Cmte Financial Services (R) RSS Articles

Chairman Hill Applauds World Bank Decision to Phase Out Lending to China

Wed, 01 Jul 2026 04:00:00 GMT

House Committee on Financial Services Chairman French Hill (AR-02) issued the following statement after the World Bank announced it will phase out its lending to China by 2031:

“I’m pleased to see the World Bank take long overdue steps to restore common sense policies. As the world’s largest official creditor, China should not benefit from development financing intended for countries in greater need. Following the World Bank’s decision, I hope the Asian Development Bank will quickly follow suit.”

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Financial Services Advances 10 Bills and a Resolution

Wed, 01 Jul 2026 04:00:00 GMT

The House Committee on Financial Services, led by Chairman French Hill (AR-02), successfully reported 10 bills to the full House of Representatives. The Committee also approved a resolution reauthorizing the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity.

The bills reflect the Committee's long-standing efforts to promote economic growth, protect the integrity of our markets, strengthen confidence in our financial system, and reinforce strong regulatory frameworks.

Resolution to Reauthorize the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, passed by voice vote. This resolution reauthorizes the bipartisan task force, chaired by Rep. Frank Lucas (OK-03), to continue examining monetary policy, Treasury market resilience, and policies that promote long-term economic prosperity.

Watch Chairman Hill’s remarks here.

H.R. 1483, the Protecting Investors’ Personally Identifiable Information Act, sponsored by Rep. Barry Loudermilk (GA-11), passed 27-21. This bill protects investors' personally identifiable information by limiting the unnecessary collection and disclosure of sensitive personal data to the consolidated audit trail.

Watch Rep. Barry Loudermilk’s remarks here.
Watch Subcommittee on Capital Markets Chairman Ann Wagner’s (MO-02) remarks here.

H.R. 9329, the SEC Reform and Restructuring Act, sponsored by Subcommittee Chairman Wagner, passed 28-23. This bill modernizes the Securities and Exchange Commission by streamlining its organizational structure, improving its rulemaking process, and increasing accountability.

Watch Subcommittee Chairman Wagner’s remarks here.
Watch Rep. Troy Downing’s (MT-02) remarks here.

H.R. 7187, the Clarity for Compensation Act , sponsored by Rep. Zach Nunn (IA-03) and Rep. Gregory Meeks (NY-05), passed 51-0. This bipartisan bill provides greater legal clarity regarding compensation arrangements by professional service entities in order to reduce regulatory uncertainty.

Watch Rep. Nunn’s remarks here.
Watch Subcommittee Chairman Wagner’s remarks here.

H.R. 5775, the FCRA Liability Harmonization Act, sponsored by Rep. Loudermilk, passed 27-23. This bill reforms the civil liability provisions of the Fair Credit Reporting Act (FCRA) by establishing clearer standards for class action lawsuits while preserving consumers' ability to recover actual damages.

Watch Rep. Loudermilk’s remarks here.
Watch Rep. Scott Fitzgerald’s (WI-05) remarks here.

H.R. 8141, the Fair Credit Reporting Reseller Accuracy Act , sponsored by Rep. Mike Lawler (NY-17) and Rep. Josh Gottheimer (NJ-05), passed by voice vote. This bipartisan bill improves the accuracy and fairness of the consumer reporting system by clarifying the responsibilities of credit report resellers under the FCRA and ensuring that legal liability is born by those with underlying control of consumer data.

Watch Rep. Lawler’s remarks here.

H.R. 5402, the Credit Access and Inclusion Act of 2025, sponsored by Rep. Young Kim (CA-40), passed 28-23. This bill expands access to credit by allowing certain recurring payment data, such as rent and utility payments, to be reported to consumer reporting agencies.

Watch Rep. Kim’s remarks here.

H.R. 9331, the Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act of 2026, sponsored by Rep. Kim, passed 51-0. This bill strengthens financial institution’s ability to stop fraudulent payments by adding necessary flexibility to fund availability schedules, explicitly permitting payment holds when fraud is suspected, and permitting holds on wire transfers.

Watch Rep. Kim’s remarks here.

