Full Committee Approves Bipartisan Bills
Washington,
July 25, 2017 -
The House Financial Services Committee met on Tuesday to approve four bipartisan bills, including legislation aimed at creating a healthier economy and making the World Bank more accountable.
“I thank all members of the committee on both sides of the aisle for working to bring these bills forward for action,” said Chairman Jeb Hensarling (R-TX).
The Committee passed the following measures:
H.R. 2864, the “Improving Access to Capital Act”
Sponsors: Reps. Kyrsten Sinema (D-AZ) and Trey Hollingsworth (R-IN)
This bill would help small companies access capital and give investors greater investment opportunities. The legislation provides a useful tool for smaller reporting companies to raise capital from the public through a streamlined Securities and Exchange Commission review process.
The bill passed the Committee by a vote of 59-0.
H.R. 1624, the “Municipal Finance Support Act of 2017”
Sponsor: Rep. Luke Messer (R-IN)
The bill would require federal banking regulators to treat certain municipal securities held by financial institutions as high-quality liquid assets. This change will protect financial institution investment in local communities by including investment grade municipal bonds in bank liquidity buffers.
The bill passed the Committee by a vote of 60-0.
H.R. 3110, the “Financial Stability Oversight Council Insurance Member Continuity Act”
Sponsors: Reps. Randy Hultgren (R-IL) and Maxine Waters (D-CA)
The bill would permit the Financial Stability Oversight Council’s (FSOC) Independent Member with Insurance Expertise, after the expiration of his or her term, to serve on the FSOC until the earlier of 18 months after the date on which the term of service ends; or the date on which a successor to such member is appointed and confirmed.
The bill passed the Committee by a vote of 60-0.
H.R. 3326, the “World Bank Accountability Act of 2017”
Sponsor: Rep. Andy Barr (R-KY)
This legislation would withhold a portion of future appropriations for the World Bank until the Treasury Department reports that the World Bank has undertaken reforms to fight corruption, strengthen management accountability and undermine violent extremism.
The bill passed the Committee by a vote of 60-0.
