On Mar. 5, House reported bills markups on China, CFPB overdraft rule
House Financial Services Committee held the first full committee markup of the 119th Congress and favorably reported 11 bills to the full House for their consideration.
Focused on defending against risks from China and nullifying CFPB overdraft rule.
Chairman French Hill led the Committee and delivered the markup opening statement.
Follows House Feb. 2025 hearing on new policies to outcompete China, see #244987.
Follows CFPB Dec. 2024 rule capping overdraft fees at $5 for large firms, see #236531
China Measures
Markup included several bipartisan measures to defend the US and allies against CHI.
Legislation promotes a forward-looking agenda by safeguarding against fentanyl trafficking, mitigating risks in Chinese financial system; and by supporting Taiwan.
Also by ensuring global energy infrastructure supplied by US and allies is financed.
CFPB Overdraft Rule
Considered Congressional Review Act (CRA) to nullify CFPB’s harmful overdraft rule.
Forcing cut fees or overdrafts as loans will limit service to low-income customers.
That would drive customers towards alternative products which are much more costly.
Legislation Markups
HR 910, Taiwan Non-Discrimination Act of 2025, with remarks by sponsoring Rep. Kim.
The Agricultural Risk Review Act, HR 1713, with remarks by sponsoring Rep. Lucas.
HR 1716, the Taiwan Conflict Deterrence Act of 2025, sponsored by Rep. Lisa McClain.
Financial Privacy Act of 2025, HR 1602, with remarks by sponsoring Rep. Davidson.
Stop Chinese Fentanyl Act of 2025, HR 747, remarks by sponsoring Rep. Barr.
HJ Res. 59, Disapproving the rule submitted by the CFPB relating to overdraft lending: very large financial institutions, with remarks by sponsoring Chairman Hill.
China Financial Threat Mitigation Act of 2025, HR 1549, remarks from Rep. Williams.
HR 1474, International Nuclear Energy Financing Act of 2025, remarks from Chairman.
Stop Fentanyl Money Laundering Act of 2025, HR 1577, sponsored by Rep. Ogles.
HR 1450, the OFAC Licensure for Investigators Act, sponsored by Rep. Joyce Beatty.
House FSC also held markup on HR 1764, Aligning SEC Regulations for the World Bank's International Development Association Act, sponsored by Rep. Maxine Waters.
