Hickory Sun

WASHINGTON — Today, the House Financial Services Committee, led by Congressman Patrick McHenry (NC-10), delved into the topic of ceding authority over American financial regulation to global governance bodies. In his opening remarks, Congressman McHenry emphasized the importance of transparency and accountability in the interactions between U.S. banking regulators and international entities.

McHenry expressed his concerns about the lack of visibility into dealings with international bureaucrats, citing instances where foreign officials were involved in ensuring U.S. compliance with Basel rules. He questioned why American banking regulators would potentially weaken the country's global standing by aligning with proposals that could benefit foreign financial institutions over domestic ones.

The congressman underscored the need for transparency, criticizing the perceived opacity of President Biden's banking regulators. McHenry highlighted a bill aimed at creating clear reporting requirements for American financial regulators when engaging with global governance groups, bringing them in line with other government officials involved in international affairs.

Summing up the hearing, Congressman McHenry reiterated the importance of gaining insight into the decision-making processes of financial regulators. He stressed the significance of ensuring that regulators' actions align with the best interests of the American financial system and its competitiveness.

In a statement encapsulating the essence of the hearing, McHenry remarked, “I think this should be a good governance operation and for us to get insight into how these regulators are making decisions.”