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House Passes 8 Financial Services Bills

Washington, Jul 10 -

The House of Representatives passed eight bipartisan bills from the Financial Services Committee today, all of which have passed the Committee with unanimous support.

“I’m pleased to see these important Financial Services Committee measures pass the House today and applaud the hard work of their sponsors. These bills are vital in achieving the committee’s goal of alleviating burdensome regulations on our nation’s capital markets to help Main Street businesses expand, create jobs, and spark innovation. They also focus on improving access to affordable financial services and products for people and families by expanding housing options for those in lower-poverty areas,” said Financial Services Committee Chairman Jeb Hensarling (R-TX).  

H.R. 1861, the “Larry Doby Congressional Gold Medal Act,” sponsored by James Renacci (R-OH), directs the Speaker of the House of Representatives and the President pro tempore of the Senate to arrange for the presentation of a Congressional Gold Medal in honor of Larry Doby in recognition of his achievements and contributions to American major league athletics, civil rights, and the Armed Forces during World War II.

This bill passed by voice vote.

H.R. 4537, the “International Insurance Standards Act of 2017,” sponsored by Sean Duffy (R-WI), preserves the State-based system of insurance regulation and provides greater Congressional oversight and transparency on international insurance standard negotiations.

This bill passed by voice vote.

H.R. 5793, the “Housing Choice Voucher Mobility Demonstration Act of 2018,” sponsored by Rep. Sean Duffy (R-WI), authorizes the Secretary of Housing and Urban Development to carry out a housing choice voucher mobility demonstration to encourage families receiving such voucher assistance to move to lower-poverty areas and expand access to opportunity areas.

This bill passed 368-19.

H.R. 5749, the “Options Markets Stability Act,” sponsored by Rep. Randy Hultgren (R-IL), requires the prudential regulators to implement a risk-adjusted approach to value centrally-cleared exchange-listed derivatives as it relates to capital rules to better and more accurately reflect exposure and promote  market-making activity.

This bill passed 385-0.

H.R. 5877, the “Main Street Growth Act,” sponsored by Rep. Tom Emmer (R-MN), amends the Securities Exchange Act of 1934 to allow for the registration of venture exchanges with the Securities and Exchange Commission to provide a venue that is tailored to the needs of small and emerging growth companies and allow these w qualifying companies one venue in which their securities can trade.

This bill passed by voice vote.

H.R. 5953, the “Building Up Independent Lives and Dreams (BUILD) Act,” sponsored by Rep. Barry Loudermilk (R-GA), addresses the challenges that certain charities face with the Bureau of Consumer Financial Protection Bureau’s  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.

This bill passed by voice vote.

H.R. 5970, the “Modernizing Disclosures for Investors Act,” sponsored by Rep. Ann Wagner (R-MO), requires the Securities and Exchange Commission no later than 180 days after enactment to provide a report to Congress with a cost-benefit analysis of emerging growth companies’ use of SEC Form 10-Q and recommendations for decreasing costs, increasing transparency, and increasing efficiency of quarterly financial reporting by emerging growth companies.

This bill passed by voice vote.

H.R. 6139, the “Improving Investment Research for Small and Emerging Issuers Act,” sponsored by Rep. Bill Huizenga (R-MI) , requires the Securities and Exchange Commission to carry out a study to evaluate the issues affecting the provision of and reliance upon investment research into small issuers, including emerging growth companies and pre-IPO companies.

This bill passed by voice vote.