Randy Neugebauer

Randy Neugebauer


Neugebauer Convenes Regulators to Push Regulatory Relief for Main Street


WASHINGTON – Rep. Randy Neugebauer (R-TX), Chairman of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, delivered the following opening statement—as prepared for delivery—at today’s Subcommittee hearing to examine the regulatory burdens on community financial institutions from the regulator perspective:

“Good morning. Today, this Subcommittee will continue its examination of the regulatory burdens facing community financial institutions and the resulting impact on the American consumer.

“The Financial Services Committee has heard an overwhelming amount of testimony highlighting the plight of our Main Street financial institutions. These are institutions that are disappearing at an average rate of one every single day.

“We have heard from hardworking Americans in communities across the country that they are losing their financial independence. These consumers face difficulties obtaining mortgage credit and the threat of financial products disappearing.

“Each one of us in this room has an obligation to our constituents to take seriously regulatory reform for these institutions and the American consumer. Unfortunately, some of my colleagues on the other side of the aisle and in the upper chamber have suddenly changed course in their efforts to work in a bipartisan manner. Curiously, we have seen bills that were bipartisan last year, become more difficult this year.

“We have seen Democrat-led, bipartisan bills that have passed our Committee blocked from going to the floor—all in an effort to protect Dodd-Frank. As a result, Republicans are left without a dancing partner in trying to reverse the trend of ‘Too Small to Succeed.’ In my district, and I suspect in many of my colleagues’ districts, that is not an option.

“So today, I am pleased to welcome our witnesses from federal and state financial regulators. These agency representatives will provide an important perspective on the regulatory framework facing community financial institutions. I suspect many of them have heard the same stories members of this Subcommittee have heard. However, these agencies are in a unique position. They have the authority in most cases to write rules that can begin to change the condition of ‘Too Small to Succeed.’ Some have done a better job than others.

“Today, this Subcommittee will address two overarching regulatory issues. First, how does the supervision and examination function of these agencies impact community financial institutions? Are there ways we can improve this process? Second, how does agency rulemaking limit the operational activities of community financial institutions? Further, how do these regulations impact consumer choice and the availability of credit?

“Each one of your agencies holds a piece of the regulatory burden puzzle that must be addressed. For example, community banks have undergone a significant capital restructuring as a result of Basel capital requirements. Credit unions are in the midst of moving to their own new capital structure that could result in considerable cost. Operation Choke Point has severely fractured any trust in the supervision and examination process between financial institutions and regulatory agencies.

“Some consumer protection rules have literally caused products to disappear as was the case with banks’ deposit advance products. In total, these regulatory issues continue to drive market consolidation and harm the experience of consumers in the financial marketplace.

“In closing, I am reminded of a quote from a recent Harvard University study about community banks. It stated, ‘Their competitive advantage is a knowledge and history of their customers and a willingness to be flexible.’ I like this quote because it is the very definition of relationship banking.

“In the 19th District of Texas, we need relationship banking. My constituents want to know their banker. The local banker wants to be flexible and find ways to help his neighbor realize their dream and reach financial independence.

“It is my hope that today we can begin to restore some bipartisanship and work together to help our constituents on Main Street reach their financial dreams and enable our economy to reach its full potential.”



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Neugebauer Floor Remarks on H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act


WASHINGTON – Rep. Randy Neugebauer (R-TX), Chairman of the Financial Institutions and Consumer Credit Subcommittee, delivered the following statement—as prepared for delivery—on the House floor today in support of H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act:

“Mr. Speaker, today the House considers H.R. 1195—the Bureau of Consumer Financial Protection Advisory Boards Act. This bill is essential to provide small businesses a voice in the regulatory process, and to help ensure community banks and credit unions continue to have a voice at the CFPB going forward.

“Small businesses are the backbone of our economy. Yet our regulatory system silences these hardworking Americans. Regulations meant for large corporations trickle down and have disproportionate impacts on Main Street businesses. We must remember that these businesses are by-in-large owned and operated by our neighbors and friends. They represent a life’s work and a vision of the American dream.

“The CFPB was created to protect consumers in the financial marketplace. It would seem impossible to responsibly undertake this endeavor of protecting the American consumer without consulting the institutions that are most closely associated with the American consumer: small businesses and community financial institutions.

