The Tangled Web of Global Governance: How the Biden Administration is Ceding... (EventID=116461)

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Connect with the House Financial Services Committee Get the latest news: https://democrats-financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinanci... Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Tuesday, November 7, 2023, at 10:00 a.m. (ET) Subcommittee on Financial Institutions and Monetary Policy Chair Congressman Barr and Subcommittee Ranking Member Congressman Foster will host a hearing entitled, “The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation." ___________________________________ Witnesses for this one-panel hearing will be: • Thomas Hoenig, Distinguished Senior Fellow, Mercatus Center, George Mason University • Christina Parajon Skinner, Assistant Professor of Legal Studies & Business Ethics, Wharton School, University of Pennsylvania • Bryan Bashur, Director of Financial Policy, Americans for Tax Reform • Renita Marcellin, Advocacy and Legislative Director, Americans for Financial Reform ___________________________________ Background On July 27, 2023, the Federal Reserve, FDIC, and OCC jointly issued a Notice of Proposed Rulemaking that would implement the so-called Basel III Endgame recommendations of the Basel Committee on Banking Supervision (BCBS). Those federal banking agencies also issued proposed principles for financial institutions’ management of exposures to purported climate-related financial risks, following recommendations of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), recommendations of the Financial Stability Oversight Council (FSOC), and an Executive Order by President Biden. U.S. financial regulators, including federal banking agencies, have, in effect, increasingly ceded portions of their authority to international and domestic intergovernmental organizations. This has decreased transparency in the development of U.S. regulatory frameworks and reduced regulators’ accountability. As a result, U.S. federal banking agencies and global governance organizations remain opaque and unaccountable to Congress and the American people. This hearing will allow the Subcommittee to better understand the contents of those agreements and the responsibilities assumed by banking agencies and their staff ___________________________________ Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=410858