U.S. Rep. Blaine Luetkemeyer (MO-3)
Recent News About U.S. Rep. Blaine Luetkemeyer (MO-3)
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Luetkemeyer urges SBA to refocus on small businesses
Congressman Blaine Luetkemeyer (MO-03) has called on the Small Business Administration (SBA) to refocus its priorities. He released a statement today expressing his concerns about the agency's current operations.
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Rep. Luetkemeyer Responds to SCOTUS Decision on CFPB Funding Structure
Congressman Blaine Luetkemeyer (MO-03) has expressed his concerns following the Supreme Court of the United States' (SCOTUS) decision in Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al.
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Congressman Luetkemeyer grills FDIC Chair over misconduct allegations
Congressman Blaine Luetkemeyer (MO-03) has raised serious questions about the conduct of Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg. This occurred during a Committee on Financial Services hearing titled, “Oversight of Prudential Regulators”. The congressman's queries centered around allegations of race and gender discrimination, anger mismanagement, and sexual assault as outlined in a recent report by law firm Cleary Gottlieb.
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Congressman Luetkemeyer calls for FDIC Chairman Gruenberg's resignation
In the wake of a report detailing allegations of widespread abuse and misconduct at the Federal Deposit Insurance Corporation (FDIC), Congressman Luetkemeyer has issued a statement calling for the resignation of Chairman Marty Gruenberg.
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Rep. Luetkemeyer discusses national security at subcommittee hearing
On May 8, 2024, Chairman Blaine Luetkemeyer (MO-3) engaged in a dialogue with representatives from the Department of Defense (DOD), Department of Commerce, and Federal Emergency Management Agency (FEMA). This discussion was part of the Financial Services Subcommittee on National Security hearing entitled: Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization, Part II.
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Rep. Luetkemeyer Introduces Regulatory Transparency for Small Businesses Act
Congressman Blaine Luetkemeyer (MO-03) has introduced the Regulatory Transparency for Small Businesses Act, a bill aimed at addressing the impact of overregulation on small entities. The bill requires federal agencies proposing regulations to disclose the approximate number of small entities affected, NAICS Codes for related industries, and the cost per small entity, along with the data used for this determination.In a statement, Congressman Luetkemeyer highlighted the financial burden placed on small businesses by overregulation, stating, "On top of record inflation,...
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Rep. Luetkemeyer and Rep. Torres Introduce Fortifying U.S. Markets from Chinese Military Aggression Act
On April 11, 2024, Congressman Blaine Luetkemeyer (R-MO) and Congressman Ritchie Torres (D-NY) introduced bipartisan legislation aimed at fortifying U.S. markets from potential Chinese military aggression towards Taiwan.Luetkemeyer emphasized the need for preparedness, stating, "America is unprepared for the catastrophic economic impact of a Chinese invasion of Taiwan." He highlighted the interconnectedness of economies and the need for a strategic plan to address the potential fallout.Torres echoed this sentiment, stressing the importance of maintaining a fair...
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Rep. Luetkemeyer and Rep. Foster Send a Letter on Market Volatility Attributed to Short Selling
On April 9, 2024, Congressmen Blaine Luetkemeyer of Missouri and Bill Foster of Illinois raised concerns about market volatility attributed to short selling in a letter addressed to Chair Gary Gensler of the U.S. Securities and Exchange Commission (SEC).In the letter, the Congressmen highlighted the importance of short selling in supporting market integrity and accurate price discovery. They acknowledged the impact of false information on stock prices, stating, "However, we are aware of assertions that some issuers have experienced falling stock prices due to...
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Rep. Luetkemeyer Holds Oversight Hearing with Small Business Administrator
Rep. Luetkemeyer held a Committee on Small Business hearing where he emphasized the importance of oversight of the Small Business Administration (SBA). In a statement following the hearing, Vice Chairman Luetkemeyer expressed his commitment to holding the SBA accountable and ensuring it functions as intended. He stated, “The SBA’s sole purpose is to help small businesses, but unfortunately, they have strayed from that mission.”During the hearing, Vice Chairman Luetkemeyer raised concerns about fraud in the Paycheck Protection Program (PPP) and Economic Injury Disaster...
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Rep. Luetkemeyer Raises Concerns Over Financial Regulation Impact on Consumer Credit
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-3) engaged in a discussion regarding the implications of politicized financial regulation on consumer credit and community development. Speaking to witnesses from various organizations, including the Center for Monetary and Financial Alternative Cato Institute, Consumer Bankers Association, Commonwealth Credit Union, and Unidos US, Rep. Luetkemeyer expressed his concerns.During the dialogue, Rep. Luetkemeyer raised a specific issue about the Federal Reserve Board's proposed Regulation II rulemaking and its...
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Luetkemeyer Introduces the Secure Payments Act of 2024
Congressman Blaine Luetkemeyer has introduced the Secure Payments Act of 2024, which aims to direct the Federal Reserve Board of Governors to conduct a thorough economic analysis of its proposed changes to Regulation II before finalizing the rule. Luetkemeyer emphasized the importance of understanding the impact on consumers, particularly regarding access to affordable debit accounts and the primary beneficiary of the interchange cap.Luetkemeyer expressed his concerns about the current state of Regulation II, stating, "Since its adoption, Reg II has proven to be a failure...
