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Support Grows for Rep. Graves Financial Reform Bill


Washington, July 17, 2018 - The U.S. Chamber of Commerce, the Investment Company Institute (ICI), the American Bankers Association (ABA), the Independent Community Bankers of America (ICBA), the National Association of Federally-Insured Credit Unions (NAFCU) and the Credit Union National Association (CUNA) offered support for the fiscal year 2019 Financial Services and General Government Appropriations Act (H.R. 6258), which includes more than 20 financial reform bills that passed the House during the 115th Congress with overwhelming bipartisan support. H.R. 6258 was written by Rep. Tom Graves (R-GA-14), who is chairman of the House Appropriations Financial Services Subcommittee. The bill is expected to receive a vote by the full House of Representatives this week.

“The U.S. Chamber of Commerce voices their strong support for the Fiscal Year 2019 Financial Services and General Government Appropriations bill,” said Neil Bradley, Executive Vice President and Chief Policy Officer of the U.S. Chamber of Commerce. “The Chamber believes this legislation will incentivize economic growth by facilitating capital formation, reducing regulatory burdens and fostering job creation for small businesses.”

“ICI applauds Chairman Graves’ leadership for including bipartisan provisions in this bill that would appropriately tailor financial stability regulation and encourage capital formation,” said Paul Schott Stevens, ICI President and CEO. “These provisions provide a framework for strong, appropriate regulation and ICI supports swift passage of this appropriations bill.”

“We commend Chairman Frelinghuysen and FSGG Subcommittee Chairman Graves for including several important and bipartisan financial reforms in this appropriations bill,” said Rob Nichols, ABA President and CEO. “These measures will bring transparency and accountability to the Consumer Financial Protection Bureau and make commonsense regulatory reforms that will help financial institutions better serve their customers. We thank the committee for their attention to these important issues.”

“On behalf of the nation’s community banks, we offer our support for the community bank regulatory relief provisions of the House FY 2019 Financial Services and General Government Appropriations Act. Many of these community bank-focused provisions enjoy strong bipartisan support.” said Rebeca Romero Rainey, ICBA President and CEO. “ICBA also encourages the House to adopt the McHenry amendment, which would prohibit the use of any monies for postal banking activities by the U.S. Postal Service.”

“NAFCU supports the FY 19 FSGG bill,” said Carrie Hunt, NAFCU Executive Vice President of Government Affairs and General Counsel. “This legislation provides necessary regulatory relief to America’s credit unions. On behalf of our membership and the entire credit union industry, NAFCU thanks Chairman Graves for his leadership and hard work in producing this common sense measure.”

“CUNA supports the many regulatory relief provisions included in the FY19 House FSGG bill that would benefit credit unions,” said Jim Nussle, CUNA President and CEO. “On behalf of America’s credit unions and their 110 million members, thank you for your leadership and support of legislation to assist America’s community financial services providers.”

“I’m pleased to earn the support of these important organizations for my financial reform bill,” said Chairman Graves. “This bill includes many significant reforms that slash harmful regulations and streamline outdated agency processes. Importantly, it also brings the rogue, unaccountable Bureau of Consumer Financial Protection under the appropriations process, which will finally subject it to congressional oversight and accountability.”

H.R. 6258 includes more than 20 financial reform bills that passed the House during the 115th Congress with overwhelming bipartisan support, including:

  • The Financial Institution Customer Protection Act, which ends Operation Chokepoint.

  • The Credit Access and Inclusion Act, which will help consumers improve their credit ratings.

  • The Mortgage Choice Act, which will help middle-income families secure a qualified mortgage.

Additionally, for the first time, this bill limits the amount of money the Consumer Financial Protection Bureau (CFPB) can request from the Federal Reserve, which will finally subject it to direct congressional oversight and accountability. It also includes all four recommendations from CFPB Acting Director Mick Mulvaney for reforming the Bureau, including providing independent IG authority, requiring Congressional approval of any new rules or regulations, and the allowing the president to terminate the director at-will.

The House Appropriations Committee passed H.R. 6258 on May 13, 2018. The bill now awaits consideration by the full House of Representatives.

Click HERE to read the full bill.

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