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Cmte Financial Services (R)
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Committee Advances Six Bills

Washington, Jun 7 -

This week, the Financial Services Committee approved six bills, bringing the total number of bills reported out of the Committee this Congress to 108.

“These measures build on the regulatory relief recently passed by Congress to eliminate onerous Washington regulations that are stifling access to credit and capital. This is about creating the next Apple, the next Yahoo, the next Home Depot – it’s about where the economy of tomorrow will come from,” said Committee Chairman Jeb Hensarling (R-TX) at the beginning of the markup. “It is local community banks or credit unions that provide consumers with a checking account, a car loan, or a home mortgage; however, it is the capital markets that finance their careers, salaries, and retirement plans.  That is why today, we’re considering even more pro-growth capital formation measures that will help put our economy on a path of sustained prosperity.”

Below is a list of the bills the committee reported favorably to the House for further consideration:

H.R. 5783, the Cooperate with Law Enforcement Agencies and Watch Act of 2018

Introduced by Representative French Hill (R-AR), the “Cooperate with Law Enforcement Agencies and Watch Act of 2018” provides a safe harbor for financial institutions that maintain a customer account at the request of a Federal or State or tribal or local law enforcement agency.

The bill passed 55-0.

H.R. 5877, the Main Street Growth Act

Introduced by Representative Tom Emmer (R-MN), the “Main Street Growth Act” amends the Securities Exchange Act of 1934 to allow for the registration of venture exchanges to provide a venue which will allow qualifying companies one venue in which their securities can trade.

The bill passed 56-0.

H.R. 5054, the Small Company Disclosure Simplification Act of 2018

Introduced by Representative David Kustoff (R-TN), the “Small Company Disclosure Simplification Act of 2018” provides a voluntary exemption for emerging growth companies and other smaller companies from the requirements to use Extensible Business Reporting Language (xBRL) for financial statements and other periodic reporting.

The bill passed 32-23.

H.R. 5756, To require the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals.

Introduced by Representative Sean Duffy (R-WI), H.R. 5756 requires the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals.

The bill passed 34-22.

H.R. 3861, the Federal Insurance Office Reform Act of 2017

Introduced by Representative Sean Duffy (R-WI), the “Federal Insurance Office Reform Act of 2017” reforms the Federal Insurance Office of the Department of the Treasury.

The bill passed 36-21.

H.R. 4557, the Reforming Disaster Recovery Act of 2017

Introduced by Representative Ann Wagner (R-MO), the “Reforming Disaster Recovery Act of 2017” addresses waste, fraud and abuse in the CDBG-DR program.   The bill is a direct response to concerns shared with the committee by the inspector general of the department of housing and urban development (HUD).  The legislation will create more efficiency in the CDBG-DR program as it authorizes the HUD Secretary to coordinate with other government departments and agencies to provide CDBG-DR funds.

The bill passed 53-3.