Patrick McHenry Praised as “Asset” for Being a Tool of Wall Street

WASHINGTON, D.C. — Patrick McHenry, ranking Republican Member of the House Financial Services Committee, is drawing praise from fellow Republicans as an “asset to the team” for his “savvy” ability to collect massive campaign checks from Wall Street interests after doing exactly what they tell him to do, whether it was voting against a strong Consumer Financial Protection Bureau, voting against relief for student loan borrowers, or voting against increasing the consequences for companies that CHEAT investors. Rep. McHenry’s eagerness to do Wall Street’s dirty work has been rewarded with nearly $400,000 from the financial industry in just the last six months. Consumer advocacy watchdog group Allied Progress countered that the members who actually deserve praise are those like Chairwoman Maxine Waters who have been more interested in serving the public good and strengthening consumer protections for all working families than what fundraisers they won’t get invited to.

“Consumers know that good public policy doesn’t emerge from bankers’ boardrooms and ritzy high dollar Wall Street fundraisers. But to guys like Congressman McHenry, the only ‘good’ policies are those that come with a political reward attached,” said Allied Progress Director Derek Martin. “American consumers deserve representatives who will look out for them, even if they can’t write big checks and host glitzy fundraisers.”

WHAT YOU NEED TO KNOW:

Patrick McHenry: Taking Financial Industry Campaign Cash And Voting For Financial Industry Interests

Since The Beginning Of The 2020 Election Cycle, Rep. Patrick McHenry (R-NC) Has Received Nearly $400,000 In Campaign Contributions From The Financial Industry.

Patrick McHenry Has Received $210,400 In Campaign Contributions From The Securities And Investment Industry During The 2020 Election Cycle.

Since The Beginning Of The 2020 Election Cycle, Rep. Patrick McHenry Has Received $210,400 In Campaign Contributions From The Securities And Investment Industry. [“Top Industry Contributions to Patrick McHenry, 2020 Cycle,” OpenSecrets.org, accessed 08/09/19]

Patrick McHenry Has Received $102,999 In Campaign Contributions From Commercial Banks During The 2020 Election Cycle.

Since The Beginning Of The 2020 Election Cycle, Rep. Patrick McHenry Has Received $102,999 In Campaign Contributions From Commercial Banks. [“Top Industry Contributions to Patrick McHenry, 2020 Cycle,” OpenSecrets.org, accessed 08/09/19]

Patrick McHenry Has Received $43,150 In Campaign Contributions From Finance and Credit Companies During The 2020 Election Cycle.

Since The Beginning Of The 2020 Election Cycle, Rep. Patrick McHenry Has Received $43,150 In Campaign Contributions From Finance and Credit Companies. [“Top Industry Contributions to Patrick McHenry, 2020 Cycle,” OpenSecrets.org, accessed 08/09/19] 

Patrick McHenry Has Received $21,500 In Campaign Contributions From Credit Unions During The 2020 Election Cycle.

Since The Beginning Of The 2020 Election Cycle, Rep. Patrick McHenry Has Received $21,500 In Campaign Contributions From Credit Unions. [“Top Industry Contributions to Patrick McHenry, 2020 Cycle,” OpenSecrets.org, accessed 08/09/19]

Patrick McHenry Has Received $19,300 In Campaign Contributions From Miscellaneous Finance Firms During The 2020 Election Cycle.

Since The Beginning Of The 2020 Election Cycle, Rep. Patrick McHenry Has Received $19,300 In Campaign Contributions From Miscellaneous Finance Firms. [“Top Industry Contributions to Patrick McHenry, 2020 Cycle,” OpenSecrets.org, accessed 08/09/19]

This Congress, Patrick McHenry Has Voted Against Numerous Bills Designed To Protect Consumers And Strengthen Penalties For Corporate Wrongdoing 

Patrick McHenry Voted Against The Consumers First Act, A Bill Designed To Undo The Damage Done By Mick Mulvaney Against The CFPB. 

On May 22, 2019, Patrick McHenry voted “Nay” on HR 1500, the Consumers First Act.The bill passed the House of Representatives 231-191, despite McHenry’s opposition. [“Roll Call 228,” 116th Congress, 05/22/19]

The Consumers First Act Would Ensure The CFPB’s Complaint Database Remained Public And Reverse Decisions Made By Mick Mulvaney During His Tenure Atop The CFPB. The Consumers First Act “would require the Consumer Financial Protection Bureau to ‘promptly reverse all anti-consumer actions’ made under its previous acting director, Mick Mulvaney, who is now President Trump’s acting chief of staff… Among other provisions, the legislation would require the bureau’s consumer complaint database to remain public, eliminate the director’s ability to limit the legal reach of its fair lending office and establish an Office of Students and Young Consumers to focus on financial education in that population.” [Sarah O’Brien, “Democrats aim to roll back Mulvaney’s ‘anti-consumer’ measures at nation’s watchdog agency,” CNBC, 04/30/19]

Patrick McHenry Voted Against A Bill Designed To Help Student Borrowers Rehabilitate Damaged Credit Ratings Due To Economic Hardship. 

On July 16, 2019, Patrick McHenry Voted “Nay” on HR 3621, the Student Borrower Credit Improvement Act.The bill passed the House Financial Services Committee 33-25, despite McHenry’s opposition. [“Vote on HR 3621, as amended,” House Financial Services Committee, 07/16/19]

The Student Borrower Credit Improvement Act Would Help Student Loan Borrowers Rehabilitate Damaged Credit Scores And Prevent Credit Reporting Agencies From Reporting Out Certain Student Loan Data.

  1. Establishing a credit rehabilitation process for borrowers facing economic hardship to repair their credit profile. The Consumer Financial Protection Bureau would be charged with overseeing this credit rehabilitation process.
  2. Prohibiting Credit Reporting Agencies (CRAs) from reporting out delinquent or defaulted student loans after the borrower makes 9 out of 10 monthly payments on-time.
  3. Providing a grace period for borrowers seeking rehabilitation but experiencing significant financial hardship or other extenuating circumstances such as certain military deployments and residing in an area impacted by a major disaster.
  4. Requiring private lenders offering repayment plans to borrowers seeking rehabilitation, to offer affordable monthly payments and additional assistance.

[“The Student Borrower Credit Improvement Act,” Office of Congresswoman Ayanna Pressley, accessed 08/09/19]

Patrick McHenry Voted Against A Bill Designed To Increase Penalties Against Companies That Cheat Investors.

On July 16, 2019, Patrick McHenry Voted “Nay” on HR 3641, the Stronger Enforcement of Civil Penalties Act.The bill passed the House Financial Services Committee 33-25, despite McHenry’s opposition. [“Vote on HR 3641,” House Financial Services Committee, 07/16/19]

The Stronger Enforcement of Civil Penalties Act Would Increase Penalties For Companies That Cheat Investors. “A bill introduced by Congresswoman Katie Porter (CA-45) to increase consequences for companies that cheat investors today took the first step to becoming law, receiving the approval of the Financial Services Committee. Porter’s bill would scale up penalties for companies found by investor protection agencies like the Securities and Exchange Commission to have violated existing law…The Stronger Enforcement of Civil Penalties Act would increase the maximum penalties that rule violators can be fined and adds a new, more severe category of penalties for repeated and egregious rule-breaking.” [Press Release, “Rep. Porter Bill to Increase Consequences for Companies Ripping Investors Off Clears Key Committee Hurdle,” Office of Congresswoman Katie Porter, 07/16/19]

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