn B. Maloney was the lead Democratic co-sponsor.

“These are common-sense bills that will help modernize several important financial regulatory practices to help consumers and small businesses,” said Maloney.

Oct 28, 2014 Press Release

NEW YORK -- Congresswoman Carolyn B. Maloney (D-NY) today called on the Securities and Exchange Commission (SEC) to alter the way public filings are disseminated to eliminate a timing advantage provided to inside investors.

Sep 22, 2014 Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today released the following statement in response to the Government Accountability Office (GAO) report on Consumer Financial Protection Bureau (CFPB) data collection. 

“This report shows that the CFPB collects similar amounts of data as the other banking regulators, and that the data collected is anonymized and protected.

“The report puts to rest the idea that CFPB has been improperly using consumers’ personal financial data."

Sep 22, 2014 Press Release

WASHINGTON, DC – An outdated and burdensome federal regulation governing condominium sales will soon be eliminated thanks to legislation introduced by Senator Charles Schumer (D-NY) and Congresswoman Carolyn B. Maloney (D-NY). The Interstate Land Sales Full Disclosure Act (H.R. 2600) is heading to the President’s desk today after the Senate approved the House-passed bill. The bill will clarify that certain registration requirements in the 1968 Interstate Land Sales Disclosure Act (ILSA), which were written to stop fraudulent sales of raw land, do not apply to condominium sales.

Sep 16, 2014 Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today released the following statement in reaction to the U.S. District Court for the District of Columbia’s decision to dismiss arguments against a Commodity Futures Trading Commission (CFTC) rule on cross-border derivatives:

Sep 10, 2014 Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today urged Consumer Financial Protection Bureau Director Richard Cordray to act immediately to curb abusive overdraft fees. Maloney, who authored the Credit Card Accountability Responsibility and Disclosure Act of 2009, says the CFPB has the authority to limit overdraft fees charged to bank accounts in the same way her bill limited similar fees on credit card transactions. The Congresswoman called for two specific actions by the CFPB: a limit on overdraft fees and expanded opt-in requirements.

Sep 4, 2014 Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, today released the following statement in reaction to the Financial Stability Oversight Council’s (FSOC) designation of MetLife as a systemically important financial institution.

“This action by the FSOC underscores the need for a quick, clean vote on S. 2270, the Insurance Capital Standards Clarification Act, which would allow the Fed to write proper capital standards for large life insurers.”

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).

Pages