Consumer Protection and Regulatory Relief Bills Pass Committee
September 30, 2015 -
The Financial Services Committee today approved several bipartisan bills designed to protect consumers and help build a healthier economy.
“Consumers are understandably concerned about our economy. We remain stuck in the worst recovery of the last 70 years. At the same time, they’re concerned that Washington is taking away their choices and raising many of their costs, said Financial Services Committee Chairman Jeb Hensarling (R-TX).
“Our committee has the privilege -- and responsibility -- to fight for them. Because every American -- regardless of which side of the tracks they grew up on, regardless of how humble their circumstances may be -- has the right to shape their own destiny; has the right to economic freedom and choice; and has the right to expect that Congress will work to build a healthier economy with more opportunities. Our committee has already guided 41 bills through the House this year, but we still have a lot of work to do,” Hensarling added.
Below are the bills approved by the committee and their vote totals:
H.R. 414, the Burdensome Data Collection Relief Act
Sponsor: Rep. Bill Huizenga (R-MI)
H.R. 414 repeals a burdensome, unneeded and expensive requirement of the Dodd-Frank Act for publicly traded companies so they can instead focus resources on job creation and economic growth.
H.R. 414 passed the committee 32-25
H.R. 957, the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015
Sponsor: Rep. Steve Stivers (R-OH)
H.R. 957 ensures greater accountability at the Consumer Financial Protection Bureau (CFPB) by creating an independent Inspector General for the CFPB who is, nominated by the President and confirmed by the Senate.
H.R. 957 passed the committee 56-3
H.R. 1090, the Retail Investor Protection Act
Sponsor: Rep. Ann Wagner (R-MO)
H.R. 1090 begins to correct the Department of Labor’s proposed fiduciary rule that will raise costs, restrict choice and reduce access to investment advice for lower and middle income families seeking financial independence.
H.R. 1090 passed the committee 34-25
H.R. 1266, the Financial Product Safety Commission Act of 2015
Sponsor: Rep. Randy Neugebauer (R-TX)
H.R. 1266 removes the CFPB from within the Federal Reserve System and re-establishes it as a stand-alone agency that is governed by a five-member, bipartisan commission. All authorities and powers of the CFPB remain unchanged.
H.R. 1266 passed the committee 35-24
H.R. 2769, the Risk-Based Capital Study Act of 2015
Sponsor: Rep. Stephen Fincher (R-TN)
H.R. 2769 requires the National Credit Union Administration to conduct a study of the appropriate capital requirements for Federal and State credit unions before new rules take effect.
H.R. 2769 passed the committee 50-9