Patrick McHenryChairman

Washington, November 4, 2015 -

Financial Services Committee Chairman Jeb Hensarling (R-TX) offered an amendment to the multi-year transportation bill that the House Rules Committee made in order Tuesday evening.  The Chairman’s amendment includes the text of 15 bipartisan bills that were previously approved by the House.

“This amendment contains bipartisan bills that have already received overwhelming support from virtually every member of the House.  These bills simplify rules and regulations, aid consumers, assist low-income housing residents, and help us build a healthier economy for all,” said Chairman Hensarling.

Below is information about the 15 bills contained in the 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: Makes changes related to the treatment of Emerging Growth Companies and their registration with the SEC.

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

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 today by a vote of 60-0.

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. 

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 SBICs.

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

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.

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

Sponsor: Rep. Patrick McHenry (R-NC)

Summary:  H.R. 1839 will promote a liquid secondary market for shareholders seeking to sell private securities. It will also encourage startups and private companies to both attract and retain talented employees and raise needed equity capital to grow their businesses.

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

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

 
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.

 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.

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.

 
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.

 

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 113^th Congress.

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

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. 

 

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.

 

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

Sponsors: Reps. Ann Wagner (R-MO), Steve Womack (R-AR), 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.