Financial Services panel passes four bipartisan bills

The House Financial Services Committee unanimously passed four bipartisan bills Tuesday, ranging from a technical fix to the Dodd-Frank Act to a measure to fight corruption at the World Bank.

The panel, often bitterly divided along party lines over financial regulations, cleared the bills while rejecting a Democratic effort to demand information from the Treasury Department about President Trump’s financial connections to Russia.

A bill sponsored by Reps. Randy Hultgren (R-Ill.) and Maxine Waters (D-Calif.) would allow the Financial Stability Oversight Council’s independent member with insurance expertise to serve up to 18 months past when his or her term expires until a new expert is appointed.

Another bill sponsored by Rep. Andy Barr (R-Ky.) ropes off a portion of the United States’ funding to the World Bank until the Treasury Secretary certifies that the bank has taken steps “to fight corruption, strengthen management accountability and undermine violent extremism,” according to a committee release.

Two bills approved by the committee are intended to help small businesses raise capital. One offered by Reps. Kyrsten Sinema (D-Ariz.) and Trey Hollingsworth (R-Ind.) creates an expedited Securities and Exchange Commission review process for smaller firms looking to raise capital.

The other, offered by Rep. Luke Messer (R-Ind.), redefines several types of municipal securities as “high-grade liquid assets.” The upgrade is meant to assist smaller companies meet capital requirements through a wider array sources.