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House Passes Ten Bipartisan Financial Services Bills

Bills Passed Include Measures to Combat Pandemic-Related Fraud, Support Diversity in Community Banking, and Promote More Flexible CARES Act Funding

This week, the U.S. House of Representatives passed ten financial services bills, including legislation to support diversity in community banking, protect investors and consumer from pandemic-related fraud, combat trafficking, and promote more flexible CARES Act funding.

The bills passed include:

  • The Ensuring Diversity in Community Banking Act (H.R. 5322) a bill by Representative Gregory Meeks (D-NY), which would support minority depository institutions (MDIs) and newly designed "impact banks" (small banks that predominantly lend to low-income borrowers) through a series of reforms to encourage investments in and partnerships with these institutions. This bill passed by voice vote.

  • The COVID-19 Fraud Prevention Act (H.R. 6735), a bill by Representative Cindy Axne (D-IA), which directs the CFPB and the SEC to create a collaborative Investor Fraud Working Group to protect investors and consumers from COVID pandemic related fraud. The working group will issue monthly reports to congress on its progress, actions taken to protect investors and consumers, and actions taken to provide resources to victims of fraud. This bill passed by voice vote.

  • The STIFLE Act (H.R. 7592), a bipartisan bill by Representatives Ben McAdams (D-UT) and Representative Anthony Gonzalez (R-OH), which directs GAO to study the shared features among trafficking networks, including facilitators, finances, and proceeds. The bill also requires GAO to report recommendations for any legislative or regulatory changes necessary to combat trafficking or the laundering of proceeds from trafficking. This bill passed by voice vote.

  • The Uniform Treatment of NRSROs Act (H.R. 6934), a bipartisan bill by Representative Madeleine Dean (D-PA), which would amend the CARES Act to provide that the ratings of any nationally recognized statistical rating organizations (NRSROs) approved by the SEC may be used by companies for purposes of eligibility for certain programs carried out in response to the COVID-19 emergency (as opposed to the three NRSROs currently in use). This bill passed by voice vote.

  • The Promoting Secure 5G Act (H.R. 5698), a bill by Representative William Timmons (R-SC), which would establish as a U.S. policy within the IFIs to only finance 5G projects and other wireless technologies that include adequate security measures in furtherance of national security aims to protect wireless networks from bad actors and foreign governments. This bill passed by voice vote.

  • The Improving Emergency Disease Response via Housing Act (H.R. 6294), a bill by Representative Scott Tipton (R-CO), which requires HUD to share data with HHS about the locations of section 202 housing properties and local Continuums of Care (CoCs) with high concentrations of people experiencing unsheltered homelessness in order to identify potential hotspots and provide greater relief for elderly and homeless populations. This bill passed by voice vote.

  • The Negro Leagues Baseball Centennial Commemorative Coin Act (H.R. 4104), a bipartisan bill by Representative Emanuel Cleaver (D-MO). This commemorative coin marks the 100th anniversary of the establishment of the Negro National League, a professional baseball league formed in response to African-American players being banned from the major leagues. This bill passed by unanimous consent.

  • The Circulating Collectible Coin Redesign Act (H.R. 1923), a bipartisan bill by Representative Barbara Lee (D-CA), which creates a nine-year circulating coin program and authorizes the Mint to redesign and issue circulating coins based on several thematic programs, including prominent American women. This bill passed by unanimous consent.

  • The 1921 Silver Dollar Coin Anniversary Act (H.R. 6192), a bipartisan bill by Representative Andy Barr (R-KY). This commemorative coin honors the 100th anniversary of completion of coinage of the “Morgan Dollar” whose designs celebrated the country’s westward expansion and the 100th anniversary of commencement of coinage of the “Peace Dollar” which commemorated the declaration of peace between the United States and the Imperial German government following the end of World War I. This bill passed by unanimous consent.

  • The Merrill's Marauders Congressional Gold Medal Act (S.743), a bipartisan bill by Senator Johnny Isakson (R-GA), which directs Congress to award a Congressional Gold Medal to the 5307th Composite Unit (Provisional), commonly known as Merrill's Marauders, in recognition of their bravery and outstanding service in the jungles of Burma (Myanmar) during World War II. Following its award, the gold medal shall be given to the Smithsonian Institution where it shall be displayed and made available for research. This bill passed by unanimous consent.


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