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Rep. French Hill demands Biden financial regulators “immediately cease all ongoing rulemaking actions”

Rep. French Hill (R., Ark.) demanded that the Biden administration’s financial regulators “immediately cease all ongoing rulemaking actions and suspend the proposal or promulgation of any regulations” in a new letter to multiple agencies.

Hill expressed Americans’ discontent with the Biden administration’s “excessive regulatory overreach” and the need to abandon “a politicized regulatory agenda,” especially in the wake of President Donald Trump’s convincing victory, in a letter addressed to the Treasury Department, Federal Deposit Insurance Corporation (FDIC), Federal Reserve, National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), Securities and Exchange Commission (SEC), and the Department of Housing and Urban Development (HUD).

House Financial Services Committee members sent a letter in August to FDIC Chairman Martin Gruenberg on the concerning rise in the FDIC’s partisan policy-making and the “power-grab effort by Director [Rohit] Chopra” to regulate asset managers. 

The Washington Reporter previously covered how CFPB Director Rohit Chopra has faced criticism for his actions from Republicans due to his possible “prejudgment” on rulemaking.  Former CFPB Director Mick Mulvaney called the Chopra’s push for this regulation by the end of Biden’s term “bullshit” and said that it would likely be “grounds for a lawsuit.”

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