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SAFE Banking Act Passes House
On September 25, the U.S. House of Representatives passed H.R. 1595, the SAFE Banking Act, legislation sponsored by Congressmen Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers (R-OH) and Warren Davidson (R-OH), Members of the House Financial Services Committee, to make reforms that will ensure that state-authorized and regulated Cannabis businesses are not forced to operate with cash only. The legislation passed the House by a vote of 321-103.
Click here to learn more and see the Chairwoman’s statement here.
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House Passes 15 Bills
During September, the U.S. House of Representatives passed 15 financial services bills to benefit consumers, investors and vulnerable families.
See the legislation below.
September 9
- H.R. 2852, Homebuyer Assistance Act of 2019, introduced by Rep. Brad Sherman (D-CA). It passed by a vote of 419-5.
- H.R. 3620, Strategy and Investment in Rural Housing Preservation Act of 2019, introduced by Rep. William Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance. It passed by a voice vote.
- H.R. 281, Ensuring Diverse Leadership Act of 2019, introduced by Rep. Joyce Beatty (D-OH), Chairwoman of the Subcommittee on Diversity and Inclusion. It passed by a voice vote.
- H.R. 241, Bank Service Company Examination Act, introduced by Rep. Roger Williams (R-TX) with Rep. Greg Meeks (D-NY), Chairman of the Subcommittee on Consumer Protection and Financial Institutions, as a cosponsor. It passed by a voice vote.
- H.R. 1690, Safe Housing for Families Act of 2019, introduced by Rep. Chuy Garcia (D-IL). It passed by a voice vote.
September 10
- H.R. 3625, the PCAOB Whistleblower Protection Act of 2019, introduced by Rep. Sylvia Garcia (D-TX). It was passed by a voice vote.
- H.R. 3619, the Appraisal Fee Transparency Act of 2019, introduced by Rep. William Lacy Clay (D-MO), Chairman of the Subcommittee on Housing, Community Development and Insurance. It was passed by a voice vote.
- H.R. 2613, Advancing Innovation to Assist Law Enforcement Act, introduced by Rep. Anthony Gonzalez (R-OH). It was passed by a voice vote.
- H.R. 2290, Shutdown Guidance for Financial Institutions Act, introduced by Rep. Jennifer Wexton (D-VA). It was passed by a voice vote.
- H.R. 3589, Greg LeMond Congressional Gold Medal Act, introduced by Rep. Mike Thompson (D-CA). It was passed by a voice vote.
- H.R. 1830, National Purple Heart Hall of Honor Commemorative Coin Act, introduced by Rep. Sean Patrick Maloney (D-NY). It was passed by a voice vote.
- H.R. 1396, Hidden Figures Congressional Gold Medal Act, introduced by Rep. Eddie Bernice Johnson (D-TX). It passed by a voice vote.
- H.R. 550, Merchant Mariners of World War II Congressional Gold Medal Act of 2019, introduced by Rep. John Garamendi (D-CA). It was passed by a voice vote.
- S. 239, Christa McAuliffe Commemorative Coin Act of 2019, introduced by Senator Jeanne Shaheen (D-NH). It was passed by a voice vote.
September 25
- H.R. 1595, the SAFE Banking Act, introduced by Congressmen Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers (R-OH) and Warren Davidson (R-OH). It was passed by a vote of 321-103.
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Featured Member of the Month: Rep. Ben McAdams
Congressman Ben McAdams (D-UT)
Congressman Ben McAdams is a seventh-generation Utahn who was raised in a family of eight. He was the twice-elected mayor of Salt Lake County and a former Utah State Senator.
Today, he sits on the House Financial Services Committee where he serves on the Subcommittee on Consumer Protection and Financial Institutions and the Subcommittee on National Security, International Development and Monetary Policy.
Click here to learn more.
SEC Testifies Before FSC
On September 24, the House Financial Services Committee convened a full Committee hearing with Securities and Exchange Commission (SEC) Chairman Jay Clayton and Commissioners Robert Jackson, Hester Peirce, Elad Roisman and Allison Herren Lee.
This was the first time since 2007 that all five SEC commissioners testified before the Committee.
Click here for the Chairwoman’s opening statement.
