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House Passes Four Bipartisan Financial Services Bills

Today, the U.S. House of Representatives passed four bipartisan bills introduced by House Financial Services Committee Members.

  • The Sovereign Debt Contract Capacity Act (H.R. 4111), a bill by Chairwoman Maxine Waters (D-CA). This bill requires the Secretary of the Treasury to direct the United States Executive Director at the International Monetary Fund to advocate that the Fund provide technical assistance to Fund members seeking to enhance their capacity to evaluate the legal and financial terms of sovereign debt contracts.

The bill passed by a vote of 391-29.

  • The Financial Transparency Act of 2021 (H.R. 2989), a bill by Representative Carolyn Maloney (D-NY). This bill requires federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency for information they collect under current law. It establishes a framework to improve the efficiency of regulatory reporting, reducing compliance costs and improving the ability of investors, regulators, and market participants to analyze data.

The bill passed by a vote of 400-19.

  • To award posthumously a Congressional Gold Medal, in commemoration to the servicemembers who perished in Afghanistan on August 26, 2021, during the evacuation of citizens of the United States and Afghan allies at Hamid Karzai International Airport, and for other purposes (H.R. 5142), a bill by Representative Lisa McClain (R-MI).

The bill passed on a voice vote.

  • The Financial Exploitation Prevention Act of 2021 (H.R. 2265), a bill by Representative Ann Wagner (R-MO). This bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company or transfer agent reasonably believes the redemption involves the financial exploitation of an individual age 65 or older, or an individual age 18 or older who is unable to protect his or her own interests.

The bill passed on a voice vote.


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