House Approves Bipartisan Financial Services Committee Bills to Grow the Economy and Create Jobs
September 16, 2014 -
The House of Representatives today passed two bipartisan job creation and regulatory relief bills from the Financial Services Committee.
H.R. 5461, the Insurance Capital Standards Clarification Act of 2014, introduced by Rep. Andy Barr (R-KY), would amend the Dodd-Frank Act to give the Federal Reserve flexibility to set capital standards for insurance companies. Also included in the bill are three bipartisan bills that were previously approved by the House, which can be found here.
“By empowering FSOC to designate Systemically Important Financial Institutions (SIFIs), the Dodd-Frank Act allows the Federal Reserve to impose one-size-fits-all standards on banks and non-banks; in other words, to move more institutions from the non-bailout economy to the bailout economy. The bipartisan Insurance Capital Standards Clarification Act of 2014, including its other provisions that have already received overwhelming support from Democrats and Republicans -- is common sense legislation that holds Washington accountable, strengthens our economy and helps create jobs," said Financial Services Committee Chairman Jeb Hensarling (R-TX).
H.R. 5405, the Promoting Job Creation and Reducing Small Business Burdens Act, introduced by Rep. Mike Fitzpatrick (R-PA), would enhance the ability of small and emerging growth companies to access much-needed capital through public and private markets and reduce the regulatory, red-tape burden these companies face to help them create jobs. Also included in H.R. 5405 are previously approved bipartisan bills, which can be found here.
“With millions of our fellow Americans unemployed and underemployed, job number one for our committee and House Republicans continues to be job creation and economic growth. While it is sometimes difficult to find common ground in divided government, these are common sense, bipartisan bills that will help grow our economy and put Americans back to work. Both bills fix problems with Washington regulations, so small businesses and companies throughout the nation will find it easier to create jobs that struggling American families desperately need,” said Hensarling.
“Several provisions in these bills have previously passed the House with overwhelming bipartisan support. Yet Harry Reid has refused to allow them to come up for a vote in the Senate. We’re passing them again to remind Harry Reid that House Republicans have produced positive solutions to grow the economy, and it’s time for the Senate to join us,” Hensarling added.