Finance and Financial Sector Desk
Finance and Financial Sector Bills
8 bills in the Finance and Financial Sector desk, ordered for current relevance and readability.
Finance and Financial SectorHR-166-119Latest action: Jan 3, 20254 readersIn Committee
Fair Lending for All Act
Sponsored by Al Green
The Equal Credit Opportunity Act, enacted in 1974, prohibits discrimination in lending based on protected characteristics like race, color, religion, national origin, sex, marital status, and age. However, enforcement has relied primarily on complaint-driven investigations and periodic examinations by federal banking regulators. The law does not currently authorize systematic testing of lenders for compliance, does not explicitly cover discrimination based on ZIP code or census tract, and lacks criminal penalties for knowing violations. Additionally, the definition of who can bring a lawsuit under the law has been interpreted narrowly, limiting remedies available to those harmed by discriminatory lending practices. The Fair Lending for All Act strengthens enforcement by requiring the Bureau of Consumer Financial Protection to establish an Office of Fair Lending Testing within its structure. This office, headed by a Director appointed for a five-year term, shall conduct undercover testing of creditors' compliance by deploying individuals posing as prospective borrowers to gather evidence of discrimination. The bill expands the prohibited bases for discrimination to include ZIP code, census tract, and receipt of public assistance income. It also broadens the definition of "aggrieved person" to include anyone injured by or reasonably believing they will be injured by discriminatory credit practices, and adds criminal penalties ranging from fines up to $50,000 and one year imprisonment for individual violations, to fines up to $100,000 per violation and twenty years imprisonment for patterns or practices of discrimination. Implementation begins upon enactment, with the Office of Fair Lending Testing operational within the Consumer Financial Protection Bureau's existing structure and budget. The Bureau shall review loan applications and processes used by covered financial institutions to identify violations, with authority to prohibit noncompliant applications and take enforcement action. Violations discovered through testing shall be referred to the Department of Justice for criminal prosecution. The bill also requires the Home Mortgage Disclosure Act data collection to expand to capture applicant ZIP code, race, color, religion, national origin, sex, sexual orientation, gender identity, and marital status—enabling regulators to analyze lending patterns for potential discrimination. These changes create a more proactive enforcement regime and provide additional tools for identifying and prosecuting fair lending violations.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Finance and Financial SectorHR-147-119Latest action: Jan 3, 20252 readersIn Committee
FinCEN Oversight and Accountability Act of 2025
Sponsored by Warren Davidson
The Financial Crimes Enforcement Network (FinCEN), a bureau within the Department of the Treasury, enforces anti-money laundering and counter-terrorism financing rules under the Bank Secrecy Act and related statutes. Currently, FinCEN operates with limited formal congressional oversight mechanisms and transparency requirements. Congress receives information about FinCEN activities through informal channels and periodic briefings, but no statute explicitly requires the Treasury Department to keep congressional committees fully informed of FinCEN's significant activities or to disclose the internal directives that govern FinCEN's operations to the public. This bill establishes three new accountability mechanisms. First, it requires the Secretary of the Treasury to keep the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs fully and currently informed of FinCEN activities, including anticipated significant actions, and to report promptly any unlawful FinCEN activity and corrective measures. Second, it requires the Treasury Department to disclose to Congress all "controlling documents"—internal directives issued by Treasury leadership that delegate authority to FinCEN—both those in force when the bill is enacted and any issued thereafter, along with any modifications or revocations. Third, it extends the tenure requirement for the FinCEN Director's testimony before Congress from five years to ten years, and it directs FinCEN to hold annual working groups with small businesses to discuss beneficial ownership reporting requirements. These changes take effect upon enactment with no new appropriations authorized. Congress will receive controlling documents on a rolling basis as they are issued or modified. The public will gain access to these same documents through standard Freedom of Information Act procedures, with exemptions for sensitive information. The annual small business working groups will operate within existing FinCEN resources. These transparency and engagement requirements do not alter FinCEN's enforcement authority but create new channels for congressional oversight and small business input into beneficial ownership compliance.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Finance and Financial SectorHR-146-119Latest action: Jan 3, 20251 readersIn Committee
Prohibition on IOER Act of 2025
Sponsored by Warren Davidson