H.R. 9330, the Earned Wage Access Consumer Protection Act, sponsored by Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01), passed 29-22. This bill establishes a federal regulatory framework for earned wage access services while providing strong consumer protections.

Watch Subcommittee Chairman Steil’s remarks here.
Watch Chairman Hill’s remarks here.

H.R. 1640, the HEIRS Act of 2025, sponsored by Rep. Nikema Williams (GA-05) and Rep. Byron Donalds (FL-19) passed 51-0. This bipartisan bill allows HUD to create a program for states and localities that adopt heirs property best practices laws to offer grants to owners of heirs property document property ownership rights and cover other legal costs.

Watch Chairman Hill’s remarks here.
Watch Subcommittee on Housing and Insurance Chairman Mike Flood’s (NE-01) remarks here.

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House Passes Committee Bill to Reauthorize the Terrorism Risk Insurance Program

Tue, 30 Jun 2026 04:00:00 GMT

Today, the U.S. House of Representatives passed H.R. 7128, the TRIA Program Reauthorization Act of 2026, by a vote of 373-15. Sponsored by Subcommittee on Housing and Insurance Chairman Mike Flood (NE-01), this bipartisan bill reauthorizes the Terrorism Risk Insurance Program, ensuring continued stability in the marketplace, protecting American businesses, and providing certainty for insurers against acts of terrorism.

Full Committee Chairman French Hill (AR-02) said, “The purpose of TRIA is spelled out in the original law. The law states that TRIA is designed to provide for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism in order to protect consumers. That's the goal here: to give policyholders access to the financial protection they need and the confidence they need to build skyscrapers, sports venues, and malls, and employ workers that drive our economy.”

Watch Chairman Hill’s opening floor remarks here.

Watch Chairman Hill’s closing floor remarks here.

Subcommittee Chairman Flood said, “This legislation would reauthorize TRIA, the program established by Congress in the aftermath of the September 11, 2001, terrorist attacks, through 2034. We are so fortunate that we have never seen a TRIA claim in the program's entire history, and I hope that we never, ever see one. However, if this program is going to continue to exist with a public backstop, we should ensure we update its charter to protect taxpayers in the event of future claims, and we should work to ensure the certification process is transparent.”

Watch Chairman Flood’s Floor remarks here.

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Chairman Hill: The Bills Before Us Today Reflect a Common-Sense Approach to Financial Services Policy

Tue, 30 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a markup of various bills that reflect the Committee's long-standing efforts to promote economic growth, protect the integrity of our markets, strengthen confidence in our financial system, and reinforce a strong regulatory framework.

Read Chairman Hill's remarks as prepared for delivery:

"Today, we will consider a strong slate of bills that promote economic opportunity, protect consumers and investors, strengthen our financial system, and reinforce regulatory accountability.

"Americans expect their personal information to be protected from bad actors, expect financial institutions to have the tools necessary to combat fraud, and regulators to operate with transparency and accountability.

"A key part of that effort is ensuring that Congress continues to examine the economic and monetary policies that affect American families.

"That is why we will vote to reauthorize our Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, led by Chairman Lucas.

"Protecting the integrity of our markets also means protecting the investors who participate in them.

"As one of the largest repositories of financial data in the world, the Consolidated Audit Trail presents significant privacy and cybersecurity risks.

"That is why we will consider Congressman Loudermilk's Protecting Investors' Personally Identifiable Information Act.

"Consistent with the SEC's recent exemption, this bill protects investors' personally identifiable information from unnecessary collection and storage in the CAT while preserving regulators' ability to oversee our markets.

"Building confidence in our financial system also requires accurate and reliable information.

"Those same principles of transparency and accountability should guide our financial regulators.

"H.R. 9329, the SEC Reform and Restructuring Act, introduced by Capital Markets Subcommittee Chairman Ann Wagner, strengthens SEC and public-company audit oversight, improves transparency and cybersecurity, modernizes agency operations, and reinforces the Commission's focus on its core mission.

"We are also considering Congressmen Nunn and Meeks' Clarity for Compensation Act, a bipartisan bill that amends outdated compensation regulations for independent financial advisors while preserving important investor protections.

