Prudential Regulator Oversight Act

Floor Speech

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Mr. GONZALEZ of Ohio. Madam Speaker, I rise in support of H.R. 4841, the Prudential Regulator Oversight Act. I was pleased to cosponsor this bill introduced by my good friend and colleague, Mr. Dean Phillips.

The Federal Reserve, NCUA, FDIC, and OCC play a vital role in developing a regulatory framework that promotes economic growth and sound regulator policies in all of our communities.

It is important that these regulator bodies hear from Members on both sides of the aisle on how different policy decisions will impact our constituents. It is also important that Members of Congress ask questions and provide oversight on the regulators' activities.

H.R. 4841 will require the prudential regulators to come before the Financial Services Committee and Senate Banking Committee on an annual basis. They will also support various reports to the committees of jurisdiction twice a year.

This includes reports on issues like soundness of depository institutions, compliance with anti-money laundering, and the utilization of fintech at financial institutions. This will help lawmakers better understand trends in the financial industry and identify potential policy proposals in response to issues facing our country.

Again, I want to thank Congressman Phillips for his hard work on this bill and thank Chairwoman Waters and Ranking Member McHenry for bringing it to the floor today. I encourage my colleagues to support this legislation.

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