Patrick McHenryChairman

Washington, May 9, 2019 -

WASHINGTON – This week, the House Financial Services Committee favorably reported five pieces of legislation out of committee, many with strong bipartisan collaboration and support.

Additionally, the Committee passed two resolutions to establish the Financial Technology (FinTech) and Artificial Intelligence (AI) Task Forces within the Financial Services Committee. The Republican leader of both task forces will be Congressman French Hill (R-AR).

Watch Congressman Hill’s remarks on the FinTech and AI Task Forces here or by clicking on the image below.

• The Committee unanimously passed H.R. 1988, the “Protect Affordable Mortgages for Veterans Act of 2019.” This bipartisan legislation offered by Congressman David Scott (D-GA), with Congressmen Lee Zeldin (R-NY) and Andy Barr (R-KY) clarifies a provision in S. 2155 that addresses the practice of “churning,” particularly its impact on loans insured by the VA.

• The Committee unanimously passed H.R. 2409 the “Expanding Access to Capital for Rural Job Creators Act,” bipartisan legislation offered by Congresswoman Cindy Axne (D-IA) with Congressmen Alex Mooney (R-WV), Denver Riggleman (R-VA), and John Rose (R-TN) to address the need for capital formation in underbanked rural communities.

• The Committee unanimously passed H.R. 2515, “To amend the Securities and Exchange Act of 1934 to amend the definition of whistleblower,” bipartisan legislation offered by Al Green (D-TX) with Congressman Bill Huizenga (R-MI) to clarify that whistleblowers who report alleged misconduct internally with their employers—but not to the SEC—are protected by Dodd-Frank’s anti-retaliation provisions.

• While Republicans do not support this legislation in its current form, the Committee passed H.R. 2534, the “Insider Trading Prohibition Act of 2019,” with an agreement from Congressman Jim Himes (D-CT) to work with Republicans to attempt to iron out issues before the bill goes to the floor.

• The Committee passed H.R. 2514, the “Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019" offered by Congressman Emanuel Cleaver (D-MO) with Congressman Steve Stivers (R-OH) to modernize the current Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) regime. This legislation included amendments sponsored by Republican committee members: Barry Loudermilk (R-GA), Anthony Gonzalez (R-OH), and Denver Riggleman (R-VA).