"We must also create pathways for Americans to build credit, achieve greater financial security, and preserve the wealth they have worked years to build.

"Congresswoman Kim's Strengthening Transaction Oversight and Preventing Payments Fraud Act of 2026 provides financial institutions with additional flexibility to detect suspicious transactions and prevent Americans’ hard-earned dollars from getting into the hands of criminals.

"We will also consider Congresswoman Kim’s Credit Access and Inclusion Act.

"H.R. 5402 helps ensure Americans get credit for their responsible financial behavior by allowing public housing authorities, utility providers, and telecommunications companies to share payment information with consumer reporting agencies - helping to build credit and expand economic opportunity.

"Congressman Loudermilk's FCRA Liability Harmonization Act promotes a fair and balanced liability framework under the Fair Credit Reporting Act, encouraging greater participation and competition in the credit reporting system.

"We will also consider Congressmen Lawler and Gottheimer's Fair Credit Reporting Reseller Accuracy Act, a targeted FCRA clarification that protects mortgage credit resellers for inaccuracies in data they do not create or control while preserving consumer protections, supporting an efficient mortgage lending process.

"As our financial system continues to evolve, our regulatory framework must keep pace with innovation.

"To that end, we will consider Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil's Earned Wage Access Consumer Protection Act.

"This bill establishes a clear federal framework for earned wage access services that protects consumers while supporting innovation.

"Another important measure before us is H.R. 7030, the Securing Facilities for Mental Health Services Act, introduced by Republican Whip Tom Emmer and Congressman Ritchie Torres, which removes an outdated restriction on inpatient psychiatric hospitals and expands access to mental health care.

"As we all know, for many families, financial security is inseparable from homeownership.

"Too often, when a loved one passes away without a will, an unclear title leaves family property vulnerable to forced partition sales and the loss of generational wealth.

"That is why we will consider Congresswoman Williams of Georgia's HEIRS Act of 2025, which helps states adopt uniform heirs' property protections and provides legal assistance to help families clear title and preserve generational wealth.

"The bills before us today reflect a commonsense approach to financial services policy.

"I look forward to today's discussion, and I yield back."

Capital Markets Subcommittee Reviews the Evolving Investment Landscape and Market Regulation

Fri, 26 Jun 2026 04:00:00 GMT

The House Financial Services Subcommittee on Capital Markets, led by Subcommittee Chairman Ann Wagner (MO-02), held a hearing to examine the modern investment ecosystem and assess the investment strategies available to Americans.

On Expanding Investment Opportunities for Americans:

Full Committee Chairman French Hill (AR-02) said, “Last year, retail flows in the stock market, [saw a] 53% increase from 2024. Passive investing and index investing have grown significantly, with the number of ETFs having surged. This growth means individual investors have more options than ever to tailor a financial strategy to their exact timeline and risk tolerance. And that's a good thing. And this hearing is really going to explore the impact of that in the mix of active and passive investment strategies and how they both contribute to our markets.”

Subcommittee Chairman Wagner said, "Whether saving for a child’s tuition, a first home, or retirement, Americans deserve investment opportunities that fit their unique circumstances and provide steady, long-term returns. We’re not here today to pick winners and losers. Our goal is to understand what these trends mean for retail investors and retirement savers.”

Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) asked Mr. Tom Quaadman, Chief of Government Affairs and Public Policy at the Investment Company Institute, about the importance of the INVEST Act being signed into law, to which he replied, "The INVEST Act has, you know, several different components to it, but one, obviously, it deals with a lot of the issues that will allow for growing public capital markets. But more importantly, it also provides for different investor opportunities as well.”

On Continuing to Strengthen America’s Capital Markets:

Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson (OH-08) said, “Healthy capital markets depend on competition, transparency, and accurate price signals. We want retirement savers to have access to low-cost investment options, but we also want markets that continue to allocate capital efficiently, support innovation, [and] provide opportunities for the next generation of Americans and American companies.”

