Congressman Renacci Named to Financial Services Subcommittees

Press Release

Today, Congressman Jim Renacci (OH-16) was named to two Financial Services subcommittees.

Rep. Renacci will serve on the Oversight and Investigations Subcommittee, as well as the Financial Institutions and Consumer Credit Subcommittee during the 112th Congress. The Oversight and Investigations Subcommittee was formed to provide oversight on all matters within the jurisdiction of the full Committee. The Financial Institutions Subcommittee has jurisdiction over banks and banking, depository institutions, federal deposit insurance, and safety and soundness.

Rep. Renacci is looking forward to fully engaging in the work of both subcommittees, including the task of providing oversight of the Consumer Financial Protection Bureau. The CFPB was formed under the Dodd-Frank legislation and is set to become the supervisory agency of the mortgage industry, under the guidance of Elizabeth Warren, the interim director. Jim Renacci views this assignment as an opportunity to help ensure that the CFPB does not overstep its authorized boundaries and will not choke economic growth by saddling the private sector with overarching and unnecessary regulations.

"With the unemployment rate hovering at 10 percent and a national debt exceeding $14 trillion, the last thing we can afford is more government intrusion into private enterprise. Increased government regulation will serve as an obstacle rather than a catalyst to economic recovery. I look forward to serving on these subcommittees to ensure that the private sector is not hindered by new levels of government bureaucracy and that American small businesses have the certainty and predictability they need to grow and prosper," Renacci said.

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