French HillChairman

Washington, February 10, 2025 -

Today, the House of Representatives overwhelmingly passed six bipartisan bills from the House Financial Services Committee. Cumulatively, these bills support small businesses, make it easier for our nation’s veterans to gain housing, provide regulatory relief to credit unions, and hold China accountable.

H.R. 224 – Disabled Veterans Housing Support Act, sponsored by Rep. Monica De La Cruz (TX-15), unanimously passed the House by voice vote.

• “This commonsense bill ensures that disabled veterans who have served our nation with honor receive the benefits that they have earned and deserve,” said Rep. De La Cruz.
  
• “This bill will reform CDBG’s income calculation formula, telling HUD in no uncertain terms to stop including the service-connected disability compensation as income,” said House Financial Services Committee Chairman French Hill (AR-02). “This commonsense fix, which passed out of the Committee with strong bipartisan support and on suspension in this House during the previous Congress, ensures that disabled veterans who served our country with honor receive the benefits they have earned and deserve.”

H.R. 386 – Chinese Currency Accountability Act of 2025, sponsored by Rep. Davidson (OH-08), unanimously passed the House by voice vote.

• “This bill directs the U.S. Secretary of the Treasury to oppose any further increase in the renminbi's weight unless China complies with IMF obligations, is found to not be a currency manipulator, and adheres to the Paris Club and OECD rules on export credits,” said Rep. Davidson. “Our foreign policy and financial institutions should advance our interests, not undermine them.”

• “Mr. Davidson’s legislation requires the Treasury Department to oppose any further increases for the RMB in the IMF’s currency basket until Treasury certifies that China is in compliance with the IMF’s Articles of Agreement and adheres to lending standards upheld by the world’s major creditors,” said Chairman Hill. “In other words, H.R. 386 isn’t about holding China to a double standard. It means forcing China to follow the same international rules of the road if it wants to enjoy the benefits of multilateralism.” 

H.R. 692 – China Exchange Rate Transparency Act of 2025, sponsored by Rep. Dan Meuser (PA-09), passed the House by a bipartisan vote of 388-7.

• “This legislation is not about singling out China. It's about ensuring that all IMF members, including China, adhere to the rules they agreed to,” said Rep. Meuser.
  

• “For decades, it’s been suspected that China manipulates its exchange rate to keep the dollar value of their currency artificially low… To encourage exports and discourage imports, tipping the scales in their favor,” said Rep. Mike Haridopolos (FL-08). “This brilliant bill will require Treasury to push IMF members to take China’s lack of transparency into account when considering China’s shareholding at the Fund.”

• “This bill requires Treasury to lobby for stronger surveillance of Chinese currency practices at the International Monetary Fund, the primary institution overseeing foreign countries’ exchange rate regimes,” said Chairman Hill. “I want to thank Rep. Meuser for sponsoring this measure. He is going after China in precisely the manner that Beijing most dislikes – by harnessing multilateral pressure to hold the country accountable.”

H.R. 736 – Protect Small Business from Excessive Paperwork Act of 2025, sponsored by Rep. Zach Nunn (IA-03), passed the House by a bipartisan vote of 408-0.

• "I think we can all agree that regulators should be focused on protecting small businesses, not fining them out of existence,” said Rep. Nunn.
  

• “Over the last year, Members have heard from their constituents that confusion reigns when it comes to beneficial ownership reporting requirements,” said Chairman Hill. “That is why Congressman Nunn’s bill provides a one-year extension of the reporting deadline, which will allow FinCEN to address gaps in its nationwide education campaign and tailor its outreach to small business owners.”

H.R. 975 – Credit Union Board Modernization Act, sponsored by Rep. Bill Huizenga (MI-04) and Rep. Juan Vargas (CA-52), unanimously passed the House by voice vote.

• “I urge my colleagues to support this bill and eliminate burdensome regulations to let credit unions to do what they do best - service their communities,” said Rep. Young Kim (CA-40).
  

• “Under H.R. 975, certain well-functioning credit unions are provided with the option to meet at least six times annually, with at least one meeting held during each fiscal quarter,” said Chairman Hill. “This crucial change frees up the time and resources used for meetings to be put toward the critical mission of providing financial services to the credit union’s members.”

H.R. 965 – Housing Unhoused Disabled Veterans Act, sponsored by Rep. Brad Sherman (CA-32), unanimously passed the House by voice vote.

• “Let us ensure that we do all we can to ensure they achieve that mission by enacting commonsense measures,” said Rep. De La Cruz.

• “This commonsense bill reforms the HUD income calculation used in the HUD-VASH program to ensure that the disability payments of low-income veterans do not exclude them from accessing the program,” said Chairman Hill. “The approach the gentleman has taken in crafting the bill is a good one, one that will make a big difference in the HUD-VASH program as well as any HUD veterans housing program that comes after it.”