Homeland Security Chairman Andrew Garbarino (NY-02) said, “The United States remains the world's leading destination for investment, supported by deep and liquid capital markets, strong investor protections, transparent disclosures, and a long history of innovation and capital formation. Those strengths have helped American businesses access capital, fuel economic growth, and create investment opportunities for millions of retirement savers and individual investors.”

On Potential Risks to Investment Opportunities:

Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) asked about market development stemming from the SEC’s 2019 ETF Rule (Rule 6c-11), to which Ms. Jody Jonsson, Vice Chair, Capital Group, replied, “I think the rule change leveled the playing field between active and passive ETFs. I think up to that point, ETFs had been synonymous with passive and basically passive was the only way to get exposure to the vehicle which was, in some cases, much more attractive for the investor. Now that you have an active ETF market as well, active ETFs are actually taking share from passives and growing much faster, which to us suggests that it isn’t passive that was so attractive it was the vehicle that was attractive.”

Rep. Troy Downing (MT-02) asked the witnesses to compare the costs of active and passive funds, to which Mr. Jeffrey Ptak, Managing Director, Morningstar, replied, “Yes, indeed, we have seen the cost of active funds come down. That's for a few reasons. One is, so if you're looking at something like an asset-weighted average expense ratio for active funds, I think as of the end of last year, it was 0.57%. I think that's about 30 basis points or so lower than it was ten years ago. And that's the product of two things. Fund managers have been lowering their fees, and investors have been responding by directing monies towards cheaper active funds. And so that's brought that asset-weighted average expense ratio lower.”

Witnesses Echoed the Work of the Committee:

Ms. Jonsson said, “Active management is critical to capital formation, providing a long-term stable source of capital across market caps, market conditions, industries, and geographies. This is particularly important for small- and mid-size companies that are a vital engine for the U.S. economy, jobs, and innovation.”

Dr. Matthew Ringgenberg, Emma Eccles Jones Professor of Finance, David Eccles School of Business, University of Utah, said, “The United States has the deepest, most liquid, and most innovative capital markets in the world, and this has been a fundamental source of American economic strength. But capital markets are an ecosystem. Their health depends on the coordinated, competitive functioning of many different types of participants: active investors who discover prices, passive investors who provide low-cost access to market returns, institutional investors who monitor corporate managers, and retail investors who provide liquidity and participate in economic growth. The structural changes of the past three decades have conferred enormous benefits on ordinary American investors by reducing costs and expanding access.”

Mr. Ptak said, “The evidence suggests that over the past two decades, a combination of rising standards, market competition, growing investor cost-consciousness, and sound regulatory stewardship has contributed to outcomes for ordinary Americans that would have seemed remarkable not long ago. Morningstar’s research documents three dimensions of that progress: a dramatic reduction in what investors pay, a decisive shift toward more cost-efficient investment vehicles, and evidence that investors are capturing more of the market's returns than ever before.”

Mr. Quaadman said, “ICI strongly supports H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act of 2025. The INVEST Act, a bipartisan package of legislative reforms passed by this Committee and on the floor of the U.S. House of Representatives with strong bipartisan support, would help protect and strengthen Americans’ ability to invest and secure their financial futures. It should be noted that the INVEST Act has strong bipartisan support as witnessed by its passage through a vote of 302-123 last December.”

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Wagner: Understanding How and Where Americans Invest is Crucial to Crafting Policies that Support Them

Thu, 25 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Capital Markets Subcommittee hearing, led by Subcommittee Chairman Ann Wagner (MO-02), to examine the evolving relationship between active and passive investing and to assess whether the current regulatory framework keeps pace with market innovation.

Read Subcommittee Chairman Wagner's opening remarks as prepared for delivery:

"Good morning, and thank you all for joining us today.

"Today’s hearing will examine the changing dynamics between active and passive investing, and whether our regulations are keeping pace with market innovation.

"Whether saving for a child’s tuition, a first home, or retirement, Americans deserve investment opportunities that fit their unique circumstances and provide steady, long-term returns.

"We’re not here today to pick winners and losers. Our goal is to understand what these trends mean for retail investors and retirement savers.

"Today, people can choose from a wide variety of investment products tailored to match their specific time horizons, risk tolerances, and financial goals.

