Financial Services

Financial Services is a key industry for the New York City economy and one of the biggest job creators in the region. As the senior New York Democrat on the House Financial Services Committee, Congresswoman Maloney believes one of her chief tasks is to maintain the preeminence of New York City as the world’s financial center. Since coming to Congress, she has advocated for modernization of financial services regulation, state-of-the-art consumer protection and vigilant oversight of the safety-and-soundness of the banking sector. She is committed to defending the health of our financial institutions so that they can lead our economic recovery.

Congresswoman Maloney serves as a member of two subcommittees. She is the Ranking Member of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and also serves on the Subcommittee on Financial Institutions and Consumer Credit.

Safety and Soundness: As a representative for the market center of the world, Congresswoman Maloney takes her responsibility of financial services regulation very seriously. She believes there is a need for the financial services sector to comply with regulation that protects the consumer and prevents market instability. At the same time, she is careful to make sure this regulation does not inadvertently burden small companies and our economy. With landmark legislation like the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress significantly improved corporate governance. America must continue to work to restore investor confidence and strengthen its markets.

Basel Capital Standards: As a senior member of the House Financial Services Committee, Congresswoman Maloney has been a key player in the Basel Accords, which set new international risk-based capital and liquidity standards for all internationally active banks and all domestic institutions. Read More

Housing Finance Reform: One of Congresswoman Maloney’s top priorities in Congress is ensuring every resident of the 12th Congressional district has housing that they can reasonably afford. She hosted a series of Housing Roundtables with residents, business leaders and City and State elected officials to discuss the current state of housing. She is fighting for New Yorkers in Congress and with federal officials to ensure housing options that work for all New Yorkers are available. Whether representing first time homebuyers, hardworking families ready to expand their home base, one income parents struggling to keep a roof over their heads, or elderly residents searching for housing with essential services for seniors, she has and will continue to advocate for affordable housing options for New Yorkers at every stage of life. Read More

Equifax Breach: The Equifax data breach affected roughly 143 million American consumers and compromised sensitive personal information that criminals could use to steal consumers’ identity for years to come.Congresswoman Maloney believes Equifax violated federal law by failing to take simple but critical steps to prevent the data breach from happening in the first place and she is dedicated to holding Equifax accountable and preventing similar security breaches in future. Read More

Select Highlights

  • Dodd-Frank Act: In 2009 President Obama called for major reforms as the U.S. desperately tried to climb from the depths of the financial crisis, and we've achieved the vast majority of his goals. Congresswoman Maloney took a leadership role on enacting financial reform legislation as a conferee to the Dodd-Frank Wall Street Reform and Consumer Protection Act. This landmark legislation helped restore the economy and continues to protect Americans from unscrupulous behavior by improving transparency and accountability. It helped provide market stability so that more than 12 million private sector jobs could be created. The unemployment rate was cut in half, and our economy continues to grow in part because of the reforms she put in place. Read More

  • Sarbanes Oxley Act: In 2002, Congress passed the Sarbanes Oxley Act, a series of corrective measures made in response to several major corporate and accounting scandals in the early 2000’s. Major scandals such as Enron shook investor confidence and required congressional response. Congresswoman Maloney supported this legislation and continues to work to strengthen our markets and protect consumers while allowing our financial system to support economic growth.

  • Housing Trust Fund: In July 2014 Congresswoman Maloney, along with Congressman Keith Ellison (D-MN) and Congressman Raul Grijalva (D-AZ), wrote to Director Mel Watt of the Federal Housing Finance Agency urging him to fund the Housing Trust Fund and Capital Magnet Fund. In December 2014 Director Watt directed Fannie Mae and Freddie Mac to begin setting aside and allocating funds to the Housing Trust Fund. This provided a dedicated source of revenue for the construction and preservation of affordable housing for extremely low-income families.

  • Financial Institution Examination Fairness and Reform Act: Congresswoman Maloney is the lead Democrat, along with Congressman Lynn Westmoreland, of a bill addressing bank examination standards which ensures that financial institutions have an appropriate outlet for their concerns about examinations. She had heard many reports from institutions in her district that there was a disconnect between policy coming out of Washington and the conduct of examinations in the field. The bill Congresswoman Maloney introduced is designed to expose many of those concerns and attempts to close the gap between Washington and field examiners.

  • Terrorism Risk Insurance Act (TRIA): In the aftermath of the 9/11 disaster, Congresswoman Maloney was a strong supporter of the Terrorism Risk Insurance Act, which provided a federal backstop so that terrorism insurance would continue to be available in high-risk areas such as New York City. Everyone knows that a major terrorist attack would be devastating not only for our citizens and our country, but also for our economy. This is why reauthorizing the Terrorism Risk Insurance Act is so essential to our country’s continued economic well-being. Based on the evidence to date, she believes that the private sector still will not offer adequate coverage to support economic development in high risk areas. To most effectively encourage the market to develop long-term solutions we need to continue TRIA as a federal backstop, not only for the short term, but also for a mid-to-long-term time frame. That is why Congresswoman Maloney voted for the successful reauthorization of TRIA in both 2007 and 2015.