“H.R. 1195 is a straightforward and bipartisan piece of legislation. It would amend the Dodd-Frank Act to create a small business advisory board to advise the CFPB.

“The bill would also codify two other advisory committees created by Director Cordray: the Credit Union Advisory Council and the Community Bank Advisory Council. Under H.R. 1195, each board or council would advise the CFPB regarding concerns of its established membership. The Director of the CFPB would be required to appoint at least 15, but no more than 20 members to each board or council.

This bill is publicly supported by the following organizations: the Credit Union National Association, the National Association of Federal Credit Unions, the Texas Land Title Association, the American Land Title Association, the U.S. Chamber of Commerce, and the Independent Community Bankers of America.

“Mr. Speaker, this is truly a commonsense and bipartisan bill. Last Congress, identical legislation passed the House by voice vote. This Congress, H.R. 1195 passed out of the Committee by a vote of 53-5. The Ranking Member who is down here today has voted for this bill two times.

“Yet, we find ourselves here today debating the merits of providing a voice for small businesses and community financial institutions. This week, former Secretary of State Hillary Clinton was questioned about the health of America’s small businesses. She said she was “surprised” to learn that small businesses were struggling.

“Mr. Speaker, H.R. 1195 is just one small and commonsense step to providing a voice for our small businesses and community financial institutions in the regulatory process. It helps ensure that politicians and Washington bureaucrats aren’t surprised to learn of the plight and struggles of these Main Street pillars. It gives these hardworking Americans a voice at the table.

“Now Democrats are going to say our disagreement is with how the bill is paid for. Let me address that for a moment. House rules require that any increase in mandatory spending be offset with a reduction in mandatory spending elsewhere. The CBO says H.R. 1195 will cost $9 million in total over the next decade.

“Republicans simply reduced the maximum amount that the CFPB can draw from the Federal Reserve over the same 10 years to offset this cost. To put this into perspective, the CFPB by statute can draw approximately $6.7 billion over this time period. The offset we are debating amounts to 0.1% of this amount.

“If Democrats really want to claim that a 0.1 % reduction in the $6.7 billion that CFPB can spend over the next decade really threatens the Bureau’s mission, perhaps it is time to examine the Bureau’s current spending priorities. I am quite confident we can debate spending problems at the CFPB for the rest of the afternoon.

“Just to reiterate—H.R. 1195 will not cut spending on consumer protection. It will provide a voice for small businesses.

“Let’s help our small businesses succeed, let’s help Main Street prosper, and let’s vote today to move H.R. 1195 forward.”


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House Subcommittee Chair Pushes for Main Street Regulatory Relief


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Neugebauer introduces legislation to stop ‘political targeting’ by the IRS


Randy's Roundup: House Passes Bill to Repeal Death Tax


House Passes Bill to Repeal Death Tax Last week, the House passed H.R. 1105, legislation permanently repealing the federal death tax. I cosponsored this bill and join many of my colleagues in the fight to finally end this unfair tax. According to the Tax Foundation, the death tax provides less than 1 percent of the total revenue the federal government collects. While the revenue collection is just a drop in the bucket, the death tax is harming our nation’s farmers, ranchers, and family-owned small business owners. These hardworking Americans often pass along their businesses and property to the next generation, but with the burdensome death tax, the federal government is making it harder to build on their families’ life’s work and move closer to the American Dream. It’s time for the government to get out of the way and allow our economy to reach its full potential. In fact, the Tax Foundation estimates elimination of the death tax would boost the economy through increased investment and create close to 150,000 new jobs. It is my hope that this commonsense bill quickly advances through the Senate and moves forward into law.On Tax Day, Neugebauer Introduces Bill to Stop Political Targeting by the IRS To mark Tax Day, last week I introduced a bill to stop political targeting by the Internal Revenue Service (IRS) and put an end to the kind of misconduct we saw during last year’s IRS scandal. The measure—H.R. 1798—would limit the opportunity for IRS bureaucrats to engage in misconduct and political targeting by prohibiting the Agency from creating its own definitions to determine whether an organization is engaging in political activity. At a time when our tax code is as complicated as ever before, we are reminded how powerful and unaccountable the IRS remains. I am pleased that this bill has support across Congress. Earlier this year, Senator Ted Cruz introduced S.273—a companion bill—in the United States Senate. You can read more about my work on this bill in the Lubbock Avalanche-Journal.Neugebauer Condemns Killing of Christians by ISIS In a video released yesterday, the world was once again reminded of why we must defeat and destroy the terrorist group ISIS. The video showed the mass execution of Christians in Libya at the hands of the savage terrorist group. I strongly condemn this attack and my thoughts and prayers go out to our Christian friends and all of their loved ones in harm’s way. We cannot allow ISIS to continue to operate freely and carryout these brutal attacks. We need a clearer strategy from the President to defeat and destroy ISIS. In Congress, my focus remains on keeping America safe and ensuring we have a strong national defense. 

