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Committee Passes Bipartisan Growth and Consumer Protection Bills

Washington, Dec 9 -

WASHINGTON - The Financial Services Committee today approved several bipartisan measures designed to protect consumers, grow the economy, strengthen government transparency and help lead the fight against terrorists.

“I am proud that the Financial Services Committee continues to pass bipartisan legislation, all focused on the priorities of the American people.  These bills can make a positive difference in people’s lives and help build a healthier economy with more opportunities for all.  In addition, our Task Force to Investigate Terrorism Financing will continue its important work to fight the financial war against terrorists,” said Chairman Jeb Hensarling (R-TX).

Below are the measures approved by the Committee and their vote totals: 

Task Force to Investigate Terrorism Financing

The resolution establishes the Task Force to Investigate Terrorism Financing for a six-month period beginning in January 2016.  The Task Force, which was previously authorized by the Committee during the period of March to September 2015, will continue working to improve U.S. efforts to choke off terrorist financing.

The resolution passed the committee by voice vote.

H.R. 2205, the Data Security Act of 2015

Sponsors:  Reps. Randy Neugebauer (R-TX) and John Carney (D-DE)

H.R. 2205 strengthens protections for consumers against identity theft and fraud.  The bill directs any individual, corporation or non-governmental entity that interacts with sensitive consumer financial or other nonpublic data to develop an information security plan that will protect consumers’ personal information.

H.R. 2205 passed the committee 46-9.

H.R. 2187, the Fair Investment Opportunities for Professional Experts Act

Sponsor: Rep. David Schweikert (R-AZ)

H.R. 2187 modernizes securities laws so more Americans will have investment opportunities.  The bill amends the definition of an accredited investor to expand the pool of potential investors and enhance the ability of small and mid-sized business to raise capital.

H.R. 2187 passed the committee 54-2.

H.R. 2287, the National Credit Union Administration Budget Transparency Act

Sponsor: Rep. Mick Mulvaney (R-SC)

H.R. 2287 sets requirements to improve transparency and accountability in the National Credit Union Administration’s budgeting process.

H.R. 2287 passed the committee 40-16.

H.R. 3700, the Housing Opportunity Through Modernization Act of 2015

Sponsors: Rep. Blaine Luetkemeyer (R-MO) and Emanuel Cleaver (D-MO)

H.R. 3700 promotes greater efficiency in existing housing assistance programs and modernizes outdated rules and regulations, some of which have not been updated in over a generation.

H.R. 3700 passed the committee 44-10.

H.R. 3784, the SEC Small Business Advocate Act of 2015

Sponsors:  Reps. Sean Duffy (R-WI) and John Carney (D-DE)

H.R. 3784 ensures that small business success is a priority for the Securities and Exchange Commission (SEC).  The bill establishes the Office for Small Business Capital Formation and the Small Business Advisory Committee within the SEC to help fulfill a part of the SEC’s mission to facilitate capital formation. 

H.R. 3784 passed the committee 56-0.

H.R. 3791 allows more small banks and savings and loans to access capital that can be used to make loans and offer new loan products.

Sponsor: Rep. Mia Love (R-UT)

H.R. 3791 passed the committee 33-21.

H.R. 4168, the Small Business Capital Formation Enhancement Act

Sponsors:  Reps. Bruce Poliquin (R-ME) and Juan Vargas (D-CA)

H.R. 4168 requires the SEC to respond to any findings and recommendations put forth by the SEC’s Government-Business Forum on Small Business Capital Formation.

H.R. 4168 passed the committee 55-1.