House Passes Five Financial Services Bills

Written by Rep. Maxine Waters (CA-43)

WASHINGTON – The U.S. House of Representatives passed five financial services bills, including bills to: close loopholes in and ensure better enforcement of this country’s anti-money laundering and Bank Secrecy Act laws, protect investors and help startups finance their operations, require the Consumer Bureau to conduct research on the challenges of unbanked and underbanked consumers, and require the Treasury Secretary to mint several commemorative coins.

The legislation passed by the House includes:

The National Law Enforcement Museum Commemorative Coin Act (H.R. 1865), a bill to require the Secretary of the Treasury to mint a coin in commemoration of the opening of the National Law Enforcement Museum in the District of Columbia, and for other purposes. This bill was introduced by Representative Bill Pascrell (D-NJ) and passed by a voice vote.

The Women’s Suffrage Centennial Commemorative Coin Act (H.R. 2423), a bill to require the Secretary of the Treasury to mint coins in commemoration of ratification of the 19th Amendment to the Constitution of the United States, giving women in the United States the right to vote. This bill was introduced by Representative Elise Stefanik (R-NY) and passed by a voice vote.

The Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (HR 2514), bipartisan legislation that closes loopholes in the Bank Secrecy Act, increases penalties for those who break the law, and helps provide financial institutions with new tools to fulfill their obligations under the law. This bill was introduced by Representative Emanuel Cleaver (D-MO) and Representative Steve Stivers (R-OH), and passed by a voice vote.

The Financial Inclusion in Banking Act (H.R. 4067), a bill which requires the Consumer Bureau to study how to better address the needs of underbanked, unbanked and underserved communities. This bill was introduced by Representative David Scott (D-GA) and passed by a voice vote.

The Equity Crowdfunding Act (H.R. 4860), a bill to subject crowdfunding vehicles to the jurisdiction of the Securities and Exchange Commission. This bill was introduced by Representative Patrick McHenry (D-NC), Ranking Member of the House Committee on Financial Services, and Representative Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and passed by a voice vote.