"Americans can now pick from hundreds of types of index funds, ETFs, and mutual funds covering nearly every sector of the economy.

"Much of this investor choice can be attributed to actions taken by the SEC under the first Trump administration. The Commission’s 2019 ETF Rule modernized how these products come to market, speeding up timelines and eliminating red tape.

"After the rule’s enactment, the total number of ETFs grew significantly, with a 66 percent increase between 2020 and 2024. This demonstrates how sound regulation can promote innovation and competition.

"However, as passive investing continues to grow, we must understand how different investment strategies affect market dynamics.

"Healthy markets depend on effective price discovery—the process where investors evaluate information, assess risk, and determine the value of companies. Active investors play an important role in that process by researching companies, analyzing fundamentals, and incorporating new information into market prices.

"At the same time, passive investment products have delivered substantial benefits to investors by providing low-cost diversification and broad market exposure.

"Understanding how active and passive strategies interact is essential to ensuring our markets remain efficient, competitive, and resilient while continuing to deliver strong outcomes for investors.

"This conversation would not be complete without talking about the importance of capital formation. The role of active and passive funds ties directly into access to capital and public offerings.

"An initial public offering is, at its core, a price discovery event. While index inclusion remains a vital milestone for mature companies, our public markets are most vibrant when they also include smaller, high-growth companies.

"To keep America’s capital markets the envy of the world, we must ensure capital formation is supported across the full lifecycle of a public company, not merely when it has reached the size and scale necessary to attract significant index-based investment.

"To conclude, this hearing is first and foremost about improving the outcomes of individual investors.

"Understanding how and where Americans invest is crucial to crafting policies that support them.

"Today’s witnesses bring a wealth of experience in investments, markets, and fund management. Thank you all for your time and your expertise, and I look forward to our discussion."

House Passes Committee Bill to Combat Financial Fraud and Scams

Thu, 25 Jun 2026 04:00:00 GMT

Today, the U.S. House of Representatives passed H.R. 2478, the Financial Exploitation Prevention Act of 2025, by a vote of 414-2. Sponsored by Subcommittee on Capital Markets Chairman Ann Wagner (MO-02) and Rep. Josh Gottheimer (NJ-05), this bipartisan bill provides financial institutions greater authority to help prevent suspected financial exploitation of older Americans and individuals with mental or physical disabilities by allowing them to temporarily delay certain transactions when such exploitation is reasonably suspected.

Chairman Hill said, "Protecting Americans from financial exploitation requires strong coordination among families, financial institutions, and law enforcement. This bill will help strengthen those partnerships and provide additional tools to safeguard vulnerable individuals from fraud and abuse. Importantly, this bill is tailored to address suspected exploitation while preserving the rights of customers and maintaining appropriate oversight. No American should lose their hard-earned money because an investment firm or financial institution lacks the authority or certainty to intervene when there are clear signs of financial exploitation. H.R. 2478 is a commonsense, bipartisan measure that helps protect our most vulnerable citizens from the growing number of financial predators.”

Watch Chairman Hill's floor remarks here.

Chairman Wagner said, "It's far too often that back home in Missouri and across this nation, our senior citizens are directly targeted for financial fraud.... According to the FTC, fraud perpetrated against those over the age of 60 increased by nearly 400% between 2020 and 2024. The total cost to American seniors reached almost $2.5 billion… My bill, the Financial Exploitation Prevention Act, allows financial institutions, including investment companies like mutual funds, to temporarily delay a transaction if they have a reasonable belief that the transaction is the result of financial exploitation. This gives potentially vulnerable investors, including our seniors, as well as those with certain disabilities, a crucial extra layer of defense that will help preserve the hard-earned savings they have built over decades.”

Watch Chair Wagner's floor remarks here.

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Subcommittee on Financial Institutions Chairman Barr: The American Payments System is a Critical Component of Our Financial Infrastructure

Wed, 24 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Full Committee hearing to examine payments innovation, the evolving role of banks and fintechs, and the opportunities and risks associated with special-purpose charters.

Read Subcommittee on Financial Institutions Chairman Andy Barr's (KY-06) remarks as prepared for delivery:

"Good morning.

