Rep Cmte Financial Services

House Passes Financial Services Bills

H.R. 749 & H.R. 1035 Pass with Bipartisan Support

Washington, Mar 12 -

The House of Representatives today passed two bipartisan Financial Services Committee bills.

H.R. 749, the Eliminate Privacy Notice Confusion Act

This legislation was introduced by Congressman Blaine Luetkemeyer (R-MO) with Congressman Brad Sherman (D-CA) as the lead cosponsor. H.R. 749 eliminates a costly federal mandate requiring financial institutions to send unnecessary privacy notices every year to their customers. Under current law, these notices are required even if the financial institution has made no change in its privacy policies or practices. Under H.R. 749, institutions would be required to provide these notices only if they have changed their policies or practices related to customer privacy.

“We must cut the sheer weight, volume, complexity and uncertainty of the federal red tape burden that makes capital more expensive and less available for America’s hardworking taxpayers,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “When we do, we’ll have a healthier economy and more economic freedom."

Congressman Luetkemeyer made the following statement after final passage:

“For the second time, lawmakers on both sides of the aisle in the House of Representatives have supported this commonsense legislation that would eliminate unnecessary, costly, confusing and often ignored mailings that clog up people’s mailboxes and I am confident that the Senate will embrace this legislation as well. This bill will reduce costs passed onto the customers of banks and credit unions and will make it more likely that people will pay closer attention to important mailings they receive from their financial institutions.”

H.R. 1035, a bill to study voluntary community-based flood insurance options

The House also approved legislation introduced by Congresswoman Gwen Moore (D-WI). H.R. 1035 requires the Federal Emergency Management Agency (FEMA) to study the advantages and disadvantages of providing voluntary community-based flood insurance through the National Flood Insurance Program. Under the bill, FEMA will have to report its recommendations to Congress within 18 months. Additionally, H.R. 1035 requires the Government Accountability Office (GAO) to analyze FEMA's report and submit its comments or recommendations to Congress within six months.