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Committee Passes Bills to End Homelessness, Benefit Consumers and Investors and Help Small Businesses and Financial Institutions

This week, the House Financial Services Committee, held a markup of five bills to crack down on foreign corruption, uphold consumer protections, increase access to the financial system, protect retirement savers, and address the national homelessness crisis.

See the legislation below.

  • HR 389, Kleptocracy Asset Recovery Rewards Act, legislation that establishes a rewards program to incentivize individuals to notify the U.S. government of assets in U.S. financial institutions that are linked to foreign corruption, allowing authorities to recover and return these assets and prevent further enabling of foreign corruption and terrorist financing. Rewards are paid with funds taken from the recovered stolen assets.

    This bill was introduced by Congressman Stephen Lynch (D-MA) and Congressman Ted Budd (R-NC). It was approved on a voice vote.

  • HR 1500, the Consumers First Act, legislation to block the Trump Administration’s anti-consumer agenda and reverse their efforts, led by Mick Mulvaney, director of the Office of Management and Budget, to dismantle the Consumer Financial Protection Bureau.

    This bill was introduced by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee. It passed by a vote of 34-26.

  • HR 1595, the Secure and Fair Enforcement (SAFE) Banking Act, legislation that would harmonize federal and state law by prohibiting federal banking regulators from engaging in certain actions against financial institutions, such as discouraging, prohibiting, or penalizing depository institutions that serve cannabis-related legitimate businesses.

    This legislation was introduced by Congressman Ed Perlmutter (D-CO), Congressman Denny Heck (D-WA), Congressman Steve Stivers (R-OH), and Congressman Warren Davidson (R-OH). It passed by a vote of 45-15.

  • HR 1815, the Securities and Exchange Commission (SEC) Disclosure Effectiveness Testing Act, legislation that would build on efforts to engage in investor testing by requiring the SEC to conduct usability testing of any new disclosure intended for retail investors. It would also require the SEC to review and test the usability of its existing disclosures for retail investors, such as mutual fund disclosures. Such reviews and tests would be required prior to the SEC adopting a final rulemaking.

    This legislation was introduced by Congressman Sean Casten (D-IL). It passed by a vote of 33-26.

  • HR 1856, the Ending Homelessness Act, legislation that provides $13.27 billion in new funding over five years to federal programs and initiatives to prevent homelessness. It includes funding for new units of affordable housing, new vouchers, case management, and technical assistance.

    This legislation was introduced by Congresswoman Maxine Waters (D-CA). It passed by a vote of 32-26.


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