Patrick McHenryChairman

Washington, August 30, 2022 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the public release of the Department of Justice (DOJ) Office of Legal Counsel’s opinion supporting Democrats’ unprecedented, partisan power grab on the board of the Federal Deposit Insurance Corporation (FDIC).

“House Republicans will not be deterred from our investigations into the lawless tactics of rogue Democrat regulators,” said Republican Leader McHenry. “The newly released opinion from the Office of Legal Counsel does not change the fact that Democrats’ power grab at the FDIC upended an 88-year tradition of considering the Chair’s agenda on a collegial basis. The Biden administration’s support for Director Chopra and now Acting-Chair Gruenberg’s reckless actions calls into question its commitment to the independence of our financial regulatory agencies. After more than a year of Congressional Democrats looking the other way as Biden’s regulators run roughshod over process, precedent, and jurisdiction, a House Republican majority will finally restore accountability through robust oversight.”

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