"The Amerian payments system is a critical component of our financial infrastructure. It supports everything from payroll and commerce to lending and investment, allowing money to move throughout the economy efficiently, securely, and reliably.

"For generations, the United States has benefited from having one of the strongest and most trusted financial systems in the world.

"That success rests on a foundation of innovation, competition, and confidence, and a modern economy depends on a payments system capable of supporting all three.

"Today, new technologies, business models, and market participants are reshaping the payments landscape, creating new opportunities to improve efficiency, expand access, and strengthen competition. This market-driven evolution, in turn, raises important questions about the future of our regulatory framework.

"Mobile payment applications, digital wallets, real-time payments, and other emerging financial services technologies are becoming increasingly common, changing the way consumers, businesses, and all Americans interact with our financial system.

"As new entrants seek to provide payment services, questions regarding chartering, supervision, and access to payment infrastructure have become increasingly important.

"As our financial landscape has evolved, we have seen the emergence of specialized institutions operating under different legal and regulatory frameworks, including industrial loan companies, trust banks, money transmitters, and other special-purpose entities designed to provide specific financial services.

"Today's discussion will provide Members an opportunity to examine the latest developments in payments innovation and explore the role that banks and financial technology firms play in facilitating payments.

"Members will examine the history and purpose of various bank and non-bank charters.

"We will also review the regulatory and compliance obligations associated with these different structures.

"These developments raise important questions about regulation, risk management, competition, and access to critical financial infrastructure.

"As innovation continues to transform financial services, it is the responsibility of Congress to assess how existing regulatory and chartering frameworks are adapting to new technologies and business models.

"We must ask whether existing frameworks provide sufficient clarity for firms seeking to offer innovative payment services, whether regulation is being applied consistently across institutions, and whether there are opportunities to reduce unnecessary complexity while maintaining strong safeguards for consumers and businesses.

"Committee Republicans remain committed to advancing policies that provide greater regulatory certainty, consistency, and transparency to support innovation while maintaining the strong safeguards that underpin confidence in the U.S. financial system.

"We must ensure that the United States maintains a payments system that is dynamic and capable of supporting a twenty-first century economy.

"Achieving that goal requires fostering innovation, entrepreneurship, and competition while preserving the safety, stability, and trust that have long been the foundation of our financial system.

"I look forward to hearing from our witnesses today, and I yield back."

Full Committee Examines Payments Innovation and the Future of Financial Services

Wed, 24 Jun 2026 04:00:00 GMT

Today, the House Financial Services Committee examined the changing landscape of the nation’s payments system and its implications on bank and non-bank charters during a Full Committee hearing.

On Maintaining U.S. Leadership in Financial Innovation:

Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “For generations, the United States has benefited from having one of the strongest and most trusted financial systems in the world. That success rests on a foundation of innovation, competition, and confidence, and a modern economy depends on a payments system capable of supporting all three.”

Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01) said, “I think we all know innovation is occurring across all levels of the financial system, from our state-based institutions, fintechs, novel business models, and federally chartered banks. The dual banking system in the United States has allowed institutions to choose what charter and what model fits well for them. And it's one of the reasons the U.S is so diverse and innovative in our financial markets.”

Rep. John Rose (TN-06) said, “The United States stands at a critical inflection point in the future of payments. We are living through an era of rapid financial technology advancement. New firms are reimagining how families, workers, and small businesses send, receive, and store value. If our chartering framework does not evolve alongside this innovation, we risk falling behind. America's long-standing role as the global hub for fintechs and the preferred destination for startups is not guaranteed.”

On the Benefits of Payment Technologies on Small Businesses:

Small Business Committee Chairman Roger Williams (TX-25) said, “Small businesses are the backbone of our economy, whether it's a family-owned restaurant, a local retailer, or a startup trying to grow; every dollar matters. New payment technologies have the potential to lower costs, improve cash flow, and make it easier for businesses to serve their customers.”

