Majority Press Releases

July 31, 2020

Crapo Recommends Extension, Expansion of COVID-19 Relief

WASHINGTON, DC - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, today sent two letters to financial agencies and regulators urging the extension and expansion of existing provisions key to providing relief and economic stability.  The first letter encourages the Federal Reserve and Treasury Department to quickly expand the Main Street Lending Program by setting up an asset-based lending program and commercial real estate program.  The second letter re… Continue Reading


July 29, 2020

Crapo Statement at CFPB Semi-Annual Report to Congress

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a virtual hearing to receive the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress. The text of Chairman Crapo’s remarks, as prepared, is below. “Today, we will receive testimony from CFPB Director Kathy Kraninger on the CFPB’s semiannual report. “On July 2, the CFPB issued its Spring 2020 Semiannual Report, whi… Continue Reading


July 21, 2020

Crapo Statement at Executive Session to Vote on Federal Reserve Nominees

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at an executive session to vote on the nominations of The Honorable Dr. Judy Shelton, to be a Member of the Board of Governors of the Federal Reserve; and Dr. Christopher Waller, to be a Member of the Board of Governors of the Federal Reserve. The text of Chairman Crapo’s remarks, as prepared, is below. “Today, the Committee will vote… Continue Reading


July 21, 2020

Crapo Statement at SEC, NCUA Nominations Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a virtual hearing to consider the nominations of The Honorable Hester Peirce, of Ohio, to be a Member of the Securities and Exchange Commission; Mrs. Caroline Crenshaw, of the District of Columbia, to be a Member of the Securities and Exchange Commission; and Mr. Kyle Hauptman, of Maine, to be a Member of the National Credit Union A… Continue Reading


June 30, 2020

Crapo Statement at Digital Currency Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a virtual hearing entitled, “The Digitization of Money and Payments.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today, the Committee will hear testimony on the digital transformation of money and payments. “We will discuss how it has enabled more efficient technologies, ushered in new players and business model… Continue Reading


June 29, 2020

Crapo Commends Supreme Court Ruling on CFPB’s Unconstitutional Structure

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued the following statement regarding the Supreme Court’s decision in Seila Law LLC vs Consumer Financial Protection Bureau (CFPB): “It has long been my position that the CFPB’s current single director structure lacks sufficient transparency and accountability, and today’s decision affirms that the fundamental structure of the agency must be reconsidered. I conti… Continue Reading


June 26, 2020

Crapo Statement at Export-Import Bank Oversight Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a hybrid hearing to conduct oversight of the Export-Import Bank of the United States. The text of Chairman Crapo’s remarks, as prepared, is below. “Welcome to our witness, the Honorable Kimberly Reed, President and Chairman of the Board of the Export-Import Bank of the United States. “We welcome you back, Chairman Reed. It has be… Continue Reading


June 16, 2020

Crapo Statement at Federal Reserve Semiannual Monetary Policy Report

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a virtual hearing on the Federal Reserve’s semiannual monetary policy report to Congress. The text of Chairman Crapo’s remarks, as prepared, is below. “Today, Federal Reserve Chairman Jerome Powell will update the Committee on monetary policy developments and the state of the U.S. economy. “It has only been four months since the l… Continue Reading


June 9, 2020

Crapo Statement at Housing Oversight Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a hybrid hearing entitled, “Oversight of Housing Regulators.” The text of Chairman Crapo’s remarks, as prepared, is below.  “Today, we welcome the federal housing regulators, The Honorable Benjamin S. Carson, Secretary of Housing and Urban Development, and The Honorable Mark A. Calabria, Director, Federal Housing Finance Agency. “W… Continue Reading


June 4, 2020

Crapo Statement at Hearing on the Crisis in Hong Kong

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, submitted the following statement for the record at a remote hearing entitled, “Crisis in Hong Kong: A Review of U.S. Policy Tools.” The text of Chairman Crapo’s statement, as prepared, is below. “Today is a significant day, in a number of respects. “Today, the Committee meets to assess what options it may have to inject some leverage or restraint into an escalati… Continue Reading


