Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the following Democratic-led and bipartisan bills that passed during today’s full Committee markup. The bills aim to expand access to financial services, strengthen small businesses, capital formation, and advance national security at home and abroad.

H.R. 4544, the “American Access to Banking Act,” led by Ranking Member Maxine Waters (D-CA). This bill would promote the formation of new community banks and credit unions (known as de novo depository institutions). It does so by directing the Federal banking agencies to review and streamline application processes, minimize duplicative data requests, and review capital-raising challenges de novos face in consultation with the SEC. It also requires the designation of agency caseworkers as a single point of contact to assist de novo applicants. It further requires the development of outreach and education programs, and Federal regulator engagement with stakeholders as well as coordination with State regulators to support them in chartering de novo firms.

The bill is supported by American Bankers Association, America's Credit Unions, Consumer Federation of America, Defense Credit Union Council, National Bankers Association, and National Community Reinvestment Coalition.

H.R. 4423, the “No New Burma Funds Act,” led by Representative Nikema Williams (D-GA). This bill would require Treasury to press the International Bank for Reconstruction and Development, an arm of the World Bank, to continue its pauses on disbursing money to Burma and making new financing commitments to Burma’s government.

H.R. 4429, the “Developing and Empowering our Aspiring Leaders (DEAL) Act,” led by Representatives Sean Casten (D-IL) and Ann Wagner (R-MO). This bill would expand the types of assets a venture capital fund could hold while maintaining its exemption under the securities laws. The bill also allows early-stage investors in a start-up to sell their stakes to a venture capital fund.

H.R. 4431, the “Improving Capital Allocation for Newcomers (ICAN) Act,” led by Representatives Brittany Pettersen (D-CO) and William Timmons (R-SC). This bill would modestly increase the thresholds that require venture capital funds to register with the SEC, and after five years requires the SEC to assess—and possibly adjust—these thresholds upwards or downwards via rulemaking.

H.R. 3673, the “Small Business Investor Capital Access Act,” led by Representatives Nydia Velázquez (D-NY) and Andy Barr (R-KY). This bill would adjust the threshold that requires private funds, such as private equity funds and hedge funds, to register with the SEC from $150 million to $175 million, and then for inflation every five years.

H.R. 4449, the “Advocating for Small Business Act,” led by Representative Vicente Gonzalez (D-TX). This bill would strengthen the voice of small businesses at the SEC by establishing individual small business offices within each of the SEC’s primary divisions.

H.R. 4437, the “Supervisory Modifications for Appropriate Risk-based Testing Act of 2025 (SMART Act of 2025),” led by Representatives Bill Foster (D-IL) and William Timmons (R-SC). This bill would provide exam relief for well-managed and well-capitalized banks and credit unions with under $6 billion in total assets, provided they are not subject to an enforcement action or recently went through a merger. Specifically, the bill provides these institutions with alternating full-scope and limited-scope exam as well as a combined exam (safety and soundness; consumer compliance; and/or cybersecurity and information technology), however regulators retain discretion to do additional exams to ensure safety and soundness and compliance with applicable laws.

• An amendment to H.R. 4437 offered by Ranking Member Waters (D-CA) was adopted by voice vote that stipulates for exams of community banks and credit unions with less than $6 billion in assets, on-site exam teams should be led by those with significant experience, minimize time spent on-site, schedule when convenient for entity, and with advance notice of what issues will be covered in the exam. The amendment also requires regulators to provide annual data about their exams of these small community financial institutions.
  

H.R. 3390, the “Bringing the Discount Window into the 21st Century Act,” led by Representative Monica De La Cruz (R-TX). This bill would require the Federal Reserve to conduct a review, develop a plan, and issue reports on steps they are taking to enhance and modernize the functioning of the Fed’s discount window where banks obtain emergency liquidity. This is in response to concerns raised by banks that had problems accessing the Fed’s discount window during the 2023 regional bank failures.

• An amendment to H.R. 3390 offered by Ranking Member Waters (D-CA) was adopted by voice vote that requires the Fed to examine stigma associated with usage of the Fed’s discount window and identify ways to reduce stigma. The Fed would also be required to study access, operational efficiency, transparency, timeliness, pricing, and other elements that could be improved to make the discount window a more effective emergency liquidity tool to support the banking system.
  
• An amendment to H.R. 3390 offered by Representative Bill Foster (D-IL) was adopted by voice vote that requires the Fed to examine how electronic communication can cause faster liquidity challenges that the discount window could help mitigate, along with other technical changes.
  

H.R. 4478, the “Tailored Regulatory Updates for Supervisory Testing Act of 2025 (TRUST Act of 2025),” led by Representatives Ritchie Torres (D-NY) and Tim Moore (R-NC). This bill would raise the consolidated asset threshold from $3 billion to $6 billion for well-capitalized and well-managed banks to qualify for an 18-month full-scope examination cycle instead of a 12-month exam.

H.R. 4430, the “Expanding WKSI Eligibility Act,” led by Representative Bryan Steil (R-WI). This bill would lower the threshold that allows companies to quickly issue their securities into the market, known as shelf registration, from $700 million in public float to $400 million in public float.

H.R. 3190, the “BRAVE Burma Act,” led by Representative Bill Huizenga (R-MI). This bill would require the President to annually determine whether to impose stronger sanctions on Myanma Oil and Gas Enterprise, Myanma Economic Bank, and foreign persons operating in the jet fuel sector of the Burmese economy. The bill would also require the Secretary of the Treasury to limit any increase in Myanmar’s influence at the International Monetary Fund as long as it is governed by the military junta. Finally, it would appoint a Senate-confirmed Special Coordinator for Burmese Democracy at the Department of State to develop a comprehensive strategy to promote human rights and the restoration of a civilian government in Burma.

H.R. 4346, the “Preventing the Escalation of Armed Conflict in Europe Act of 2025, or PEACE Act of 2025,” led by Representative Zach Nunn (R-IA). This bill would give Treasury expanded authority to impose correspondent banking and payable-through account sanctions for any foreign bank that knowingly does business with sanctioned Russian actors or with those who operate in Russia’s energy sector.

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