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House Financial Services Committee Chairman Patrick McHenry has declared the end of the post-financial crisis regulatory era, criticizing federal banking regulators for failing to address current financial risks such as interest rate fluctuations. McHenry's comments were made during a hearing where he also discussed the need for regulatory reform, including the potential introduction of the FIT21 Act to provide a new framework for financial regulation. The FDIC's proposed board governance rule was criticized by Representative Frank Lucas for introducing massive risk into the banking system, prompting calls for its withdrawal.
Regulation Reset: McHenry Calls Out the Old Guard The financial world is shifting, and McHenry just put it on blast. Regulators ignored the cracks - like interest rate risks - and now they’re scrambling to keep up with innovation. The FIT21 Act could finally deliver a framework… https://t.co/VoCpgdcrq8
Old-School Regulators Can’t Hang - McHenry Says It’s Time to Level Up Regulators got caught lagging, and House Financial Services Chair Patrick McHenry isn’t pulling punches. He’s calling out federal agencies like the FDIC for ignoring the real risks (like interest rates) and… https://t.co/Ct73WKtQuR
Lawmaker Demands Overhaul Amid Regulatory Failures: 'The Era of Post-Financial Crisis Regulation Is Over' https://t.co/X6XUkJYUM3
