Dear Friend, 

In the 117th Congress, I have the pleasure of serving as the lead Republican on the Oversight and Investigations Subcommittee of the House Financial Services Committee. With total Democrat control of the federal government, federal regulators feel that they can act beyond their jurisdictions, free from oversight or accountability. Entities like the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Securities and Exchange Commission (SEC) have repeatedly circumvented the traditional rulemaking process or inappropriately expanded their regulatory powers, saddling businesses with higher administrative and legal costs and limiting opportunities for Americans. In my oversight role, I get to hold these regulators accountable.

In July, I sent a letter with my colleagues on the Financial Services Committee to CFPB Director Rohit Chopra demanding more information on the agency’s collusion with state governments to carry out duplicative enforcement actions. This coordinated regulation creates unnecessary burdens for American companies.  

Also in July, the SEC’s Director of the Division of Enforcement, Gurbir Grewal, appeared before the Committee. In his testimony Mr. Grewal admitted to me on the record that the SEC sends supposedly “voluntary” document request letters to companies that are outside its jurisdiction. If those entities fail to respond, the SEC can use its enforcement powers to hold companies’ feet to the fire. This is unjust. The SEC has no authority to conduct extra-jurisdictional investigations. You can watch my remarks here:

Emmer questions SEC Director of the Division of Enforcement Gurbir Grewal

American entrepreneurs and investors deserve to know that their products and businesses are being regulated fairly. It is my responsibility on the Financial Services Committee to defend that standard. We’ll continue our work to ensure regulators do not overreach so American innovators have room to flourish.

Sincerely,