Committee Passes Bills Supporting Main Street Growth and Economic Freedom
March 2, 2016 -
WASHINGTON – The Financial Services Committee today approved 10 bills designed to promote access to capital and help reduce regulatory burdens on Main Street small businesses. The committee also approved bipartisan legislation to expand flood insurance options for homeowners.
“The members of this committee are to be commended for working together in a bipartisan manner to identify problems that create economic uncertainty and stifle growth, and for developing these solutions to those problems,” said Chairman Jeb Hensarling (R-TX).
Below are the bills approved by the Committee today and their vote totals:
H.R. 2121, the SAFE Transitional Licensing Act of 2015
Sponsors: Reps. Steve Stivers (R-OH) and Terri Sewell (D-AL)
H.R. 2121 ensures Mortgage Loan Officers originating mortgages at depository institutions are able to move to nondepository institutions with a minimal amount of work disruption.
H.R. 2121 passed the committee 56-0
H.R. 2896, the Taking Account of Institutions with Low Operation Risk Act of 2015
Sponsor: Rep. Scott Tipton (R-CO)
H.R. 2896 allows regulators to tailor regulations so they fit a bank or credit union’s business model and risk profile. This allows community financial institution to focus their time and resources on serving customers rather than costly compliance with “one-size-fits-all” regulations that are not appropriate for their size or business model.
H.R. 2896 passed the committee 34-22
H.R. 2901, the Flood Insurance Market Parity and Modernization Act
Sponsors: Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL)
H.R. 2901 clarifies that flood insurance offered by a private carrier outside of the National Flood Insurance Program can satisfy the program’s mandatory purchase requirement. Restrictions under current federal law and sheer bureaucratic inertia have prevented the private flood insurance market from developing.
H.R. 2901 passed the committee 53-0
H.R. 3798, the Due Process Restoration Act of 2015
Sponsor: Rep. Scott Garrett (R-NJ)
H.R. 3798 ensures fairness and due process for matters litigated before the Securities and Exchange Commission (SEC). Once a case is pending before a federal district court, the bill would give a defendant the right to a jury trial.
H.R. 3798 passed the committee 32-25
H.R. 4096, the Investor Clarity and Bank Parity Act
Sponsors: Reps. Michael Capuano (D-MA) and Steve Stivers (R-OH)
H.R. 4096 makes a technical modification to the Volcker Rule in order to ensure that Main Street businesses and banks have access to affordable financing and growth capital.
H.R. 4096 passed the committee by voice vote.
H.R. 4139, the Fostering Innovation Act of 2015
Sponsors: Reps. Kyrsten Sinema (D-AZ) and Michael Fitzpatrick (R-PA)
H.R. 4139 reduces compliance costs for emerging growth companies that benefitted from the bipartisan JOBS Act passed by Congress in 2012.
H.R. 4139 passed the committee 42-15
H.R. 4166, the Expanding Proven Financing for American Employers Act
Sponsors: Reps. Andy Barr (R-KY) and David Scott (D-GA)
H.R. 4166 allows companies to grow and hire more workers by amending the risk retention requirements of the Dodd-Frank Act for managers that organize qualified collateralized loan obligations.
H.R. 4166 passed the committee 42-15
H.R. 4498, the Helping Angels Lead our Startups Act
Sponsors: Reps. Steve Chabot (R-OH), Robert Hurt (R-VA) and Kyrsten Sinema (D-AZ)
H.R. 4498 ensures that startup companies can connect with angel investors without inadvertently violating SEC rules.
H.R. 4498 passed the committee 44-13
H.R. 4620, the Preserving Access to CRE Capital Act of 2016
Sponsor: Rep. French Hill (R-AR)
H.R. 4620 provides regulatory relief by exempting qualified commercial real estate loans that enhance economic growth from the Dodd-Frank Act’s risk retention requirements.
H.R. 4620 passed the committee 39-18
H.R. 4638, the Main Street Growth Act
Sponsor: Rep. Scott Garrett (R-NJ)
H.R. 4638 provides for the creation and registration of venture exchanges. The bill would require the SEC to approve or deny the application of a venture exchange within six months or the application would be deemed approved.
H.R. 4638 passed the committee 32-25