As Chairman of the Oversight and Investigations Subcommittee on the Financial Services Committee, I am continuing to work on behalf of West Texans to make our banking system accountable to the American people. This week, I'll hold a hearing to review how Dodd-Frank regulations are impacting community businesses like those in West Texas. This mammoth legislation was written to rein in Wall Street, but we're finding that it's reaching further down Main Street than expected. I'm working to keep community banks and small businesses alive by making sure they don't get saddled with regulations meant for the largest Wall Street traders. You can watch this hearing live at the Financial Services website.
I'm also leading an effort to determine if banks manipulated a key interest rate during the financial crisis. Think that doesn't affect you? Think again. The London Interbank Offered Rates, or LIBOR, are used to determine interest rates for more than $800 trillion in financial products. If you have a mortgage, a student loan, or a car payment, chances are, LIBOR manipulation affected your loan rate. I'm working on your behalf to determine who was involved in this activity, and whether it could have been prevented.