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Rep. Luetkemeyer Criticizes CFPB Credit Card Late Fee Rule
Today, Congressman Blaine Luetkemeyer (MO-03) voiced his concerns over the Consumer Financial Protection Bureau (CFPB) rule regarding credit card late fees. In response to the rule, Luetkemeyer criticized the Biden Administration's approach, accusing them of prioritizing campaign messaging over the well-being of working families.Luetkemeyer expressed his apprehensions about the implications of the rule, stating, “Like nearly every action taken by the CFPB under Rohit Chopra, this rulemaking will result in higher upfront costs for accessing credit and eliminate credit...
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Luetkemeyer Sounds Alarm on AI Threat, Calls for Tools to Prevent Bank Runs
In a recent House Financial Services Committee hearing, Congressman Blaine Luetkemeyer expressed his concerns about the potential for bank runs caused by artificial intelligence (AI). Luetkemeyer drew attention to his proposed legislation aimed at equipping banking regulators with the necessary tools to prevent such crises from devastating the broader banking system.During the hearing, Luetkemeyer, who serves on the China Select Committee, emphasized the potential vulnerability of the banking system to manipulation by AI technology. He stated, "It scares the heck out of...
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Luetkemeyer Calls Out Bureaucrats for Failure to Punish Temu
In a recent congressional hearing, Congressman Blaine Luetkemeyer confronted Treasury Undersecretary for Terrorism and Financial Intelligence (TFI) Brian E. Nelson over the agency's lack of action against Temu, a company linked to the Chinese Communist Party and known to support forced labor. Luetkemeyer raised concerns about Temu's use of slave labor to produce their products and questioned why the agency had not taken any action against them.During the hearing, Luetkemeyer asked Nelson about his duty to protect human rights. Nelson acknowledged this responsibility and...
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Luetkemeyer Calls Out FinCEN for Targeting Law-Abiding Americans
In a recent House Financial Services Committee Hearing, Congressman Blaine Luetkemeyer, chair of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions, expressed his concerns about the Financial Crimes Enforcement Network (FinCEN) targeting law-abiding Americans. During his opening remarks, Luetkemeyer acknowledged the importance of FinCEN's work in maintaining national security and countering criminal activities. However, he raised alarm over the agency's use of its broad authorities to target not only foreign assets but also...
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Luetkemeyer Questions Sec. Yellen on AI Risk, Oversight
Congressman Blaine Luetkemeyer has raised concerns about the lack of preparation by banking regulators for potential banking crises caused by artificial intelligence (AI). During a recent congressional hearing, Luetkemeyer questioned Treasury Secretary Janet Yellen about the oversight of banking models in the face of AI-related risks.Luetkemeyer highlighted the speed at which crises can unfold in the digital age, using the example of $42 billion being withdrawn from a bank within 10 hours due to a tweet and subsequent social media frenzy. He expressed concern that AI...
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Luetkemeyer Responds to Passage of Tax Relief Bill
Today, Congressman Blaine Luetkemeyer (MO-3) expressed his satisfaction with the successful passage of the Tax Relief for American Families and Workers Act. In a statement, he highlighted the positive aspects of the legislation and emphasized the need for support from the Senate.“House Republicans took a massive step toward extending President Trump’s tax plan from 2017. The Tax Relief for American Families and Workers Act encourages American innovation, supports small businesses, punishes China, gives back to families, and cracks down on fraud and waste,” said Rep....
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Luetkemeyer, Pompeo Discuss Threat of a Desperate CCP
During a House Select Committee hearing on the Chinese Communist Party (CCP), Congressman Blaine Luetkemeyer raised concerns about the risks associated with a CCP in turmoil. Luetkemeyer highlighted the difficulties the Chinese economy is currently facing and questioned former Secretary of State Mike Pompeo about the implications of a weakened China.Luetkemeyer asked Pompeo about his statement in the written testimony, which emphasized the dangers of a weakened China to the United States and the world. He inquired whether a weaker Chinese economy could lead to a more...
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Luetkemeyer Delivers Opening Remarks in Hearing on Chinese Sanctions
In a hearing on Chinese sanctions, Chairman Blaine Luetkemeyer emphasized the threat posed by the Chinese Communist Party (CCP) to the United States. He highlighted the need for stronger sanctions and explored alternatives to bureaucratic regimes.Chairman Luetkemeyer, who serves on the Select Committee on the Chinese Communist Party, expressed his concerns about the CCP's business model and its impact on the United States. He pointed out that 2023 was a critical year for US-Chinese economic relations, with several incidents highlighting the CCP's aggressive behavior."We...
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Luetkemeyer Questions Experts on Effectiveness of U.S. Sanctions
Today, Chairman Blaine Luetkemeyer (MO-3) led the Financial Services Subcommittee on National Security hearing, focusing on the effectiveness of U.S. sanctions and exploring alternatives to bureaucratic regimes. The hearing aimed to understand how to curtail investment in China in a way that protects the United States and hurts the Chinese as much as possible.During the hearing, Rep. Luetkemeyer highlighted the importance of working with allies to make sanctions and export controls effective. He turned to Thomas Feddo, Founder/Principal of The Rubicon Advisors LLC, to...