June 4, 2020

Crapo Statement at Title IV Implementation Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a remote hearing on implementation of Title IV of the CARES Act. The text of Chairman Crapo’s remarks, as prepared, is below. “This hearing is another remote hearing via video. “A few videoconferencing reminders: once you start speaking, there will be a slight delay before you are displayed on screen. To minimize background noi… Continue Reading


May 19, 2020

Crapo Statement at Quarterly CARES Act Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a hearing entitled “The Quarterly CARES Act Report to Congress,” with the Honorable Steven T. Mnuchin, Secretary, Department of the Treasury; and the Honorable Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System, providing testimony. The text of Chairman Crapo’s remarks, as prepared, is below. “We are all … Continue Reading


May 12, 2020

Banking Committee Advances Miller, Wade Nominations

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at an executive session to vote on the following nominations: The Honorable Brian D. Miller, of Virginia, to be Special Inspector General for Pandemic Recovery, U.S. Department of the Treasury; and Mrs. Dana T. Wade, of the District of Columbia, to be Assistant Secretary, U.S. Department of Housing and Urban Development. Mr. Miller wa… Continue Reading


May 12, 2020

Crapo Statement at Financial Regulator Oversight Hearing

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a hearing entitled, “Oversight of the Financial Regulators.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we welcome to this virtual hearing the federal prudential regulators: Federal Reserve Vice Chairman of Supervision, Randy Quarles; Comptroller of the Office of the Comptroller of the Currency, Joseph Ot… Continue Reading


May 5, 2020

Crapo Statement at Nomination Hearing for Brian Miller, Dana Wade

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, delivered the following remarks at a hearing to consider the nominations of The Honorable Brian Miller, of Virginia, to be Special Inspector General for Pandemic Recovery at the Department of Treasury; and Mrs. Dana Wade, of the District of Columbia, to be Assistant Secretary for Housing and Federal Housing Commissioner at the U.S. Department of Housing and Urban Dev… Continue Reading


April 16, 2020

Crapo Outlines Robust Oversight Requirements in Title IV of CARES Act, Urges Action on Lending Facilities

WASHINGTON, DC - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, sent two letters to the U.S. Department of Treasury and Federal Reserve Board of Governors today on provisions under Title IV of the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides $500 billion in emergency relief in order to stabilize the marketplace. The first letter highlights the Committee’s robust oversight role over Title IV of the CARES Act.  Oversight activ… Continue Reading


April 8, 2020

Crapo Commends SEC for COVID-19 Response, Requests Information on Additional Actions

WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, sent a letter to Securities and Exchange Commission Chairman Jay Clayton applauding the agency for its quick, decisive actions in response to the COVID-19 health care crisis.  Crapo also requested input on additional steps or statutory changes the SEC needs in order to mitigate the economic impact of COVID-19. From the letter:  “I commend the SEC for balancing the emergency responses to COVID-… Continue Reading


April 8, 2020

Crapo Encourages Agencies, Regulators to Help Lenders and Borrowers

WASHINGTON, DC - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued an update on the Paycheck Protection Program, a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act.  The Paycheck Protection Program went into effect on April 3.  Crapo has been working closely with the U.S. Department of Treasury and the Small Business Administration (SBA), urging them to provide additional clarity to banks, credit unions and non-bank lender… Continue Reading


March 28, 2020

Crapo Urges Treasury, Fed to Provide Quick Guidance on Title IV of CARES Act

WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, urged the U.S. Department of Treasury and the Federal Reserve to act quickly to provide guidance on Title IV of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020.  As Banking Committee Chairman, Crapo led negotiations on the provisions in Title IV and helped guide the CARES Act through the Senate, and wants to ensure quick, orderly… Continue Reading


March 27, 2020

CARES Act, Title IV Summary (Prepared by Majority Staff)

Prepared by Majority Staff: Title IV of the CARES Act provides $500 billion in emergency relief in order to provide liquidity to eligible businesses, States, municipalities and Tribes related to losses incurred as a result of coronavirus. The Secretary of the Treasury is authorized to make the loans, loan guarantees and other investments in support of eligible businesses, State, municipalities and Tribes.This assistance can be made as follows, up to:$25 billion in loans or loan guarantees for pa… Continue Reading

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