Rep. Young Kim (CA-40) said, “… I represent the counties of Orange, Riverside, and San Bernardino in Southern California. And I've heard from so many of my constituents working in health care, retail, and other industries about how payments modernization is pivotal in helping small business owners make their payroll and get the workers their paychecks on time.”

Witnesses Highlighted the Need for Regulatory Clarity:

Mr. David Portilla, Partner and Co-Head, Financial Institutions, Davis Polk & Wardell LLP, said, “The recurring difficulty across chartering, payments licensing, and access to Federal Reserve services is the same: a framework organized around a bundled conception of banking has not fully adapted to a world in which the core banking functions have become increasingly unbundled. The remedy is not to force new business models into ill-fitting categories. Rather, responsible innovation is best fostered by clear legal standards about which charters and licenses are available, what activities they permit, and on what terms institutions may access Federal Reserve services. Having clear standards for these issues could spur a further wave of investment into the future of financial services.”

Mrs. Paige Paridon, Executive Vice President & Co-Head of Regulatory Affairs, Bank Policy Institute, said, “Technological innovation in the payments ecosystem has further increased the speed of payments, clearing, and settlement, providing even greater benefits to consumers and businesses. While fintechs and other nonbanks have engaged in payment innovation, significant innovation is also occurring within the banking sector. Banks are using new technologies to provide consumers and businesses with innovative products and services, consistent with the banks’ safe and sound operation.”

Mrs. Eileen O'Mara, Vice Chair, Stripe, said, "The question the committee is examining — how best to modernize payments — is not a narrow technical question. Getting paid quickly and reliably matters deeply to every business. It determines whether they hire the next employee, make the next investment, or survive the next slow month. Modernizing America’s financial infrastructure can help businesses grow faster."

Ms. Rachel Anderika, Head of Global Operations, Anchorage Digital said, “One important lesson I have learned is this: If America is going to continue to be the financial capital of the world, we need regulatory frameworks – federal and state – that allow innovation. ... Our regulator, the OCC, is focused on safety and soundness, fair access, consumer protections, and compliance with laws and regulations, and its work is ongoing. From my experience with the OCC, the agency has been rigorous in its supervision and steadfast in its obligations to apply laws and regulations to crypto banking. We are regulated on the same footing as any other bank in the OCC’s portfolio, and the agency is diligently investing resources to responsibly regulate digital asset activities as the industry grows.”

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Financial Services Committee's Bipartisan 21st Century ROAD to Housing Act Passes House, Heads to President's Desk

Tue, 23 Jun 2026 04:00:00 GMT

Today, the 21st Century ROAD to Housing Act, led by House Committee on Financial Services Chairman French Hill (R-AR), Ranking Member Maxine Waters (D-CA), Subcommittee on Housing and Insurance Chair Mike Flood (R-NE), and Subcommittee on Housing and Insurance Ranking Member Emanuel Cleaver (D-MO), passed the U.S. House of Representatives by a bipartisan vote of 358-32, clearing Congress and heading to President Trump for his signature.

Chairman Hill said, “For over two years, I have worked to give more Americans greater choice and affordability on the path to homeownership. Throughout the process, I have fought to increase the supply of housing, cut red tape, increase capital, and make local rules and zoning more competitive. We have achieved that by strengthening community banks, preventing institutional investors from outcompeting American families for homes, and modernizing building codes. This is a true bicameral, bipartisan product that demonstrates what can happen when both chambers work together to deliver real solutions. I thank Ranking Member Waters and Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren for their work in advancing this housing package.”

Speaker Mike Johnson (R-LA) stated, “With final passage of the 21st Century ROAD to Housing Act, Congress is paving a path back to homeownership for American families who have been locked out for far too long. This transformational legislation will help address the housing affordability problem, reduce regulations so builders can build, limit institutional investing in the housing market, and bring the American Dream back into reach for millions of young and working families. We are grateful to Chairman Hill, Ranking Member Waters, and our counterparts in the Senate for rolling up their sleeves to negotiate and achieve a bipartisan, bicameral bill that will now head to President Trump’s desk to be signed into law.”

