Financial Services
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As Vice Chair of Communications for the House Financial Services Committee, I’m focused on ensuring our financial system works for Hudson Valley families, small businesses, community banks, and the next generation of American innovators, not just the biggest institutions on Wall Street.
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This Congress, the Committee has delivered meaningful, bipartisan progress on community banking, capital formation, consumer protection, and the future of digital finance. My priority has been clear: expand opportunity, reduce unnecessary regulatory burdens, protect people from scams, and keep the United States the global leader in financial services. Supporting Main Street Local banks and credit unions are the backbone of our economy. They know their communities, they lend to small businesses, and they help families buy homes and build wealth. Yet for too long, one-size-fits-all regulations have treated them the same as the largest global banks. That’s why I strongly supported the Main Street Capital Access Act, which passed the House with robust bipartisan support. This legislation revitalizes community bank formation, right-sizes capital and regulatory requirements, and allows local lenders to focus on serving customers instead of navigating unnecessary compliance burdens. Strong community banks mean more capital flowing into the Hudson Valley and communities across America. Expanding Access to Capital for Entrepreneurs American entrepreneurs and growing businesses need access to capital to innovate, hire, and compete. Outdated rules have too often stood in the way. I backed the bipartisan INVEST Act, a major capital formation package that passed the House with a strong bipartisan vote. The INVEST Act modernizes securities laws to make it easier for startups and small businesses to raise capital, expands opportunities for everyday Americans to invest, and removes barriers that have limited growth outside of traditional financial centers. In addition, I introduced, led, and secured enactment of the Community Investment and Prosperity Act, which passed as part of the 21st Century Road to Housing package. This legislation expands banks’ ability to make community investments that promote public welfare and local economic development. Helping Startups Connect with Investors I also authored the Helping Angels Lead Our Startups (HALOs) Act, bipartisan legislation that became part of the INVEST Act. My bill provides long-overdue clarity for “demo days,” where entrepreneurs, universities, and startup accelerators connect innovators with potential investors. By ensuring these events aren't unnecessarily treated as securities offerings, we’re making it easier for startups to raise capital, grow their businesses, and create jobs. Whether you're launching a new company in the Hudson Valley or bringing the next great American innovation to market, government shouldn't stand in the way. My HALOs Act removes unnecessary barriers so entrepreneurs can focus on building businesses, attracting investment, and strengthening our economy. Leading on Digital Assets and Financial Innovation The future of finance is being written right now, and America must lead. That’s why I supported the GENIUS Act, which established the first comprehensive federal regulatory framework for payment stablecoins and is now law. Clear rules for stablecoins will strengthen the dollar’s role in the digital economy, improve payment efficiency, and provide important consumer protections. I also support the CLARITY Act, which passed the House with strong bipartisan support. This landmark legislation would provide a regulatory framework for the digital asset market. Specifically, it creates clear jurisdictional lines between the SEC and CFTC, establishes a workable market structure, and provides innovators with the regulatory certainty they need to build and grow in the United States rather than overseas. Protecting Consumers from Scams and Fraud Financial scams targeting seniors and vulnerable Americans have increased in recent years. Many families have watched their hard-earned savings disappear overnight. I cosponsored the Financial Exploitation Prevention Act, which passed the House nearly unanimously (414-2). This bipartisan bill gives investment companies and transfer agents the authority to temporarily pause suspicious transactions when they reasonably believe a senior or vulnerable adult is being financially exploited. It strikes the right balance: protecting people from predators while preserving individual rights and giving families and law enforcement time to intervene. Protecting Americans’ Hard-Earned Savings States have used aggressive “unclaimed property” laws, a process called escheatment, to seize investment accounts, securities, and retirement savings simply because an account has been inactive, even when the owner is still alive. Families have been blindsided when they discover their long-term investments were liquidated or taken by the state. That’s why I introduced the bipartisan SAFER Act (Safeguarding Americans’ Fairly Earned Retirement Act). This legislation establishes clear federal standards so that financial institutions cannot transfer custody of a person’s securities, digital assets, or investment accounts to a state unless strict conditions are met, including confirmed death of the account holder and no record of an estate or beneficiary claim. Americans who play by the rules and invest for the long term should never have their savings raided under the guise of unclaimed property. Our work on the committee is far from finished. I’ll continue fighting to:
The strength of our economy depends on a financial system that works for everyone, from the young couple trying to buy their first home, to the small business owner looking to expand, to the innovator building the next great American company. That’s the system I’ll keep fighting for. |