The House Financial Services Committee, under the leadership of Chairman Patrick McHenry, has advanced 13 pieces of legislation to the full House for consideration. Among these measures are Congressional Review Act (CRA) resolutions aimed at addressing regulatory oversteps and promoting financial innovation.
One of the bills, H.R. 5535, known as the “Insurance Data Protection Act,” presented by Rep. Scott Fitzgerald, focuses on limiting the ability of certain offices to subpoena data directly from insurance companies. Instead, the bill advocates for collaborative efforts with state insurance commissioners to obtain such information.
Another significant legislation, H.R. 802, the “Respect State Housing Laws Act,” introduced by Rep. Barry Loudermilk, aims to rectify a drafting error in the CARES Act related to federal eviction notice requirements.
Additionally, H.R. 7440, the “Financial Services Innovation Act of 2024,” proposed by Chairman McHenry, seeks to establish Financial Services Innovation Offices within financial regulators to promote innovative financial products and services.
Furthermore, various Congressional Review Act resolutions introduced by different representatives aim to nullify regulatory actions that are perceived as detrimental to the economy and financial stability.
The Committee's efforts also include H.R. 7428, the "Earned Wage Access Consumer Protection Act," introduced by Rep. Bryan Steil, which focuses on creating a transparent regulatory framework for earned wage access products.
These legislative actions underscore the Committee's commitment to addressing regulatory challenges, promoting financial innovation, and ensuring transparency in the financial services sector.
The full list of bills and Member remarks in support of their respective legislations can be found on the House Financial Services Committee's official website.
The House Financial Services Committee's dedication to advancing regulatory oversight and fostering financial innovation is evident in the comprehensive set of legislations reported to the full House for consideration.