Congressman Sessions at Capital Markets Subcommittee focused on the critical importance of capital formation for businesses of all sizes
Texas Insider Report: WASHINGTON, D.C. – Last Tuesday, the House Financial Services Committee held a hearing titled "Examining Policies to Counter China." To maintain the United States' position as the global financial leader, we must continue to champion free markets and capitalism, fostering an economic system that prioritizes innovation. While technological innovation is key to countering China’s influence, we must also protect our communities from threats like fentanyl trafficking, a crisis that is being fueled in part by China.
To address this, I am proud to co-sponsor Congressman Andy Ogles’ Stop Fentanyl Money Laundering Act, which empowers the Treasury Department to target money laundering activities that facilitate fentanyl trafficking. This important legislation falls under the jurisdiction of the Financial Services Committee, and we are fully committed to combating China on both financial and criminal fronts.
Congressman Sessions at Capital Markets Subcommittee
Also in the Financial Services Committee, the Subcommittee on Capital Markets, of which I am a member, held a hearing this week. This hearing was entitled, "The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation." We focused on the critical importance of capital formation for businesses of all sizes. Capital formation plays a crucial role in our long-term economic growth in our communities.
- You can view my comments here.
On Wednesday, I met with members of the Independent Bankers Association of Texas (IBAT) from TX-17. Community banks play a vital role in supporting our local economies. I agree with IBAT that lowering burdensome government regulations will foster a more productive business environment and help our community banks thrive. These institutions are integral to supporting small businesses and are often victims of fraudulent activity. I am committed to policy that protects our banks and decreases regulations.
The evening before our meeting, I had the pleasure of taking these IBAT visitors on a tour of the U.S. Capitol. It was an opportunity to show them firsthand how impactful legislation is formulated and continue the important dialogue about how Congress can support the growth and stability of our local banks.
United Aerial Firefighters Association
Wednesday afternoon, I met with the United Aerial Firefighters Association (UAFA). We discussed opportunities to improve wildfire management across the country, while supporting small businesses providing rural jobs. With three beautiful national forests in TX-17, I am committed to supporting personnel like companies with UAFA that protect our communities vulnerable to wildfires.
Legislation of the Week
H.Con.Res.14→ FY25 Budget Resolution
Tuesday night we passed the FY25 budget resolution. This bill allows us to begin work to pass a legislative package that will grow the economy by $2.6 trillion over 10 years from 2.6% average growth. We will save $829 billion in discretionary spending and ensure President Trump’s tax cuts will become permanent. I voted YES.
H.J. Res. 20→ Reversing the Biden-Harris Administration's Ban on Gas Water Heaters
This legislation addresses the Biden Administration’s ban on gas-fired water heaters, rescinding a rule that restricts the water heaters that millions of Americans rely on, bringing back a prioritization of consumer choice and affordability. I was a YES.
H.J. Res. 35→ Repealing the Natural Gas Tax
My fellow Texan Congressman August Pfluger (TX-11) led this legislation to repeal the rule that implemented the Biden Administration’s Waste Emissions Charge, or natural gas tax. This rule harms innovation and creates red tape for businesses and consumers. I voted YES
