House Passes Ten Bipartisan Financial Services Bills

Sep 30, 2020Congressional Legislation, News

The United States House of Representatives recently passed ten financial services bills, including legislation to protect consumers and investors from pandemic-related fraud, develop more flexible CARES Act funding, combat trafficking, and support diversity in community banking.

One of the bills, introduced by Representative Gregory Meeks (D-N.Y.), is the  Ensuring Diversity in Community Banking Act (H.R. 5322), which would support minority depository institutions and help banks through reforms, and partnerships and investments with the institutions.

Another piece of legislation, the COVID-19 Fraud Prevention Act (H.R. 6735) directs the SEC and CFPB to create an Investor Fraud Working Group to protect investors and consumers, and will issue monthly reports to Congress on actions taken and resources provided to victims of fraud. The Uniform Treatment of NRSROs Act (H.R. 6934) would amend the CARES Act, making any ratings approved by the SEC able to be used by companies for program eligibility in response to a COVID-19 emergency.

The Improving Emergency Disease Response via Housing Act (H.R. 6294), introduced by Representative Scott Tipton (R-Colo.), allows HHS access to locations of section 202 housing and local Continuums of Care (CoCs) to provide more relief for homeless and elderly populations.

A bipartisan bill called the STIFLE Act (H.R. 7592) directs GAO to analyze any shared features among trafficking networks, and requires GAO to report recommendations for changes necessary to combat trafficking. The Promoting Secure 5G Act (H.R. 5698) would establish a policy to only finance 5G projects to further protect wireless networks from foreign governments and bad actors.

Additionally, the Negro Leagues Baseball Centennial Commemorative Coin Act (H.R. 4104) creates a coin to mark the 100th anniversary of the Negro National League, and the 1921 Silver Dollar Coin Anniversary Act (H.R. 6192) creates a coin honoring the 100th anniversary of the coinage of the “Morgan Dollar” and the “Peace Dollar.”

The Circulating Collectible Coin Redesign Act (H.R. 1923) creates a nine-year circulating coin program, authorizing the Mint to redesign coins for thematic programs. Lastly, the Merrill’s Marauders Congressional Gold Medal Act (S. 743) awards the 5307th Composite Unit in recognition of their service in the jungles of Burma during World War II.

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