Congressman Patrick McHenry
April 30, 2017
Congressman McHenry Weekly Update

Congress Back in Session

After two weeks back at home in our districts, Congress returned to Washington this past week with a full agenda. We are continuing our efforts to repeal Obamacare and made significant progress on that front with the goal of voting on repeal legislation soon. Additionally we had to overcome Democratic obstruction to keep the government operating. All the while, President Trump has a busy week signing multiple executive actions and releasing his tax reform blueprint. On Wednesday morning, I joined Jon Scott on Fox News' Happening Now to talk about many of these topics. Click here or on the image below to see my interview.

Tax Reform Blueprint Unveiled

When President Trump was running for office, he promised that if elected he would replace our nation's outdated, anti-growth tax code. This has long been a priority of mine, as I believe we must fundamentally change our tax code by reducing rates for individuals and families and making the entire process far more simple. Last year, House Republicans released our Better Way tax reform blueprint. On Wednesday, President Trump's team released outlines of their plan to repair the tax code, which you can read more about here. In the coming months, I look forward to working closely with the Trump Administration to reconcile our two plans so we can help reduce rates and encourage economic growth for North Carolina families.

Replacing Dodd-Frank

Other than Obamacare, few Obama-era laws have had as big an impact on fundamentally reshaping our economy than Dodd-Frank, which is commonly referred to as the Obamacare of the financial industry. This law and its numerous government mandates have driven up the costs of everyday financial products and made it harder for average Americans to save and borrow. This week, the House Financial Services Committee released the Financial CHOICE Act, our plan to replace Dodd-Frank. You can read more about this important legislation by clicking here. Additionally you can see a video on ten wins within the CHOICE Act by clicking here.

What I Have Been Reading

Dale Earnhardt Jr. to retire at the end of the 2017 NASCAR season

The Charlotte Observer

Sad news this week as Dale Earnhardt Jr. announced he would be retiring from the Cup series at the end of this season. Junior has been a tremendous driver throughout his long career but, more importantly, he's been a great ambassador for the sport and for our great state. While I will miss seeing him race, I wish him the best in retirement.  

CFPB's 'project catalyst' failed. Fintech deserves better

American Banker

Last year, I introduced the Financial Services Innovation Act with the goal of forcing all federal financial regulators to embrace fintech and create regulatory frameworks that allow it to grow and succeed. The idea was based partially of the CFPB's 'project catalyst' which is a noble idea that has failed to achieve its goals. 

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