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Committee Passes Legislation to Increase Regulator Accountability and Protect American Workers and Businesses

Washington, DC, October 31, 2019
Today, the House Financial Services Committee passed four bills to hold regulators accountable and reauthorize the Terrorism Risk Insurance Program and the Export-Import Bank.

See the Chairwoman’s opening statement here and the legislation below.
  • The United States Export Finance Agency Act (H.R. 4863), a bill by Representative Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, to reauthorize the Export-Import Bank for ten years, increase the agency’s lending authority from $135 billion to $175 billion over a seven-year period, and improve the agency with a series of key reforms.

The bill passed the Committee by a vote of 30–27.

  • The Prudential Regulator Oversight Act (H.R. 4841), a bill by Representative Dean Phillips (D-MN) that requires the federal prudential banking regulators to provide annual testimony to the House Financial Services Committee, along with semiannual reports on their supervisory and regulatory activities.

    The bill passed the Committee by a unanimous vote of 55–0.

  • The Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634), a bill by Chairwoman Waters  that would provide a long-term reauthorization of the Terrorism Risk Insurance Program and prevent the critical program from expiring at the end of 2020.

The bill passed the Committee by a unanimous vote of 57–0. 

  • The Cybersecurity and Financial System Resilience Act (H.R. 4458), a bill by Representative Patrick McHenry (R-NC), Ranking Member of the House Financial Services Committee, that would help strengthen cybersecurity at the prudential banking regulators as well as the financial institutions they supervise.

 The bill passed the Committee by a voice vote.

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