Majority Leader Scalise (R-LA) added, “Today is a big win for families who want to achieve the American Dream of homeownership. The 21st Century ROAD to Housing Act takes critical steps to lower housing costs by cutting unnecessary red tape, increasing the housing supply, and make it easier for hardworking Americans to buy a home. This bill is an important part of House Republicans’ effort to lower costs and expand opportunity, helping more families put down roots and build a brighter future. I thank Chairman French Hill, Subcommittee Chair Mike Flood, and the Financial Services Committee for their leadership in advancing this important legislation.”

Majority Whip Tom Emmer (R-MN) said, “The 21st Century ROAD to Housing Act helps make the American dream a reality for everyday families. By lowering costs and cutting red tape, citizens across the country will have more affordable and better access to the housing market. A huge thank you to my friend Chairman French Hill of the Financial Services Committee for his leadership and perseverance in moving this bill across the finish line.”

House Republican Conference Chairwoman Lisa McClain (R-MI) said, “Americans are tired of watching the dream of homeownership slip further out of reach. House Republicans are focused on lowering costs, expanding housing supply, and giving families a fair shot at owning a home again. I'm especially proud this package includes provisions from my Modular Housing Production and Build Now Acts, which removes outdated financing barriers and gives families more affordable options. More choices, lower costs, and fewer bureaucratic hurdles is how we make the American Dream attainable again.”

Ranking Member Waters added, “Housing has long been my number one priority because I know firsthand the impact on families when they cannot afford a safe, stable place to call home. First-time homebuyers are finding the dream of homeownership increasingly out of reach, seniors are being forced to choose between the basic necessities of paying for rent, food or medication, and individuals continue to be pushed into homelessness across the nation. Nowhere is the affordability crisis more visible than in California, where housing costs remain among the highest in the nation. But this is not just a California problem—from urban areas to rural communities, Americans in every corner are feeling the weight of this housing crisis. I want to thank Chairman Hill for his willingness to engage in honest negotiations, work through difficult disagreements, and remain focused on delivering results for the American people. While we did not agree on every issue, we never lost sight of the families, seniors, veterans, and communities counting on Congress to act. This bill proves that when we stay focused on the people we serve, bipartisan progress is still possible.”

Subcommittee Chair Flood stated, “The 21st Century ROAD to Housing Act is a game changer. For too long, working families have been priced out of the American Dream by skyrocketing housing costs and burdensome red tape. This bill will build more homes, cut unnecessary regulations, and make homeownership a reality for many hardworking Americans. I’m grateful to Chairman French Hill, House leadership, Ranking Members Maxine Waters and Emanuel Cleaver, and President Trump for helping deliver this major win for families, communities, and the future of American homeownership.”

Rep. Cleaver said, “The cost of housing is the number one concern of American families. The historic housing package passed today is the culmination of years of bipartisan work to cut unnecessary red tape, modernize federal housing programs, and address our national housing affordability crisis. Chairman Hill, Ranking Member Waters, Chairman Flood, and I have worked tirelessly to bridge partisan divides and forge bipartisan solutions that will lower housing costs and revitalize the American dream for hardworking families in Missouri and all across this great nation. I’m extremely proud of the overwhelming support this legislation was able to garner in a deeply divided Congress, and I am hopeful it will serve as a blueprint for lawmakers seeking to address other challenges facing the American people.”

Further Background:

The House today passed H.R. 6644, the 21^st Century ROAD to Housing Act and sent the bill to the President’s desk. H.R. 6644 reduces unnecessary regulatory barriers to new home construction, modernizes HUD programs, addresses concerns about large investors unfairly competing with individual homebuyers, and enables community banks to more freely deploy funding.
The bill includes nine House community banking bills to provide needed relief to America’s main streets and expand local lending for housing construction and mortgages, along with 45+ provisions to reduce unnecessary regulatory barriers to new home construction and modernize HUD programs.
Lastly, the bill includes a prohibition on the issuance of a Central Bank Digital Currency (CBDC) until December 31, 2030.

Click here for the text of the bill.

Click here for a one-pager.

Click here for a section-by-section.

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Hearing Entitled: Oversight of the Federal Home Loan Bank System

Tue, 21 Jul 2026 18:00:00 GMT