Committee Passes 12 Bills
On September 20, the House Financial Services Committee passed 12 bills to benefit consumers, investors, and vulnerable families, including six bipartisan measures.
See the legislation below and click here to learn more.
- The Investor Protection and Capital Markets Fairness Act (H.R.4344), a bill by Representative Ben McAdams (D-UT). The bill passed the Committee by a bipartisan vote of 49-5.
- The Tribal Eligibility for Homeless Assistance Grants Act of 2019 (H.R. 4029), a bill by Representative Denny Heck (D-WA). The bill passed the Committee by voice vote.
- The Fostering Stable Housing Opportunities Act (H.R. 4300), a bill by Representative Madeleine Dean (D-PA). The bill passed the Committee by a unanimous, bipartisan vote of 47-0.
- The Homeless Assistance Act (H.R. 4302), a bill by Representative Brad Sherman (D-CA). The bill passed the Committee by a unanimous, bipartisan vote of 49-0.
- The Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act (H.R. 123), a bill by Representative Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations. The bill passed the Committee by a vote of 32-22.
- The North America Development Bank Improvement Act (H.R. 132), a bill by Representative Henry Cuellar (D-TX). The bill passed the Committee by a vote of 32-23.
- The Financial Inclusion in Banking Act (H.R. 4067), a bill by Representative David Scott (D-GA).The bill passed the Committee by a unanimous, bipartisan vote of 55-0.
- The Protecting Innocent Consumers Affected by a Shutdown Act (H.R. 4328), a bill by Representative Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services. The bill passed the Committee by vote of 32-22.
- The Greater Accountability in Pay Act (H.R. 4242), a bill by Representative Nydia Velázquez (D-NY). The bill passed the Committee by a vote of 32-21.
- The 8-K Trading Gap Act (H.R. 4335), a bill by Representative Carolyn Maloney (D-NY), Chair of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. The bill passed the Committee by a unanimous, bipartisan vote of 52-0.
- The ESG Disclosure Simplification Act (H.R. 4329), a bill by Representative Juan Vargas (D-CA). The bill passed the Committee by a vote of 31-22.
- The Corporate Management Accountability Act (H.R. 4320), a bill by Representative Katie Porter (D-CA). The bill passed the Committee by a vote of 31-22.
Chairwoman's Corner
October Schedule: Today, Chairwoman Waters announced several Committee hearings for the month of October
- Wednesday, October 16 at 10:00 AM: The full Committee will convene a hearing entitled, “Who is Standing Up for Consumers? A Semi-Annual Review of the Consumer Financial Protection Bureau.”
- Wednesday, October 16 at 2:00 PM: The Subcommittee on Housing, Community Development, and Insurance and the Subcommittee on National Security, International Development and Monetary Policy will convene for a hearing entitled, “Protecting America: The Reauthorization of the Terrorism Risk Insurance Program.”
- Thursday, October 17 at 10:00 AM: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a hearing entitled, “Examining Corporate Priorities: The Impact of Stock Buybacks on Workers, Communities, and Investors.”
- Thursday, October 17 at 2:00 PM: The Subcommittee on Diversity and Inclusion will convene for a hearing entitled, “Promoting Inclusion: Examining the Need for Diversity Practices for America’s Changing Workforce.”
- Friday, October 18 at 9:30 AM: The Task Force on Artificial Intelligence will convene for a hearing entitled, “AI and the Evolution of Cloud Computing: Evaluating How Financial Data is Stored, Protected, and Maintained by Cloud Providers”
- Tuesday, October 22 at 10:00 AM: The full Committee will convene for a hearing entitled, “The End of Affordable Housing? A Review of the Trump Administration’s Plans to Change Housing Finance in America.”
- Tuesday, October 22 at 3:00 PM: The full Committee will convene for a markup.
- Wednesday, October 23 at 10:00 AM: The full Committee will convene for a continuation of the October 22 markup.
- Wednesday, October 30 at 10:00 AM: The Subcommittee on Oversight and Investigations will convene for a hearing entitled, “Financial Services and the LGBTQ+ Community: A Review of Discrimination in Lending and Housing.”
- Wednesday, October 30 at 2:00 PM: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hearing entitled, “An Examination of the Decline of Minority Depository Institutions and the Impact on Underserved Communities.”
Click here for more information.
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