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WEEK IN REVIEW
Posted by Staff on October 09, 2015
House Passes Bipartisan Consumer Protection and Regulatory Relief Bills

The House passed five bipartisan Financial Services bills this week, including one that provides a formal hold-harmless period for those making a good faith effort to comply with the CFPB’s 1,888-page TRID rule, which became effective on Oct. 3.

The bill, H.R. 3192, the Homebuyers Assistance Act sponsored by Rep. French Hill (R-AR), passed overwhelmingly by a vote of 303-121.

“I am happy members of both sides of the aisle were able to come together and move legislation that will prevent costly market disruptions and delays for Americans homebuyers,” said Rep. Hill.

Four other bipartisan bills that passed the House this week provide needed regulatory relief for Main Street job creators and investors, and help state and local agencies aid families in collecting child support payments. Americans working in the financial sector to have the freedom to use their time and resources toward creating jobs and growing the economy rather than complying by misguided rules. The following are the financial services bills that passed with bipartisan support:

• H.R. 1553, the Small Bank Exam Cycle Reform Act, sponsored by Rep. Scott Tipton (R-CO)

• H.R. 1839, the Reforming Access for Investments in Startup Enterprises Act (RAISE) Act, sponsored by Rep. Patrick McHenry (R-NC)

• H.R. 2091, the Child Support Assistance Act, sponsored by Rep. Bruce Poliquin (R-ME)

• H.R. 1525, the Disclosure Modernization and Simplification Act, sponsored by Rep. Scott Garrett (R-NJ)

Subcommittee Recommends MDBs Focus on Economic Growth

The Monetary Policy and Trade Subcommittee held a hearing on Friday to discuss the future of multilateral development banks (MDBs) and how they can more effectively spur economic growth to alleviate poverty in developing countries.

“Congress plays an important role in determining U.S. funding for the MDBs and engaging in oversight of the Administration’s participation in the MDBs," remarked Subcommittee Chairman Bill Huizenga (R-MI). "The MDBs’ goal is to draw on member nations’ contributions to leverage additional private sector financing."

MEMBER SPOTLIGHT

Rep. French Hill | House OKs Hill's bill to delay bank rebuke

Rep. French Hill, R-Ark., who sponsored the bill, said businesses are concerned that the agency won't be lenient, despite a written promise from the bureau's director. An act of Congress, he said, would give the institutions greater confidence.

Rep. Scott Tipton| House OKs Tipton’s bank relief bill

The House unanimously passed legislation on Tuesday sponsored by Rep. Scott Tipton that would ease regulatory burdens on well-managed community banks.

Weekend Must Reads


Investor's Business Daily | Sorry, Bernanke, But Fed’s ‘Recovery’ Was Miserable

This “recovery” has been by far the worst – even by the Fed’s own data. Put simply, Fed policies since the financial crisis not only haven’t helped the economy rebound, they’ve also held it back.

Powerline | Why the Big Banks Love the Democrats

Democrats are corporatists who want to favor a few big firms that the government can then control. Dodd-Frank has been a disaster, but not for the nation’s biggest banks and not for the Democratic Party.

    In the News

Bloomberg | House Passes Bill Easing Exams on Small Banks

Washington Examiner | GOP seeks to rein in Obama's finance bureau

American Banker | House Passes Bill to Delay Enforcement of New Mortgage Disclosures

HousingWire| House passes bipartisan TRID grace period bill 303-121

The Hill | Dem economists attack Elizabeth Warren over Brookings firing

Washington Examiner | Jobs Report: Disappointment Is Routine With This Administration

Investor's Business Daily | Jobs Report: Disappointment Is Routine With This Administration

Wall Street Journal | Top Republican Urges Yellen to Comply with Congressional Subpoena

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