House advances eight financial services bills

The U.S. House of Representatives advanced eight bills from the Financial Services Committee this week, including a bill that provides greater Congressional oversight on international insurance standard negotiations.

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The International Insurance Standards Act of 2017 (H.R. 4537), sponsored by Rep. Sean Duffy (R-WI), preserves the state-based system of insurance regulation while ensuring Congressional oversight on international insurance standard negotiations.

Another bill introduced by Duffy, the Housing Choice Voucher Mobility Demonstration Act of 2018 (H.R. 5793), encourages families receiving housing choice voucher assistance to move to lower-poverty areas and expand access to opportunity areas.

“I’m pleased to see these important Financial Services Committee measures pass the House today and applaud the hard work of their sponsors. These bills are vital in achieving the committee’s goal of alleviating burdensome regulations on our nation’s capital markets to help Main Street businesses expand, create jobs, and spark innovation. They also focus on improving access to affordable financial services and products for people and families by expanding housing options for those in lower-poverty areas,” Financial Services Committee Chairman Jeb Hensarling (R-TX) said.

The House also advanced the Larry Doby Congressional Gold Medal Act (H.R. 1861), sponsored by Rep. James Renacci (R-OH), which presents a Congressional Gold Medal in honor of Larry Doby, the first black player in the American League. It is in recognition of his achievements and contributions to baseball, civil rights, and the Armed Forces during World War II.

The Options Markets Stability Act (H.R. 5749), sponsored by Rep. Randy Hultgren (R-IL), requires regulators to implement a risk-adjusted approach to value certain derivatives to reflect exposure better and promote market-making activity.

The Main Street Growth Act (H.R. 5877), sponsored by Rep. Tom Emmer (R-MN), allows for venture exchanges at venues that are tailored to the needs of small and emerging growth companies.

Additionally, the Building Up Independent Lives and Dreams (BUILD) Act (H.R. 5953), introduced by Rep. Barry Loudermilk (R-GA), allows certain charitable mortgage loan transactions to qualify for the use of the truth in lending (TIL), good faith estimate (GFE), and HUD-1 forms.

The Modernizing Disclosures for Investors Act (H.R. 5970), sponsored by Rep. Ann Wagner (R-MO), requires the Securities and Exchange Commission to do a cost-benefit analysis of emerging growth companies’ use of SEC Form 10-Q. The SEC must also make recommendations for decreasing costs, increasing transparency, and increasing efficiency of quarterly financial reporting by emerging growth companies.

Finally, the Improving Investment Research for Small and Emerging Issuers Act (H.R. 6139), introduced by Rep. Bill Huizenga (R-MI), requires the SEC to evaluate the issues affecting the reliance upon investment research into small issuers.