Today Congressman Tom Cotton (AR-04) was named to the Financial Institutions and Consumer Credit Subcommittee and the Domestic & International Monetary Policy Subcommittee of the House Committee on Financial Services.
"I am pleased and excited to be named to these two subcommittees. More than four years after the financial crisis, much work remains to be done in ensuring our financial markets remain free, fair, and competitive in order to best serve individuals and small businesses in Arkansas.
"Unfortunately, the regulatory overreach of the Dodd-Frank law constrains small community banks while the Federal Reserve continues its adventures in the largest monetary stimulus in our history.
"As with most instances of government excess in Washington, hardworking families and small business owners bear the ultimate burden. I promised during my campaign to fight these excesses, and that's what I intend to do on the Financial Services Committee," said Cotton.
The Financial Institutions and Consumer Credit Subcommittee is chaired by Congressman Scott Garrett (R-NJ) and has jurisdiction over all financial regulators, such as the Federal Deposit Insurance Corporation and the Federal Reserve, all matters concerning consumer credit, to include the Consumer Credit Protection Act and access to financial services, along with the security and soundness of the banking system.
The Domestic & International Monetary Policy Subcommittee is chaired by Congressman John Campbell (R-CA) and oversees domestic monetary policy, multidimensional development loan institutions, coins and currency including operations of the Bureau of the Mint and the Bureau of Engraving and Printing, and international trade and finance including all matters concerning the International Monetary Fund and the Export-Import Bank.
The first Financial Services Committee hearing of the 113th Congress will be on January 23, 2013, when the committee will adopt rules governing the committee's operations and structure.