Press Releases

House Passes Bipartisan Financial Services Bills

Washington, April 20, 2021 -

Today, the U.S. House of Representatives passed several bipartisan pieces of financial services legislation, including H.R. 1602, introduced by Congressman Patrick McHenry (NC-10), the Republican leader of the House Financial Services Committee. The bipartisan Eliminate Barriers to Innovation Act will establish a digital asset working group to ensure collaboration between regulators and the private sector to foster innovation.
[This bill] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group focused on digital assets. This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity,” said Republican Leader McHenry.
Watch Republican Leader McHenry’s full floor remarks in support of his legislation here.
The House passed five additional, bipartisan financial services bills:

• H.R. 1528— the Promoting Transparent Standards for Corporate Insiders Act— Protects retail investors and the market from illicit insider trading, while at the same time ensuring that the rules governing insider trading are clear, fair, and not prohibitively onerous.
• H.R. 1395— the Housing Financial Literacy Act of 2021— Provides financial incentives to encourage more first-time homebuyers to seek financial literacy counseling, which in turn will produce better outcomes for a traditionally at-risk group of homeowners.
• H.R. 1532— the Improving FHA Support for Small-Dollar Mortgages Act— Requires the Federal Housing Administration (FHA) to review its policies and submit a report to congress on removing barriers to make mortgage insurance more easily available for mortgages that cost less than $70,000.
• H.R. 1565— the Senior Security Act of 2021— will support the SEC’s current efforts to protect against the increasing instances of financial exploitation against senior investors by creating a task force at the SEC to examine and identify challenges faced by senior investors.
• H.R. 1491— the Fair Debt Collection Practices for Service Members Act— Prohibits debt collectors from threatening service members with rank reduction, security clearance revocation, or prosecution under the Uniform Code of Military Justice in debt collection activities, while maintaining military readiness.


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