House Approves Two Bipartisan Committee Bills
The House on Tuesday passed two financial services bills with overwhelming bipartisan support: H.R. 3898, the Otto Warmbier North Korea Nuclear Sanctions Act sponsored by Rep. Andy Barr (R-KY), and H.R. 3972, the Family Office Technical Correction Act offered by Rep. Carolyn Maloney (D-NY).
Newsweek reported that H.R. 3898 “would have the Treasury Department ban all U.S. financial institutions from engaging in transactions that could benefit people or companies associated with the North Korean government” as well as “all financial assistance to other foreign governments that knowingly allow transactions that are beneficial to North Korea.”
“The bill represents the toughest set of financial sanctions ever directed against the nuclear armed North Korean regime – a regime that represents a clear and present danger to the global community,” said Financial Services Committee Chairman Jeb Hensarling (R-TX) during debate on the floor.
Rep. Barr said, “The legislation passed by the House would hold North Korea accountable by imposing the most far-reaching sanctions ever directed at Pyongyang, putting tremendous economic pressure on the Kim Jong-Un regime and its foreign enablers. In doing so, we can deny North Korea the financing it needs to fund its nuclear and missile programs.”
The bill passed the House 415-2.
The other bill passed by the House, H.R. 3972, clarifies that family offices and family clients are accredited investors under Regulation D of the Securities and Exchange Commission.
“From time to time there are unintended consequences of regulation. We do wish to ensure that these family offices that otherwise meet the definition of accredited investors have the full range of investment opportunities before them. This bill will do this,” said Chairman Hensarling.
The House approved H.R. 3972 by voice vote.
Subcommittee Examines Government's Role in Insurance
The Subcommittee on Housing and Insurance met on Tuesday to examine both the domestic and international roles of the Federal Insurance Office (FIO) and Congressional oversight of international insurance issues. America’s state-based system for insurance regulation has served American consumers well for more than 150 years. The U.S. must have a unified strategy to defend and promote the strengths of our regulatory system internationally and ensure that U.S. insurers can effectively compete overseas.
“I strongly believe that Congress should have a direct say as to whether the United States should enter into an international agreement -- much like we do with a trade agreement -- in order to ensure that we’re getting the best deal for our constituents. The Treasury Department will release its views on the insurance industry as soon as possible, and I’m hopeful that the Trump Administration will continue to move in the right direction and provide signals to the international community about the strength of the U.S.-based insurance regulatory system,” said Subcommittee Chairman Sean Duffy (R-WI).
Subcommittee Looks at Housing Finance Reform
The Housing and Insurance Subcommittee met on Wednesday to hear perspectives from the private sector on the need to enact housing finance reform. It has been more than nine years since the collapse of the national housing market brought about the financial crisis of 2008. Despite the central role that housing played in causing the crisis, the Dodd-Frank Act failed to include any reforms to Fannie Mae, Freddie Mac or the Federal Housing Administration.
Subcommittee Chairman Duffy said, "While the most important actors in reforming the housing finance system are homebuyers, it is vitally important that the way we reform the housing finance system allows for a transition that provides certainty to those involved in making the dream of homeownership come true.”
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 On the Horizon
November 1, 2017 10 am Oversight and Investigations Subcommittee Hearing Entitled “Examining the Community Development Block Grant-Disaster Recovery Program”
November 1, 2017 2 pm Financial Institutions and Consumer Credit Subcommittee Hearing Entitled “Data Security: Vulnerabilities and Opportunities for Improvement”
November 2, 2017 2 pm Housing and Insurance Housing and Insurance Subcommittee Hearing Entitled “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform, Part II”
November 3 9:15 a.m. Capital Markets, Securities and Investment Subcommittee Hearing Entitled “Legislative Proposals to Improve Small Businesses’ and Communities’ Access to Capital”
 In the News
Daily Caller | Senate Kills Obama-Era Financial Rule
American Action Forum | From Bad To Worse In The NFIP
Politico Pro | OCC charters first new national bank since financial crisis
Korea Herald | US House Passes NK Sanctions Bill
WSJ | McConnell 1, Cordray 0
The Hill | GOP Flexes Power Over Consumer Agency
Politico Pro | Treasury sanctions North Korea entities, individuals for human rights abuses
Business Insurance | Lawmakers Question Federal Insurance Regulation
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