The House Financial Services Committee has given its collective approval to a slate of bipartisan bills and resolutions intended to “protect consumers, grow the economy, strengthen government transparency and help lead the fight against terrorists.”
Among the bills that, following votes on Wednesday, will proceed to a full vote in the House:
The SEC Small Business Advocate Act
H.R. 3784 establishes the Office for Small Business Capital Formation and the Small Business Advisory Committee within the Securities and Exchange Commission. It passed the committee 56-0.
The Small Business Capital Formation Enhancement Act
H.R. 4168 requires the SEC to formally respond to any recommendations put forth by its Government-Business Forum on Small Business Capital Formation. It passed the committee 55-1.
The Data Security Act
H.R. 2205 strengthens protections for consumers against identity theft and fraud. It directs any individual, corporation, or non-governmental entity that interacts with sensitive consumer financial or other nonpublic data to develop an information security plan that protects consumers’ personal information. It passed the committee 46-9.
The Fair Investment Opportunities for Professional Experts Act
H.R. 2187 modernizes securities laws and amends the definition of an accredited investor to expand the pool of potential investors and enhance the ability of small and mid-sized business to raise capital. It passed the committee 54-2.
The National Credit Union Administration Budget Transparency Act
H.R. 2287 sets requirements intended to improve transparency and accountability in the National Credit Union Administration’s budgeting process. It passed the committee 40-16.
The Housing Opportunity Through Modernization Act
H.R. 3700 promotes “greater efficiency in existing housing assistance programs” and modernizes outdated rules and regulations, “some of which have not been updated in over a generation.” It passed the committee 44-10.
The Committee, by voice vote, also passed a resolution for creating a task force to investigate terrorism financing. The resolution establishes the task for a six-month period beginning in January 2016. The task force, previously authorized by the Committee from March to September 2015, will “continue working to improve U.S. efforts to choke off terrorist financing.”