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Hensarling Amendment of 15 Bipartisan Bills Included in Final Highway Legislation Passed by House


Washington, Dec 3 -

The final version of the five-year highway bill approved by the House today includes an amendment offered by Financial Services Committee Chairman Jeb Hensarling (R-TX) of 15 bipartisan financial services bills.

The 15 bills included in the Hensarling amendment had previously passed the House as stand-alone measures with strong bipartisan support, and the Hensarling amendment was added to the highway bill last month.

“It is very difficult to come by bipartisan bills, but I am proud to say that the House Financial Services Committee has passed numerous pieces of bipartisan legislation.  They are modest because they are bipartisan, but they are important and can make a difference in people’s lives,” said Chairman Hensarling.

Below is information about the bills included in the Hensarling amendment:

H.R. 2064, the Improving Access to Capital for Emerging Growth Companies Act

Sponsors: Reps. Stephen Fincher (R-TN) and John Delaney (D-MD)

Summary: Simplifies the SEC registration process for Emerging Growth Companies in order to accelerate a company’s ability to enter into an Initial Public Offering.

The Financial Services Committee approved the bill by a vote of 57-0.

The bill passed the House by voice vote on July 14.

H.R. 1525, the Disclosure Modernization and Simplifications Act of 2015

Sponsor: Rep. Scott Garrett (R-NJ)

Summary: Directs the SEC to simplify its disclosure regime for issuers and investors.

The Financial Services Committee approved the bill by a vote of 60-0.

The bill passed the House by voice vote on Oct. 6.

H.R. 1698, the Bullion and Collectible Coin Production Efficiency and Cost Savings Act

Sponsor:  Rep. Bill Huizenga (R-MI) 

Summary:  Amends design and content requirements for certain gold and silver coins produced by the United States Mint. 

The bill passed the House by voice vote on June 23.

H.R. 432, the SBIC Advisers Relief Act of 2015

Sponsor: Rep Blaine Luetkemeyer (R-MO)

Summary: Amends the Investment Advisers Act of 1940 to reduce unnecessary regulatory costs and eliminate duplicative regulation of advisers to Small Business Investment Companies.

The Financial Services Committee approved the bill by a vote of 53-0.

The bill passed the House by voice vote on July 14.

H.R. 601, the Eliminate Privacy Notice Confusion Act

Sponsor:  Rep. Blaine Luetkemeyer (R-MO)

Summary:  Reduces confusion among consumers by clarifying that they will receive privacy notices after opening a new account when their financial institution’s privacy policies change rather than an annual notice. 

The Financial Services Committee approved the bill by a vote of 57-0.

The bill passed the House by voice vote on April 13.

H.R. 1839, the Reforming Access for Investments in Startup Enterprises Act

Sponsor: Rep. Patrick McHenry (R-NC)

Summary:  Codifies an established legal framework for secondary markets of restricted securities to enhance market liquidity, thereby promoting growth for investors and entrepreneurs.

H.R. 1839 passed the Financial Services Committee by a vote of 58-0.

The bill passed the House by a vote of 404-0 on Oct. 6.

H.R. 2482, the Preservation Enhancement and Savings Opportunity Act

Sponsor:  Rep. Erik Paulson (R-MN) 

Summary:  Amends the Low-Income Housing Preservation and Resident Homeownership Act of 1990 to allow owners (including nonprofits) of HUD federally-subsidized multifamily developments access to remaining profits after all operating expenses and maintenance costs.

The bill passed the House by voice vote on July 14.


H.R. 233, the Tenant Income Verification Relief Act

Sponsor:  Rep. Earl Perlmutter (D-CO) 

Summary:  Allows tenants on a fixed income to have their income certified and/or verified once every three years rather than annually.  This bi-partisan legislation will help streamline and reduce the burdens placed on tenants for purposes of determining their eligibility for certain Federal assistance housing programs, including seniors and other individuals and families who consistently maintain a fixed income.

The bill passed the House by voice vote on March 23.

H.R. 1047, the Housing Assistance Efficiency Act

Sponsor:  Rep. Scott Peters (D-CA)

Summary:  Amends the McKinney-Vento Homeless Assistance Act to allow (in addition to a state, local government, or public housing agency) a private nonprofit organization to administer permanent housing rental assistance provided through the Continuum of Care Program under the Act.

The bill passed the House by voice vote on July 14.

H.R. 2091, the Child Support Assistance Act of 2015

Sponsor: Rep. Bruce Poliquin (R-ME)

Summary:  Helps state and local support enforcement agencies aid families in collecting child support payments.

The bill passed the Financial Services Committee 56-2.

The bill passed the House by voice vote on Oct. 6.

H.R. 2997, the Private Investment in Housing Act

Sponsor:  Rep. Dennis Ross (R-FL)

Summary:  Provides the Department of Housing and Urban Development (HUD) the authority to establish a demonstration program and enter into budget-neutral, performance-based agreements that result in the reduction in energy or water costs for multi-family housing.

The bill passed the House by a vote of 395-28 on July 14.

H.R. 299, the Capital Access for Small Community Financial Institutions Act

Sponsor:  Rep. Steve Stivers (R-OH)

Summary:  Allows privately insured state chartered credit unions to apply for membership in the Federal Home Loan Bank System, which would help them better serve the financial needs of consumers.  The bill passed the House by a vote of 395-0 during the 113th Congress.

The Financial Services Committee approved the bill by a vote of 56-1.

The bill passed the House by voice vote on April 13.
 
H.R. 1553, the Small Bank Exam Cycle Reform Act of 2015

Sponsor: Rep. Scott Tipton (R-CO)

Summary:  Provides regulatory relief for community financial institutions suffering under the regulatory red tape regime of the Dodd-Frank Act by allowing well-managed institutions to qualify for modified exam cycles.

The bill was approved by the Financial Services Committee 58-0.

The bill passed the House 411-0 on Oct. 6.

H.R. 1723, the Small Business Freedom and Growth Act

Sponsors: Reps. Ann Wagner (R-MO) and Terri Sewell (D-AL)

Summary: Simplifies the registration process for new securities offerings.

The Financial Services Committee approved the bill by a vote of 60-0.

The bill passed the House 426-0 on July 14.

H.R. 1334, the Holding Company Registration Threshold Equalization Act of 2015

Sponsors: Reps. Steve Womack (R-AR), Ann Wagner (R-MO) and Jim Himes (D-CT)

Summary: Applies the shareholder registration and deregistration thresholds contained in the JOBS Act to savings and loan holding companies.

The Financial Services Committee approved the bill by a vote of 60-0.

The bill passed the House by voice vote on July 14.