The Federal Reserve Act currently authorizes Federal Reserve banks to pay interest on excess reserves—funds that depository institutions hold above their legally required minimum balances. This authority, codified in Section 19(b)(12) of the Federal Reserve Act, has been used as a monetary policy tool, particularly since the 2008 financial crisis, to influence how banks deploy capital and manage liquidity. The practice allows the Federal Reserve to indirectly control short-term interest rates and encourage or discourage lending by adjusting the rate paid on these excess reserves. This bill amends Section 19(b)(12) of the Federal Reserve Act to prohibit Federal Reserve banks from paying interest on excess reserves held by depository institutions. The amendment narrows the scope of permissible earnings payments, restricting them only to required reserve balances—the minimum reserves banks must maintain by law. The bill explicitly adds language stating that Federal Reserve banks may not pay earnings on any other balances maintained by depository institutions except as specifically provided under the revised paragraph, effectively eliminating the interest-on-excess-reserves (IOER) program. The prohibition takes effect upon enactment, immediately halting new interest payments on excess reserves. Existing reserve balances would no longer generate earnings for banks holding them at the Federal Reserve. This change removes a key monetary policy lever the Federal Reserve has used to manage money supply and influence lending behavior. Banks would face reduced incentives to park excess capital at the Federal Reserve, potentially redirecting those funds into lending, investment, or other uses. The shift could affect the Federal Reserve's ability to conduct monetary policy during economic downturns or periods of financial stress, when paying interest on reserves has historically encouraged banks to hold safe assets rather than extend credit.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Finance and Financial SectorHR-53-119Latest action: Jan 3, 20250 readersIn Committee
Responsible Borrower Protection Act of 2025
Sponsored by Andy Biggs
In January 2023, the Federal Housing Finance Agency (FHFA) announced updates to how Fannie Mae and Freddie Mac—the government-sponsored enterprises that purchase and guarantee most U.S. mortgages—would price credit fees charged to borrowers. The new pricing framework was designed to adjust fees based on borrower risk characteristics, including credit scores and down payment amounts. Under the proposed changes, borrowers with lower credit scores or smaller down payments would face higher fees, while those with stronger credit profiles would pay lower fees. These changes were set to take effect through official guidance documents issued to lenders by both enterprises in early 2023. The Responsible Borrower Protection Act of 2025 directs the FHFA and the enterprises to cancel and nullify the January 2023 pricing framework changes announced in the FHFA statement and detailed in Fannie Mae Lender Letter LL-2023-01 and Freddie Mac Bulletin 2023-1. The bill prohibits implementation of these specific fee adjustments, rendering the associated guidance documents void. However, the legislation explicitly preserves the enterprises' authority to continue applying risk-based pricing methodologies for credit fees on single-family mortgages—meaning they retain flexibility to adjust fees based on borrower risk factors, but cannot proceed with the particular 2023 framework that was announced. The cancellation takes effect upon enactment, immediately halting any implementation efforts underway. The enterprises would revert to their previous credit fee pricing structure absent the 2023 changes. This affects millions of borrowers seeking mortgages through Fannie Mae and Freddie Mac, which purchase or guarantee roughly half of all new mortgages originated in the United States. The change has no direct federal funding implications, as it operates through the enterprises' existing fee-setting authority. Market effects depend on whether the enterprises adopt alternative risk-based pricing frameworks or maintain static fee structures going forward.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Finance and Financial SectorHR-24-119Latest action: Jan 3, 20250 readersIn Committee
Federal Reserve Transparency Act of 2025
Sponsored by Thomas Massie
Under current law, the Comptroller General of the United States—the federal government's chief auditor—has authority to audit the Federal Reserve's Board of Governors and regional Federal Reserve banks. However, existing restrictions in section 714 of title 31, United States Code, limit the scope of these audits. Specifically, the law prohibits the Comptroller General from examining certain Federal Reserve monetary policy decisions, discount window lending (emergency loans to banks), and transactions involving special purpose vehicles or facilities created under section 13(3) of the Federal Reserve Act. These carve-outs were designed to insulate sensitive monetary policy operations from legislative scrutiny. The Federal Reserve Transparency Act of 2025 directs the Comptroller General to conduct a comprehensive audit of the Board of Governors and all Federal Reserve banks within 12 months of enactment, removing the existing restrictions that currently shield certain Fed activities from audit. The bill repeals the second sentence of section 714(b) of title 31, which contained the primary limitation on audit scope. It also amends section 11(s) of the Federal Reserve Act to redefine what constitutes an "emergency lending program" exempt from audit, narrowing the definition to align with the expanded audit authority. These changes eliminate the statutory barriers that previously prevented full examination of Federal Reserve operations. The Comptroller General must submit a detailed report to Congress within 90 days after completing the audit, including findings, conclusions, and recommendations for legislative or administrative action. The report goes to the Speaker, House and Senate leadership, committee chairs and ranking members with jurisdiction over the Federal Reserve, and any member of Congress who requests it. The audit itself carries no direct appropriation; the Government Accountability Office (which the Comptroller General heads) absorbs the cost within existing resources. The practical effect is that Congress gains access to comprehensive information about Federal Reserve balance sheet operations, emergency lending facilities, and internal decision-making previously off-limits to federal auditors—potentially influencing future legislative debates over Federal Reserve independence and monetary policy oversight.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Oversight and Government Reform.