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Neugebauer Convenes Subcommittee to Push Regulatory Relief for Main Street


“We must push forward in our bipartisan efforts to provide regulatory relief for our Main Street financial institutions and protect the financial independence of the individuals and families they serve.”

WASHINGTON – Rep. Randy Neugebauer (R-TX), Chairman of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, delivered the following opening statement—as prepared for delivery—at today’s Subcommittee hearing to examine the regulatory burdens on non-depository financial institutions: 

“Good afternoon. This month, we got some very bad economic news. The U.S. economy only created 126,000 jobs in the month of March—far below expectations. The government also revised job numbers downward for the first quarter. I see these numbers and I continue to be concerned with the direction our economy is headed.

“According to the Brookings Institute, last year was the first time in 30 years that “business deaths exceed business births.”

“And on this Tax Day, we are reminded just how burdensome and complex our tax code is. According to the National Taxpayer Union Foundation, “compliance with the federal income tax cost the economy $233.8 billion in productivity last year.” This is only making it harder to get our economy back on track.

“This Committee has already heard testimony and explored the significant regulatory onslaught and resulting market consolidation facing depository institutions—our nation’s community banks and credit unions.

“Today, I am pleased to welcome our witnesses who represent many small businesses and community-based financial institutions to hear their perspective on ever-increasing regulatory burdens.

“As many of you know, the Financial Services Committee, and this Subcommittee, are undertaking a comprehensive examination of regulatory burdens facing our Main Street lenders and businesses.

“Today’s hearing provides the Committee with an opportunity to hear about the impact these regulatory burdens have on our non-depository financial institutions. Non-bank financial institutions are a diverse and important part of our financial sector.

“Many of these institutions provide short term, small-dollar lending. They enable families to purchase automobiles to take their kids to school. They provide title insurance for those looking to purchase a home and move closer to the American dream. And they are often lenders and service providers for basic consumer loans. 

“Yet, they are very different from community banks and credit unions. They don’t use deposits to fund their operations. As a result of this unique structure they face operational challenges that many on this Committee may not be familiar with. 

“Today, I hope to explore a few of the most pressing regulatory issues facing these institutions.

“First, the CFPB is in the process of integrating the Truth in Lending Act and Real Estate Settlement Procedures Act, known as “TRID.” This is a major endeavor that will significantly alter the mortgage closing process for consumers, lenders, and title insurance companies. It is important for this Committee to understand how the industry is working to comply with the August 1st effective date, and if there are issues the Committee can help address.

“Second, the CFPB is in the process of promulgating rules addressing the short-term, small dollar credit market. This market is widely used by the American consumer and is highly regulated and enforced at the state level. It is important for this Committee to examine the regulatory structure of these products, and understand how a Federal regulation impacts credit access and product choice for consumers.

“Third, the CFPB has taken significant regulatory action impacting the auto industry. While Dodd-Frank exempted auto dealers form the CFPB’s jurisdiction, the Bureau has tried to bypass the exemption by regulating indirect auto lenders. The CFPB’s actions have the ability to disrupt the automobile buying experience of consumers, and have received bipartisan criticism that should be examined further.

“Finally, it is important for this Committee to better understand what the impact of Federal regulation and supervision means for industries historically regulated at the state level. While we often talk about regulatory burdens in compliance terms—burdensome, duplicative, and unnecessary supervision and examination can also burden community-based lenders.

