McHenry says contributions from Signature Bank fundraiser were returned

Rep. Patrick McHenry, chairman of the House Financial Services Committee, said the contributions from a fundraiser that Signature Bank threw him prior to the bank’s collapse weren’t processed and have been returned.

“So when people contribute to me, it's an endorsement of my agenda -- not the other way around,” McHenry said, when pressed by CNN on whether he should recuse himself from any investigations into the bank failures. “In this circumstance, we had not processed the contributions and we returned them all.”

McCarthy later defended his chairman, saying McHenry “doesn’t raise money because these people are influencing him” and pointed out that “there’s a limited amount that someone can provide in this process” anyway.

During a pen-and-pad with reporters at the House GOP policy retreat, McHenry and other top Republicans talked about the need to bring in bank executives to 

answer questions about the recent bank failures and dismissed the idea that loosening the Dodd-Frank law in 2018 had anything to do with their collapse.

Republicans demurred on whether a legislative response, such as insuring deposits beyond $250,000, is necessary, saying they need to get more information first.

“I want the investigation, the data, to lead to our conclusion for sound public policy,” McHenry said. “That's my role as committee chair.”