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Democrats look to Biden for progressive financial policies

House lawmakers used the latest watchdog hearing with Trump-appointed financial regulators on Thursday to indicate how they will approach work with candidates for President-elect Joe Biden.

Highlighting voter referendums in Nebraska and Florida which, respectively, imposed a 36% annual interest rate cap on payday loans and put the state on track for a minimum wage of $ 15 a hour in 2026, the president of House Financial Services Maxine Waters, D-Calif., Said the election gave Democrats a mandate to pursue progressive financial policies.

Ranking Member Patrick T. McHenry, RN.C., disagreed with this interpretation, noting that Republicans had won seats in the House. Fourteen House seats remain uncalled for, but Republicans have a net gain of six seats at this point.

“Growth-friendly regulations and policies are the key to success,” McHenry said, urging the committee to focus on bipartisan initiatives. “We know that streamlining and modernizing regulations is the key to allowing the economy to thrive. “

McHenry praised regulatory action taken by the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration during the coronavirus pandemic to encourage lending and a temporary slowdown in credit repayments.