Finance and Financial Sector
Finance and Financial SectorHR-52-119Latest action: Jan 3, 20250 readersIn Committee
Stop Woke Investing Act
Sponsored by Andy Biggs
Under current Securities and Exchange Commission rules, public companies must include shareholder proposals on proxy ballots if they meet certain criteria, including that they address matters of significant importance to investors. The SEC's existing Rule 14a-8 allows shareholders to submit proposals on a wide range of topics—from executive compensation to environmental practices to social policies—provided the proposals relate to the company's business. Currently, there is no numerical cap on how many shareholder proposals a company must include, though the SEC can exclude proposals on certain grounds, such as those that are duplicative or fall outside the company's ordinary business operations.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Finance and Financial SectorHR-148-119Latest action: Jan 3, 20250 readersIn Committee
Keep Your Coins Act of 2025
Sponsored by Warren Davidson
Currently, federal agencies have broad authority to regulate cryptocurrency and digital assets under existing financial regulations, including anti-money laundering and know-your-customer rules. Various agencies—including the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and banking regulators—have issued guidance restricting how individuals and businesses can use convertible virtual currencies like Bitcoin and Ethereum. These restrictions sometimes require users to conduct transactions through regulated intermediaries rather than controlling their own digital assets directly, and agencies have imposed compliance burdens on cryptocurrency transactions for personal use. The Keep Your Coins Act of 2025 prohibits federal agencies from restricting or impairing the ability of individuals to use convertible virtual currency for personal purchases of goods and services. The bill also prohibits agencies from restricting self-custody of digital assets—meaning individuals can hold cryptocurrency in self-hosted wallets without agency interference. The legislation defines "convertible virtual currency" as any medium of exchange with equivalent value to traditional currency or functioning as a currency substitute, and applies to any person obtaining such currency for personal use, regardless of how they acquired it. The bill takes effect upon enactment and creates no new funding mechanism or implementation timeline. Federal agencies would need to revise existing guidance and regulations to comply with the prohibition. The change would likely reduce compliance requirements for individual cryptocurrency users conducting personal transactions and could limit agencies' ability to monitor cryptocurrency flows for anti-money laundering purposes. Existing regulatory frameworks governing financial institutions and money transmitters would remain in place, but individual self-custody and personal-use transactions would fall outside agency restriction authority.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Finance and Financial SectorHR-145-119Latest action: Jan 3, 20250 readersIn Committee
Risk Disclosure and Investor Attestation Act
Sponsored by Warren Davidson
Under the Securities Act of 1933, the federal government restricts who can invest in private companies. Currently, only accredited investors—generally those with annual income exceeding $200,000 or net worth above $1 million—can purchase securities from private issuers without triggering extensive disclosure and registration requirements. This framework aims to protect less wealthy individuals from fraud and unsuitable investments. However, it also prevents ordinary Americans from accessing private investment opportunities, even if they understand and accept the associated risks. The Securities and Exchange Commission (SEC) must amend its regulations to establish a new category of eligible investors. Under this bill, the SEC is required to create a standardized attestation form—no longer than two pages—that allows any individual to invest in private issuers after acknowledging they understand the risks involved. An individual who completes and submits this form to the issuer becomes eligible to purchase private securities. The SEC must finalize these rules within one year of the bill's enactment. Once the SEC issues the attestation form, private companies can begin accepting investments from any individual who completes it, bypassing the accredited investor requirement. The form serves as the investor's documented acknowledgment of risk, creating a paper trail that protects both the issuer and the SEC from liability claims that an investor was uninformed. This change expands the pool of potential investors for private companies, potentially increasing capital formation outside traditional venture capital and private equity channels. However, it does not alter fraud prohibitions or other existing securities laws—issuers still cannot make false statements or engage in deceptive practices.
Finance and Financial Sector
Latest updateJan 3, 2025
Referred to the House Committee on Financial Services.
Finance and Financial Sector