  • TARP Data Disclosure: Congresswoman Maloney introduced H.R. 1242 in March 2009 because she had read report after report about questionable spending by financial institutions, whose funds were unable to be tracked after receiving taxpayer dollars through the TARP program. The TARP Accountability and Disclosure Act will increase oversight and ensure transparency in the spending of the $700 billion Congress approved in the fall of 2008. We can and must use the technological tools that are available in this day and age to get a complete, real time picture of how TARP funds are being spent. Read More

  • Incorporation Transparency and Law Enforcement Assistance Act: Congresswoman Maloney has introduced the Incorporation Transparency and Law Enforcement Assistance Act. This bill would require the states to obtain information about the true ownership of a corporation when they allow its creation.  As some have put it, this bill is a “no-brainer.” And it is fairly straightforward: it would require the person creating the corporation to state the “beneficial owner” of the corporation and provide some form of identification. Read More

More on Financial Services

May 23, 2019 Press Release

WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee and former member of the Dodd-Frank Conference Committee, yesterday spoke on the House floor in favor of and then voted with her colleagues to pass H.R. 1500, the Consumers First Act.

May 21, 2019 Press Release
WASHINGTON, DC – Ahead of tomorrow’s 10 year anniversary of the signing of the 2009 Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act), Congresswoman Carolyn B. Maloney (D-NY), author of the bill and Chair of the House Financial Services Subcommittee Investor Protection, Entrepreneurship, and Capital Markets, marked the occasion with various consumer groups including Americans for Financial Reform (AFR), USPIRG, Center for Responsible Lending, and Consumer Federation of America.
May 21, 2019 Press Release
WASHINGTON, DC – Congresswomen Carolyn B. Maloney (D-NY-12) and Nydia Velázquez (D-NY-07) today requested that House Appropriations Committee Subcommittee on Transportation, and Housing and Urban Development, and Related Agencies Chairman David E. Price (D-NC) and Ranking Member Mario Diaz-Balart (R-FL) include a limiting amendment in the FY2020 Transportation, Housing and Urban Development, and Related Agencies Appropriations bill to stop Housing and Urban Development’s (HUD) proposed change to Section 214 of the Housing and Community Development Act of 1980 that would leave thousands of immigrant families homeless.
May 17, 2019 Newsletter
Dear Friend, We just had a historic moment on the floor of the House. I joined 235 of my colleagues to pass the Equality Act, sweeping new civil rights legislation that will prohibit discrimination against LGBTQ Americans in all walks of life. I have fought for equality for my entire career and this is one of the proudest moments of my career in public service. Below is more information about the Equality Act’s historic reforms.
May 7, 2019 Press Release

WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY) today announced that her legislation (H.R. 2513, the Corporate Transparency Act) to crack down on money laundering in the U.S. through anonymous shell companies is gaining strong support from a broad coalition of stakeholders on and off Capitol Hill.

May 7, 2019 In The News

Rep. Carolyn Maloney (D-N.Y.) wore a firefighter jacket to the Met Gala on Monday night in a bid to bring more attention to legislation that would fully compensate the victims of the 9/11 attack and their families.

May 6, 2019 In The News

Rep. Carolyn B. Maloney (D-N.Y.) is the lead sponsor of the Corporate Transparency Act of 2019. (Andrew Harrer/Bloomberg News)

The United States could join a growing list of countries cracking down on anonymous shell companies if a bill gathering support in the House continues gaining steam.

May 3, 2019 Press Release

Congresswoman Carolyn B. Maloney (D-NY), Congressman Peter King (R-NY), and Congressman Tom Malinowski (D-NJ) today introduced H.R. 2513, The Corporate Transparency Act to require companies to disclose their true, beneficial owners at the time the company is formed to prevent bad actors from using anonymous shell companies to thwart law enforcement and hide their illicit activities.

Apr 10, 2019 Newsletter
Dear Friend, This weekly update is coming early this week as the House has finished up voting with Democrats heading to our Issues Conference in Virginia this afternoon. While we were only in DC for a short time this week, we still got a lot done. Below are some highlights.
Apr 10, 2019 In The News

One by one, the leaders of seven of the country’s largest banks told skeptical House Democrats Wednesday that a decade after the global financial crisis, the industry is financially healthier and less risky.

“Citi had become a smaller, safer, stronger and far less complex company,” Citigroup CEO Michael Corbat told the House Financial Services Committee. The 200-year-old bank, the largest credit-card issuer in the world, has shed several lines of business to focus on core areas such as retail banking, he said.