Press Releases

Committee Passes 8 Bills to Protect Consumers and Investors

Washington, DC, July 16, 2019

Today, the House Financial Services Committee, held a markup of eight bills to benefit consumers and investors and strengthen disaster relief funding programs.

See the Chairwoman’s opening statement here and the legislation below.

  • H.R. 3621, the Student Borrower Credit Improvement Act, a bill that helps private student loan borrowers remove adverse information for certain defaulted or delinquent loans when they demonstrate a history of timely repayment.

    This legislation was introduced by Rep. Ayanna Pressley (D-MA). It was passed by a vote of 33-25.

  • H.R. 3623, the Climate Risk Disclosure Act of 2019, a bill that would require companies to annually disclose information relating to the financial and business risks associated with climate change.

    This legislation was introduced by Rep. Sean Casten (D-IL). It was passed by a vote of 34-25.

  • H.R. 3624, the Outsourcing Accountability Act of 2019, a bill that would require public companies to annually disclose the total number of employees they employ in each state and foreign country, as well as the percentage change from the previous year.

    This legislation was introduced by Rep. Cindy Axne (D-IA). It was passed by a vote of 33-25.

  • H.R. 3625, the PCAOB Whistleblower Protection Act of 2019, a bill that would establish a whistleblower program at the Public Company Accounting Oversight Board (PCAOB) similar to the whistleblower program at the Securities and Exchange Commission (SEC).

    This legislation was introduced by Rep. Sylvia Garcia (D-TX). It was passed by a voice vote.

  • H.R. 3629, the Clarity in Credit Score Formation Act of 2019, a bill that would establish clear federal oversight of the development of credit scoring models by directing the Consumer Financial Protection Bureau (CFPB) to set standards.

    This legislation was introduced by Rep. Stephen Lynch (D-MA), Chairman of the Task Force on Financial Technology. It was passed by a vote of 33-25.

  • H.R. 3641, the Stronger Enforcement of Civil Penalties Act of 2019, a bill that would increase the SEC’s penalty authority, and would directly link the size of civil penalties to the scope of harm and associated investor losses.

    This legislation was introduced by Rep. Katie Porter (D-CA). It was passed by a vote of 33-25.

  • H.R. 3701, the Strengthening Fraud Protection Provisions for SEC Enforcement Act of 2019, a bill that would provide the SEC with a 10-year statute of limitations for civil monetary penalties, which would begin on the date at which the violation occurred.

    This legislation was introduced by Rep. Vicente Gonzalez (D-TX). It was passed by a vote of 33-25.

  • H.R. 3702, the Reforming Disaster Recovery Act of 2019, a bipartisan bill that would permanently authorize the Community Development Block Grant-Disaster Relief (CDBG-DR) program and strengthen administration and oversight of the program to ensure disaster relief is distributed efficiently and equitably.

    This legislation was introduced by Rep. Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations and Rep. Ann Wagner (R-MO). It was passed by a bipartisan and unanimous vote of 58-0.


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