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HFSC Markup

House Financial Services Committee

Markup

Wednesday, June 27 – Thursday, June 28, 2022

 

Topline

  • Both the Chair and Ranking Member addressed and expressed support for efforts to draft their joint stablecoin legislation and said negotiations would continue over August recess.

Legislation Considered

Opening Statements

Chairwoman Maxine Waters (D-Calif.)

In her opening statement, Waters thanked participants in the formation of her stablecoin legislation and said that, despite considerable process, they “are not there yet” and will continue negotiations over the August recess, adding that it is critical to have a framework that protects consumers while also allowing for responsible innovation.

 

Ranking Member Patrick McHenry (R-N.C.)

In his opening statement, McHenry said the stablecoin bill must be technically proficient, workable, and not a dead letter. He added that we should consider data and expertise on best practices from states like New York. He then discussed inflation.

 

H.R. 2965, the “Naomi Schwartz Safe Parking Act of 2022.”

Rep. Juan Vargas (D-Calif.) introduced the bill and his Amendment in the Nature of a Substitute (ANS), which would require the Secretary of Housing and Urban Development (HUD) to establish a grant program to provide amounts to eligible entities for costs associated with the establishment and operation of a safe parking program.

 

The ANS was agreed to, and the bill was reported favorably to the House by a recorded vote of 28-22.

 

H.R. 4277, the “Overdraft Protection Act of 2021.”

Rep. Carolyn Maloney (D-N.Y.) introduced the bill and her Amendment in the Nature of a Substitute (ANS), which would amend the Truth in Lending Act to establish fair and transparent practices related to the marketing and provision of overdraft coverage programs at financial institutions.

 

The ANS was agreed to and reported favorably to the House by a recorded vote of 27-22.

 

H.R. 4865, the “Registration for Index-Linked Annuities Act.”

Rep. Alma Adams (D-N.C.) introduced the bill and her Amendment in the Nature of a Substitute (ANS), which would direct the Securities and Exchange Commission (SEC) to revise any rules necessary to enable issuers of index-linked annuities to register on a form tailored specifically to registered index-linked annuities. Reps. Bill Huizenga (R-N.C.) and Waters spoke in support of the bill.

 

The ANS was agreed to and reported favorably to the House by a voice vote.

 

H.R. 6889, the “Credit Union Board Modernization Act.”

Rep. Juan Vargas (D-Calif.) introduced the bill and his Amendment in the Nature of a Substitute (ANS), which would amend the Federal Credit Union Act to modify the frequency of board of directors meetings.

 

The ANS was agreed to, and the bill was reported favorably to the House by a voice vote.

 

H.R. 7123, the “Studying Barriers to Housing Act.”

Rep. Sylvia Garcia (D-Texas) introduced the bill and her Amendment in the Nature of a Substitute (ANS), which would require the Government Accountability Office (GAO) to conduct a study to identify barriers to reducing homelessness by providing housing assistance under the Public Housing and Housing Choice Voucher programs.

 

The ANS was agreed to, and the bill was reported favorably to the House by a recorded vote of 27-23.

 

H.R. 8476, the “Housing Inspections Accountability Act of 2022.”

Rep. Alexandria Ocasio-Cortez (D-N.Y.) introduced the bill and her Amendment in the Nature of a Substitute (ANS), which would require the Secretaries of HUD and Agriculture to submit annual reports to the Congress regarding dwelling units in assisted housing that fail property inspections.

 

Rep. John Rose (R-Tenn.) introduced an amendment to the ANS, which would require an analysis by HUD and the Environmental Protection Agency (EPA) of the number of certain facilities located within one mile of a superfund site.

 

The amendment to the ANS was rejected by a recorded vote of 23-28.

 

The ANS was agreed to, and the bill was reported favorably to the House by a recorded vote of 28-23.

 

H.R. 8485, the “Expanding Access to Credit through Consumer-Permissioned Data Act.”

Rep. Nikema Williams (D-Ga.) introduced the bill and her Amendment in the Nature of a Substitute (ANS), which would amend the Equal Credit Opportunity Act to require creditors to consider certain additional credit information when making mortgage loans.

 

Rep. French Hill (R-Ark.) introduced an amendment to the ANS to amend the Fair Credit Reporting Act to allow, but not mandate, public housing authorities, utility companies, and phone companies to report full file payment to credit reporting agencies and direct the GAO to study the impact of this additional information for the benefit of consumers.

 

The amendment to the ANS was rejected by a recorded vote of 22-28.

 

The ANS was agreed to, and the bill was reported favorably to the House by a recorded vote of 28-23.

 

H.R. 8478, the “Credit Reporting Accuracy After a Legal Name Change Act.”

Rep. Ayanna Pressley (D-Mass.) introduced the bill and her Amendment in the Nature of a Substitute (ANS), which would amend the Fair Credit Reporting Act to require nationwide consumer reporting agencies, upon request, to use a consumer’s current legal name on consumer reports.

 

The ANS was agreed to, and the bill was reported favorably to the House by a recorded vote of 28-23.

 

Resolution to Reauthorize the House Financial Services Committee’s Task Force on Artificial Intelligence

Waters introduced her resolution to reauthorize the Task Force on Artificial Intelligence.

 

The resolution was agreed to by voice vote.

 

Resolution to Reauthorize the House Financial Services Committee’s Task Force on Financial Technology

Waters introduced her resolution to reauthorize the Task Force on Financial Technology.

 

The resolution was agreed to by voice vote.

 

For more information on this hearing, please click here.

For an archive of past SIFMA hearing coverage, please click here.