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Committee Advances Four Bills

Washington, Jun 14 -

This week, the Financial Services Committee approved four bills, bringing the total number of bills reported out of the Committee this Congress to 112.

“Today, the Committee is meeting to consider another important series of measures. These are designed to deal with market stability and security to the financing of illicit activities. These bills represent months of dedicated efforts by their sponsors, and I want to thank members on both sides of the aisle who continue to work hard to get these bills in front of the committee,” said Committee Chairman Jeb Hensarling (R-TX) at the beginning of the markup. "This committee will continue to be focused on achieving [3% economic growth] as well as security of our people."

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

H.R. 5749, the “Options Markets Stability Act”

Introduced by Representative Randy Hultgren (R-IL), the “Options Markets Stability Act”, as amended, requires the prudential regulators to implement a risk-adjusted approach to value centrally-cleared options as it relates to capital rules to better and more accurately reflect exposure and promote options market-making activity.

The bill passed 54-0.

H.R. 5953, the “Building Up Independent Lives and Dreams Act” (BUILD Act)

Introduced by Representative Barry Loudermilk (R-GA), the “Building Up Independent Lives and Dreams Act,” or BUILD Act, addresses the challenges that certain charities face with the Bureau of Consumer Financial Protection Bureau’s (Bureau) TILA-RESPA Integrated Disclosure (TRID) rule. This bill allows certain charitable mortgage loan transactions to qualify for use of the truth in lending (TIL), good faith estimate (GFE), and HUD-1 forms instead of those required under the TRID rule.

The bill passed 53-0.

H.R. 6035, the “Streamlining Communications for Investors Act”

Introduced by Representative Ted Budd (R-NC), the “Streamlining Communications for Investors Act” directs the Securities and Exchange Commission (SEC) to revise SEC Rule 163(c) to allow a well-known seasoned issuer (WKSI) to authorize an underwriter or dealer to act as its agent or representative in communicating about offerings of the issuer’s securities prior to the filing of a registration statement.

The bill passed 31-23.

H.R. 6069, the “Fight Illicit Networks and Detect Trafficking Act”

Introduced by Representative Juan Vargas (D-CA), the “Fight Illicit Networks and Detect Trafficking Act,” or FIND Trafficking Act, requires the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking, and for other purposes.

The bill passed 53-0.