Minority Press Releases
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
March 25, 2020
Crapo Leads Economic Response in Coronavirus Phase III Legislation
WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, today unveiled legislation to stabilize the U.S. economy and provide assistance to severely distressed industries, Title IV of the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act. As Banking Committee Chairman, Senator Crapo worked tirelessly on the Senate task force charged with addressing small business and market liquidity issues, and led negotiations on a provision d… Continue Reading
March 10, 2020
Crapo Statement at CFPB 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 Consumer Financial Protection Bureau’s Semiannual Report to Congress.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today, we will receive testimony from Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger on the CFPB’s semiannual report. “On February 03, the CFPB issued it… Continue Reading
March 5, 2020
Crapo Statement at Hearing on Threats Posed by State-Owned Enterprises to Public Transportation
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 “Threats Posed by State-Owned and State-Supported Enterprises to Public Transportation.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today’s hearing will focus on the threats posed by state-owned and state-supported enterprises on public transportation. “Last year, Ranking Member Brown and I … Continue Reading
February 25, 2020
Crapo Statement at Transit Reauthorization 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 “Surface Transportation Reauthorization: Public Transportation Stakeholders’ Perspectives.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today’s hearing will focus on the reauthorization of the FAST Act, the nation’s current surface transportation bill, which expires on September 30.“We will h… Continue Reading
February 13, 2020
Crapo Statement at Nomination 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 for nominees to the Federal Reserve Board of Governors. The text of Chairman Crapo’s remarks, as prepared, is below. “This morning, we will consider the nominations of the Honorable Judy Shelton to be a Member of the Board of Governors of the Federal Reserve System and Dr. Christopher Waller to be a Member of the Board … Continue Reading
February 12, 2020
Crapo Statement at Hearing on Semiannual Monetary Policy 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 hearing entitled “The Semiannual Monetary Policy Report to the 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. “The U.S. economy continued to expand in 2019, exceedin… Continue Reading
December 18, 2019
Chairman Crapo Outlines Concerns with Cannabis Banking Legislation
WASHINGTON - Senate Banking Committee Chairman Mike Crapo (R-Idaho) is inviting public feedback on ways to address public health and money laundering concerns with cannabis banking. Input is also requested on “Operation Choke Point,” an Obama-era initiative in which federal agencies devised and relied upon a list of politically disfavored merchant categories (e.g., firearm manufacturers, payday lenders, etc.) with the intent of “choking off” these merchants’ access to payment systems and… Continue Reading
December 10, 2019
Crapo Statement at SEC 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 Securities and Exchange Commission.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we will receive testimony from Securities and Exchange Commission Chairman Jay Clayton regarding the work and agenda of the SEC. “I thank you for your willingness to appear before the Com… Continue Reading
December 5, 2019
Crapo Statement at Hearing with Prudential Regulators
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 Financial Regulators.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today we will receive testimony from: the Honorable Randal Quarles, Federal Reserve Vice Chairman for Supervision; the Honorable Jelena McWilliams, Chairman of the FDIC; and the Honorable Rodney Hood, Chairman of t… Continue Reading
November 20, 2019
Crapo Statement at Nomination 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 nomination hearing for individuals nominated to the Department of the Treasury, the Department of Housing and Urban Development, and the Export-Import Bank. The text of Chairman Crapo’s remarks, as prepared, is below. “This morning, the Committee will receive testimony from five nominees who have been selected to serve in key ro… Continue Reading
November 20, 2019
Crapo Statement at TRIA Markup
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 mark up S. 2877, the “Terrorism Risk Insurance Program Reauthorization Act of 2019.” The text of Chairman Crapo’s remarks, as prepared, is below. “The Terrorism Risk Insurance Act of 2002, or TRIA, established the Terrorism Risk Insurance Program in response to widespread unavailability of terrorism risk insurance in … Continue Reading
November 20, 2019
Banking Committee Advances Bipartisan Terrorism Risk Insurance Program Reauthorization
WASHINGTON - Today, the U.S. Senate Committee on Banking, Housing and Urban Affairs advanced S. 2877, the “Terrorism Risk Insurance Program Reauthorization Act of 2019” out of committee with unanimous support. This legislation extends the existing TRIA program for seven years while taking steps to further protect taxpayers. “The terrorist attacks on September 11, 2001 devastated U.S. citizens, households and businesses, and a lack of insurance coverage had a destabilizing effect on our… Continue Reading
November 7, 2019
Crapo Statement at Hearing on Affordable, Safe Housing Legislation
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, “Examining Bipartisan Bills to Promote Affordable Housing Access and Safety.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today, the Committee will receive testimony from leaders in the housing community on bipartisan opportunities this Congress to expand access to affordable housing, to improv… Continue Reading
October 24, 2019
Crapo Statement at Hearing on Data Ownership
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, “Data Ownership: Exploring Implications for Data Privacy Rights and Data Valuation.” The text of Chairman Crapo’s remarks, as prepared, is below. “We welcome to the Committee four witnesses with extensive experience and a range of perspectives on issues related to data ownership, valuation and privacy, includin… Continue Reading
October 22, 2019
Crapo Statement at Hearing on the Consolidated Audit Trail
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 Status of the Consolidated Audit Trail.” The text of Chairman Crapo’s remarks, as prepared, is below. “Today’s hearing will focus on oversight of the status of the Consolidated Audit Trail, commonly referred to as the ‘CAT.’ “In 2010, in response to the Flash Crash and a number of other market… Continue Reading
