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House to Consider Consumer Protection, Regulatory Relief Bills

Washington, Oct 5 -

This week, the House of Representatives will consider five bills approved by the Financial Services Committee to hold unelected Washington bureaucrats accountable so that consumers can achieve financial independence.

“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.

On Wednesday, October 7, the House is expected to consider the following bill, subject to a rule:

HR 3192, Homebuyers Assistance Act

Sponsor: Rep. French Hill (R-AR)

H.R. 3192 is an overwhelmingly bipartisan bill to create a temporary safe harbor (until February 1, 2016) from enforcement of a Bureau of Consumer Financial Protection (CFPB) rule to streamline disclosure requirements for consumers during the home buying process, as long as a good faith effort was made to comply. A hold-harmless period will allow the CFPB to work with stakeholders to gather data about implementation and provide guidance to address common implementation hurdles that emerge between now and the end of the year.

H.R. 3192 passed the Financial Services Committee on July 29 with bipartisan support by a vote of 45-13.

On Tuesday, October 6^th, the House is expected to consider the following bills under suspension of the rules:

HR 1525, the “Disclosure Modernization and Simplifications Act of 2015”

Sponsor: Rep Scott Garrett (R-NJ)

H.R. 1525 directs the SEC to simplify its disclosure regime for issuers and investors.

H.R. 1525 passed the Financial Services Committee on May 20 60-0.

H.R. 1553, the “Small Bank Exam Cycle Reform Act of 2015”
Sponsor: Rep. Scott Tipton (R-CO)

H.R. 1553 provides regulatory relief for community financial institutions suffering under the regulatory red tape regime of Dodd-Frank by allowing well-managed institutions to qualify for modified exam cycles.

H.R. 1553 passed the Financial Services Committee on July 29 58-0.

H.R. 1839, the “Reforming Access for Investments in Startup Enterprises Act of 2015”
Sponsor: Rep. Patrick McHenry (R-NC)

H.R. 1839 will promote a liquid secondary market for shareholders seeking to sell private securities. It will also encourage startups and private companies to both attract and retain talented employees and raise needed equity capital to grow their businesses.

H.R. 1839 passed the Financial Services Committee on July 29 58-0.

H.R. 2091, the “Child Support Assistance Act of 2015”
Sponsor: Rep. Bruce Poliquin (R-ME)

H.R. 2091 streamlines the child support payment process.

H.R. 2091 passed the Financial Services Committee on July 29 56-2.