24 THE NAFCU JOURNAL March–April 2023 McHenry has been a long-time champion for regulatory relief for credit unions and told Berger at the 2022 Congressional Caucus he wants to see increased opportunity for credit unions. In the same conversation, he also noted his strong opposition to legislation seeking to change credit card interchange rules, such as the Credit Card Competition Act, which NAFCU’s advocacy team successfully blocked from passage last year. McHenry also announced some structural changes to the committee as the new chairman, including his selection for top lieutenants in committee leadership—the subcommittee chairs. McHenry decided not to carry over the standalone Diversity and Inclusion Subcommittee from the previous Congress and instead has tasked all subcommittees with strengthening diversity and inclusion in financial services. New Subcommittee on Digital Assets, Financial Technology and Inclusion The newly chartered Subcommittee on Digital Assets, Financial Technology and Inclusion will be chaired by Rep. French Hill, R-Ark., and its jurisdiction will cover cryptocurrency, stablecoins and financial technology. This subcommittee will provide rules of the road for federal regulators involved in the digital assets space, developing policies to help reach underserved communities with financial technology and promoting diversity and inclusion in the digital assets ecosystem. At subcommittee hearings, we expect to hear from prudential financial regulators, blockchain and digital assets trade associations and academics with expertise in fintech and digital assets. Legislation providing a framework for regulations in this space without stifling innovation has been a key priority of McHenry, so we can expect this subcommittee to be busy with the potential for a lot of bipartisan work. Hill has represented the 2nd District of Arkansas since 2015, sitting on the Financial Services Committee his entire tenure. Prior to his time in Congress, Hill worked in community and investment banking and served in the George H.W. Bush Administration in various roles in the Treasury and White House. Credit unions stand to be able to utilize stablecoins and can already provide custodial services for digital assets. NAFCU will remain engaged to ensure that credit unions’ activities in the digital assets space are regulated by the National Credit Union Administration (NCUA), and credit unions do not fall under the regulatory authority of multiple agencies. Subcommittee on Capital Markets Under the leadership of Chairman Ann Wagner, R-Mo., who previously chaired the committee’s Oversight and Investigations Subcommittee and served as ranking member of the Diversity and Inclusion Subcommittee, the Capital Markets panel will focus on access to capital for small businesses and entrepreneurs and oversee public markets. Additionally, this subcommittee will have jurisdiction over policy development at the Financial Accounting Standards Board (FASB), along with other standard-setting organizations and the Securities and Exchange Commission’s (SEC) regulatory activity, including the agency’s climate-disclosure efforts that have been heavily criticized by Republicans in Congress. Subcommittee on Financial Institutions and Monetary Policy Rep. Andy Barr, R-Ky., will chair this subcommittee, after serving as the ranking member of the HFSC National Security, International Development and Monetary Policy Subcommittee during the previous Congress. This subcommittee has jurisdiction over the prudential regulators, including the NCUA, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve. Barr will focus on protecting safety and soundness, while promoting financial accessibility, growth and competition within the financial services industry. When announcing Barr’s chairmanship of the subcommittee, McHenry noted the Congressman’s particular understanding of issues facing rural communities and his past work to increase chartering of new financial institutions. Subcommittee on National Security, Illicit Finance and International Financial Institutions The former ranking member of the Small Business Committee and top Republican on the Financial Institutions Subcommittee, Rep. Blaine Luetkemeyer, R-Mo., will chair the National Security Subcommittee this Congress. Luetkemeyer has extensive experience in financial services policymaking, and McHenry highlighted Luetkemeyer’s expertise on issues Rep. Andy Barr NAFCU Senior Vice President of Government Affairs Greg Mesack with Rep. French Hill.
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