“I am hopeful that Members will leave this hearing with a better understanding of the current regulatory environment for non-depository institutions, and areas of concern this Committee can address.

“We must push forward in our bipartisan efforts to provide regulatory relief for our Main Street financial institutions and protect the financial independence of the individuals and families they serve.”



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On Tax Day, Neugebauer Introduces Bill to Stop Political Targeting by the IRS


WASHINGTON – Rep. Randy Neugebauer (TX-19) released the following statement today after introducing H.R. 1798, a bill to amend the tax code to prohibit the Internal Revenue Service (IRS) from creating its own definitions to determine whether an organization is engaging in political activity:

“On this Tax Day, hardworking Americans are once again reminded just how complex and burdensome our tax code is and just how powerful and unaccountable the IRS remains. To mark Tax Day, I have introduced a commonsense bill to protect taxpayers from political targeting by the IRS. My bill requires the IRS to use guidance from the bipartisan and independent Federal Election Commission (FEC) to determine if an organization is engaging in political activity—limiting the opportunity for IRS bureaucrats to engage in misconduct and political targeting. It’s long past time to rein in the IRS and bring some much-needed accountability to the Agency.”

Neugebauer introduced similar legislation in May of 2014. Earlier this year, Senator Ted Cruz (R-TX) introduced S.273—a companion bill—in the United States Senate.  


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Lawmakers Urge CFPB to Go Easy on Enforcement of New Disclosures


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Contact Information

1424 Longworth HOB
Washington, DC 20515
Phone 202-225-4005
Fax 202-225-9615

Congressman Randy Neugebauer proudly represents the 19th Congressional District of Texas, which stretches across 29 counties.  He has offices in the cities of Abilene, Big Spring and Lubbock.

As one of the most conservative Members of Congress, Randy works to keep Washington accountable to hardworking American taxpayers by requiring commonsense spending and borrowing limits.

Randy was raised in West Texas, and he is a voice for traditional Texan values in Washington. Randy graduated from Texas Tech in 1972 with a degree in accounting.  He went on to work in real estate management, eventually starting his own land development company.

As a small business owner, Randy knows first-hand the dedication and commitment it takes to own and manage a successful company.  He also knows how government regulations can quickly deplete the resources of a small business, causing hard times for families and communities. Randy brings this businessman’s perspective to Congress where he advocates for reduced spending, fiscal discipline, free markets, and limited government.

Randy serves on three committees in the House of Representatives, where he can work on legislation that directly benefits his constituents.  He is a senior member of the House Agriculture Committee and the House Science, Space, and Technology Committee.  Additionally, he serves as the Chairman of the House Financial Services Subcommittee on Housing and Insurance.

As Housing and Insurance Subcommittee Chairman, he’s working to reform the housing market, cut regulatory burdens, and shift risk away from American taxpayers and back into the private sector.

Randy’s legislative initiatives include eliminating wasteful federal spending, improving crop insurance, and supporting diverse domestic energy sources. He continues to work on legislation that will empower the constituents of the 19th Congressional District.

Randy’s support of conservative principles has been recognized by many groups and organizations.  He has received the U.S. Chamber of Commerce Spirit of Enterprise Award, the Club for Growth Defender of Economic Freedom Award, and the Taxpayer’s Friend Award from the National Taxpayers Union.  He has earned a 100% lifetime rating by National Right to Life.  He has been recognized by National Journal as one of the six most conservative members of the U.S. House of Representatives.  In addition, Randy serves as an Assistant Republican Whip to House Republican Whip Kevin McCarthy.

Randy is married to his high school sweetheart, Dana, who is a Ropesville native. Together they have two sons, two daughters-in-law, and are the proud grandparents of three boys and one girl.

Serving With

Louie Gohmert


Ted Poe


Sam Johnson


John Ratcliffe


Jeb Hensarling


Joe Barton


John Culberson


Kevin Brady


Michael McCaul


Michael Conaway


Kay Granger


Mac Thornberry


Randy Weber


Bill Flores


Lamar Smith


Pete Olson


Will Hurd


Kenny Marchant


Roger Williams


Michael Burgess


Blake Farenthold


John Carter


Pete Sessions


Brian Babin


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