Congresswoman Capito Accepts Appointment as Chairman of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit

Press Release

Today, Congresswoman Shelley Moore Capito, R.W.Va, officially accepted her appointment as Chairman of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. The full committee will be chaired by Congressman Spencer Bachus, R-AL.

"I am honored to accept this appointment, and I come ready to roll up my sleeves and get to work," stated Capito.

As Chairman of the Subcommittee on Financial Institutions and Consumer Credit, Capito will serve as a leader in reforming the Dodd-Frank Financial Regulatory Reform Law.

"The Dodd-Frank law is an overreach and it perpetuates the government bailouts of the past three years. As Chairman of this Subcommittee, I will be an ardent advocate for ending too big to fail," said Capito. "I look forward to the opportunity to ensure consumers have access to credit and that their financial decisions rest where they should, at the dinner table and not in an unelected bureaucracy in Washington."

"Financial Institutions across the country provide the necessary capital for Americans to realize their dreams. Whether it is buying a home, starting a family farm, or an entrepreneur accessing capital to start a business, our nation's economy is reliant on our financial institutions. As chair of the Subcommittee, I will work with my colleagues to strike the appropriate regulatory balance," stated Capito.

The subcommittee has jurisdiction over banks and the banking industry, depository institutions, federal deposit insurance. It also oversees all financial regulators, such as the Federal Deposit Insurance Corporation and the Federal Reserve, and all matters pertaining to consumer credit. In all, the subcommittee oversees the safety and soundness of the banking system.

"Congresswoman Capito has been a tireless advocate as the Ranking Member of the Housing Subcommittee for raising the profile of the challenges faced by rural communities. I know she will bring that same energy and advocacy to the table as we work to end "too big to fail', reform Fannie Mae and Freddie Mac, and ensure that the Dodd-Frank law does not overburden small businesses and consumers," stated Congressman Bachus.

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