House Passes Three Financial Services Bills

Yesterday, the House of Representatives passed three bills from the House Committee on Financial Services.

H.R. 3074 - the Common Cents Act, sponsored by House Republican Conference Chairwoman Lisa McClain (MI-09), passed the House by voice vote. H.R. 3074 ends the production of the penny and allows for production of a more cost-effective nickel, reducing unnecessary costs to taxpayers while also providing clear legislative guidance to encourage consistent cash practices for retailers, banks, and consumers. 

• Watch Chairman French Hill (AR-02) speak in support of the bill here.
• Watch house Republican Conference Chairwoman Lisa McClain speak in support of her bill here.
• Watch Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) here.

H.R. 6556 - the Failing Bank Acquisition Fairness Act, sponsored by Rep. Stephen Lynch (MA-08), passed the House by voice vote. H.R. 6556 reforms the bank acquisition process by ensuring regulators evaluate bids fairly to promote competition, preserve access to banking services, and strengthen the failed bank resolution process.

• Watch Chairman Hill speak in support of the bill here.

H.R. 1181 - the Protecting Privacy in Purchase Act, sponsored by Rep. Riley Moore (WV-02), passed the House x-x. H.R. 1181 prohibits payment card networks from assigning or requiring merchant category codes that specifically identify firearms retailers to protect Americans’ financial privacy and prevent tracking of lawful firearm purchases.

• Watch Chairman Hill speak in support of the bill here.
• Watch Rep. Riley Moore speak in support of his bill here. 
• Watch Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) speak in support of the bill here.
• Watch Rep. Jim Jordan (OH-04) speak in support of the bill here. 

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