Media Advisory: House to Consider Common Sense Bills Next Week
Washington,
April 9, 2016 -
WASHINGTON- Next week the House of Representatives will consider two Financial Services Committee bills to bring needed accountability to Washington bureaucracies and to help small banks serve their customers and communities.
H.R. 3340, Financial Stability Oversight Council Reform Act
Sponsor: Rep. Tom Emmer (R-MN)
The Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) – two new Washington bureaucracies created by the Dodd-Frank Act – are able to spend money without appropriate accountability and transparency. The bill will make the FSOC and OFR subject to the normal and transparent appropriations process.
The bill also requires the OFR to:
(1) submit quarterly reports to Congress regarding its activities; and
(2) provide a public notice and comment period of at least 90 days before issuing any report, rule, or regulation.
H.R. 3340 passed the financial services committee on November 3, 2015.
H.R. 3791, to raise the consolidated assets threshold under the small banking holding company policy statement
Sponsor: Rep. Mia Love (R-UT)
H.R. 3791 would make it easier for small community banks to raise capital and issue debt in order to make acquisitions and form new bank and thrift holding companies. The bill would help ensure the nation’s smallest financial institutions can continue to lend in their communities and serve their customers.
H.R. 3791 passed the Financial Services Committee on December 8, 2015.
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