Today, Financial Services Committee Chairman Jeb Hensarling announced the selection of Congressman Bill Huizenga (MI-02) to Chair the Financial Services Capital Markets, Securities and Investment Subcommittee for the 115th Congress.
“It is an incredible honor and opportunity to serve as Chairman of the Capital Markets, Securities and Investment Subcommittee, said Huizenga. “My goal moving forward is to use free market principles to enact substantive yet commonsense reforms that will increase efficiency within the financial system, ensure proper liquidity in the markets, and strengthen market structure.”
"Bill Huizenga has worked tirelessly to increase economic opportunity for all Americans," said Chairman Jeb Hensarling. "As Chairman of the Capital Markets, Securities and Investment Subcommittee, Bill will apply that same work ethic to ensure all investors are protected and every American has access to the economic opportunity created by a growing economy."
As Chairman, Rep. Huizenga will lead subcommittee efforts regarding all aspects of the Securities and Exchange Commission’s (SEC) operations, activities and initiatives to ensure that it fulfills its Congressional mandate to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation
The Capital Markets, Securities and Investment Subcommittee has jurisdiction over legislation in the House pertaining to the SEC, and all matters related to capital markets activities including:
- Credit Rating Agencies: The examination of the role that credit rating agencies, also known as Nationally Recognized Statistical Ratings Organizations (NRSROs), play in the U.S. capital markets, and review the effectiveness of the SEC’s oversight of NRSROs.
- Regulation and Oversight of Broker-Dealers and Investment Advisers: To review the SEC’s regulation and oversight of broker-dealers and investment advisers.
- Equity/Option Market Structure: To monitor and review recent developments in the U.S. equity and option markets and the SEC’s response to those developments.
- Fixed-Income Market Structure: To monitor and review recent developments in the U.S. corporate and municipal bond markets and the SEC’s response to those developments.
- Corporate Governance: To review developments and issues concerning corporate governance at public companies and the SEC’s proposals that seek to modernize corporate governance practices.
- Mutual Funds: To examine the condition and operation of the U.S. mutual fund industry, including regulatory initiatives to reform money market mutual funds and private sector initiatives to improve investor understanding of money market fund valuations
- Advisers to Private Funds: To examine the functions served by advisers to private funds in the U.S. financial marketplace and their interaction with investors, financial intermediaries, and public companies.
- Covered Bonds: To examine the potential for covered bonds to increase mortgage and broader asset class financing, improve underwriting standards, and strengthen U.S. financial institutions.
- Public Company Accounting Oversight Board (PCAOB): To review the operations, initiatives and activities of the Public Company Accounting Oversight Board.
- Financial Accounting Standards Board (FASB): To review the initiatives of the Financial Accounting Standards Board.
- Government Accounting Standards Board (GASB): To review the initiatives of the Government Accounting Standards Board.
- Convergence of International Accounting Standards: To review efforts by the SEC, the FASB, and the International Accounting Standards Board to achieve robust, uniform international accounting standards.
- Business Continuity Planning: Continued oversight of the implementation of disaster preparedness and business continuity measures by the financial services industry, including equity and option markets and financial market utilities, and the regulatory oversight of those plans in order to minimize the disruptions to critical operations in the United States financial system resulting from natural disasters, terrorist attacks, or pandemics.
Congressman Huizenga, who was recently elected to his 4th term in Congress, previously served as Chairman of the Monetary Policy & Trade Subcommittee in the 114th Congress.