The Clearing House (TCH) submitted a statement at the request of the House Financial Services Committee that was entered to the record of the Committee’s April 8 hearing entitled “Who’s in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.”  The statement urges policymakers to consider the cumulative impact of new regulations rather than evaluating any one particular regulation in isolation to ensure that the broader effect of proposed rulemaking on financial markets and the U.S. economy is identified and well-understood before these rules are finalized. The statement draws particular attention to the treatment of the secured deposits of U.S. municipalities and the treatment of U.S. municipal securities under the proposed U.S. LCR rules.  Committee members covered a wide range of topics at the hearing, including Operation Choke Point, the Volcker Rule and CLO treatment, CFPB actions and APA concerns, and regulatory relief for smaller institutions.