House Passes Two Bipartisan Financial Services Bills
Washington,
March 15, 2018 -
Today, the House of Representatives passed two bipartisan bills from the Financial Services Committee, including legislation to bring transparency to a regulatory appeals process so financial institutions can operate responsibly in the financial system and focus on serving their customers.
“These bills are about helping Main Street,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “By cutting the red tape that’s causing our community financial institutions to go out of business or holding companies back from growing, we are bringing relief to our community financial institutions and businesses – relief that will help promote job growth and boost our local economies.”
H.R. 4545, the Financial Institutions Examination Fairness and Reform Act of 2017, sponsored by Representative Scott Tipton (R-CO), increases transparency and accountability for financial institutions by improving the timeliness of feedback from examinations and by creating a new, more independent regulatory examination appeals process.
This bill passed 283-133
H.R. 4263, the Regulation A+ Improvement Act, sponsored by Representative Tom MacArthur (R-NJ), increases the amount that companies can offer under Regulation A from $50 million to $75 million, adjusted for inflation by the Securities and Exchange Commission (SEC) every 2 years to the nearest $10,000. This change allows private companies to consider a “mini-IPO” and raise significant capital while saving more than $2 million in costs that often come with a traditional IPO – a savings that can be invested in jobs, research, and other growth opportunities.
This bill passed 246-170
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