Press Releases

House Passes 2 Financial Services Bills


Washington, September 12, 2018 -

The House of Representatives passed two bills from the Financial Services Committee this week.

“I’m pleased to see these important measures pass the House today to bring greater accountability and transparency to the Federal Reserve and to move the Committee’s efforts to thwart terrorism forward by ensuring appropriate processes are in place to protect our financial networks from unwarranted use by illicit, terrorist groups,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “I also want to applaud the hard work and commitment by Members of the Financial Services Committee for continuing to move legislation through the House before the end of this Congressional Session. With 130 bills marked up in committee this Congress alone, we are not slowing down on passing smart legislation that improves the lives of everyday Americans.”

H.R. 5059, the “State Insurance Regulation Preservation Act,” sponsored by Keith Rothfus (R-PA), creates a definition of an Insurance Savings and Loan Holding Companies (ISLHC) and creates a regulatory framework that would limit the Federal Reserve’s oversight of ISLHCs.

This bill passed by voice vote.

H.R. 6411, the “FinCEN Improvement Act of 2018,” sponsored by Rep. Ed Perlmutter (D-CO), requires the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to work with foreign financial intelligence units to thwart the use of virtual currencies used by terrorist groups for illicit activity and money laundering.

This bill passed by voice vote.

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