Pittenger Bill Brings Accountability To Shadowy Financial Regulator

Press Release

Major Charlotte employers, including MetLife, Bank of America, Wells Fargo, Ally Financial, and BB&T, are regulated by the Financial Stability Oversight Council (FSOC), an autonomous federal agency which holds two-thirds of its meetings in secret and has virtually no accountability.

The Financial Stability Oversight Council's misguided 2014 decision to designate MetLife a "systemically important financial institution" led to MetLife's decision to spin off much of its U.S. retail business, headquartered in Charlotte, in an attempt to comply with FSOC's unnecessary regulation.

Today, the U.S. House of Representatives voted to pass the Financial Stability Oversight Council Reform Act (H.R. 3340), introduced by Congressman Tom Emmer (R-MN) and co-sponsored by Charlotte Congressman Robert Pittenger (NC-09).

H.R. 3340 creates an accountability structure by subjecting FSOC to the annual Congressional appropriations process, and requiring a public comment and review period before new rules and regulations are enacted.

Shortly after helping pass H.R. 3340, Congressman Pittenger recorded this video to explain H.R. 3340 and the need to bring accountability to FSOC. Click here to watch.

"This type of government . . . government in secrecy . . . government that creates fear among businesses throughout this country that they can't grow and expand because they are so afraid of what the federal government will do next," said Congressman Pittenger. "We need to restrict the encroachment of the federal government, and that's what H.R. 3340 does. This bill will require accountability."

The Financial Stability Oversight Council Reform Act (H.R. 3340), co-sponsored by Congressman Pittenger, passed the U.S. House of Representatives by a bipartisan vote of 239-179. Congressman Pittenger is a Member of the House Committee on Financial Services.

Source