House Financial Services Committee advances list of bills for consideration by the Full Chamber

<! -------------- Links -------------------->

<! -------------- Fim dos links -------------------->

Washington, May 16, 2024 – Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), reported eleven pieces of legislation from the Committee, in favor of the full House, for consideration. These include a range of financial institutions, capital markets and housing legislation to improve efficiency and accountability in federal agencies as well as expand economic opportunities.

More information on all eleven bills reported by the Financial Services Committee can be found below, including comments from members in support of their legislation:

RH 758, the “Promoting Access to Capital in Underbanked Communities Act,” sponsored by Representative Andy Barr (KY-06). HR 758 would promote the formation of new banks by providing much-needed relief to new banking organizations, including a 3-year phase-in period to meet federal capital requirements.

Watch Rep. Barr’s comments in support of HR 758 here.
RH 3161, the “CDFI Fund Transparency Act,” sponsored by Representative John Rose (TN-06). H.R. 3161 would add an additional level of transparency for Community Development Financial Institutions, or CDFIs, by requiring the CDFI fund director to testify annually before this committee.

Watch Rep. Rose’s comments in support of H.R. 3161 here.
RH 8337the “Bank Resilience and Regulatory Enhancement Act” sponsored by Rep. H.R. 8337 would promote regulatory adaptation for community financial institutions, provide a more transparent and timely bank merger review process, require more engagement and transparency regarding credit testing stress the Federal Reserve, improve the banking supervisory appeals process, require the Federal Reserve to correct deficiencies in the discount window, and provide additional relief to small bank holding companies.

Watch Rep. Barr’s comments in support of H.R. 8337 here.
RH 8338, the “Lending Clarity Act,” sponsored by Rep. Young Kim (CA-40). H.R. 8338 would provide a safe harbor for depository institutions to offer responsible small-dollar credit products; require the CFPB to clarify standards for unfair, deceptive, or abusive acts or practices (UDAAP) enforcement actions; provide small financial institutions with an exemption from the CFPB’s small business data collection rule; and require the CFPB to establish a process to protect small business data.

Watch Representative Kim’s comments in support of HR 8338 here.
RH 8339, the “SEC Reform and Restructuring Act,” sponsored by Rep. Ann Wagner (MO-02). H.R. 8339 would establish necessary protections to prevent abuse of the SEC’s rulemaking process, improve the SEC’s cost-benefit analysis, and require the SEC chairman and commissioners to testify regularly before Congress. H.R. 8338 also ensures that interested parties have sufficient time to comment on the SEC’s rules, streamlines the SEC’s oversight of auditors, and provides transparency regarding the SEC’s information technology infrastructure. Watch Representative Wagner’s comments in support of HR 8339 here.
H.R. 4551, the “Protecting Investors’ Personally Identifiable Information Act,” sponsored by Rep. Barry Loudermilk (GA-11). H.R. 4551 would protect Americans’ privacy rights by prohibiting the SEC from collecting personally identifiable information through the Consolidated Audit Trail (CAT).

Watch Rep. Loudermilk’s comments in support of HR 4551 here.
HJRes. 100, “Providing Congressional Disapproval Under Chapter 8 of Title 5, United States Code, of the Rule Submitted by the Securities and Exchange Commission Relating to ‘Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure,’” sponsored by Rep. Andrew Garbarino (NY-02). HJRes. 100 would nullify the Cybersecurity Rule, firmly condemning the SEC for adopting rules that impede, rather than support, issuers dealing with a cyberattack.

Watch Congressman Garbarino’s comments in support of HJRes. 100 here.
RH 8302, the “HUD Assessment and Optimization Act of 2024,” sponsored by Representative Warren Davidson (OH-08). H.R. 8302 would establish an independent, bipartisan Commission to review HUD’s structure and programs and issue a report, which Congress will vote on, with recommendations on how to streamline this troubled agency.

Watch Rep. Davidson’s comments in support of H.R. 8302 here.
RH 3507, the “Yes in My Backyard Law (YIMBY)”, led by Representative Mike Flood (NE-01). H.R. 3507 would require communities receiving CDBG funds to submit information to HUD about efforts to get rid of restrictive local land use policies that inhibit new housing construction.

Watch Rep. Flood’s comments in support of H.R. 3507 here.
H.R. 7480, the “Housing Support for Disabled Veterans Act,” sponsored by Rep. Monica De La Cruz (TX-15). H.R. 7480 would require HUD to exclude any service-connected disability compensation received by a veteran from the income eligibility formula that HUD uses to determine whether a veteran qualifies for the CDBG program.

Watch Representative De La Cruz’s comments in support of HR 7480 here.
RH 8340, the “Housing Disabled Veterans Act,” sponsored by Representative Brad Sherman (CA-32). H.R. 8340 would combat veteran homelessness by requiring HUD to exclude VA disability benefits received by a veteran from the income eligibility formula that HUD uses to determine whether a veteran qualifies for the HUD homelessness program. -VASH.

###

Source