House OKs financial-reform bills co-sponsored by Hultgren
Four financial-reform bills co-sponsored by U.S. Rep. Randy Hultgren (R-IL) recently were passed by the House with bipartisan support.
Hultgren, a member of the House Financial Services Committee, said these bills aim to boost accountability among federal regulators and repair the damage he said has been done by the Obama administration to the relationship between consumers and banks and other financial institutions.
“The Dodd-Frank Act and the Consumer Financial Protection Bureau have disrupted the relationship between trusted community banks and their customers,” Hultgren said. “They have repeatedly defied congressional intent, and the misguided activist agenda of the president and his allies is a detriment to those in the market for an affordable car or their family’s first home. I was happy to see my Democratic colleagues join me in supporting this regulatory-relief legislation, despite unfounded opposition from the administration.”
The Fed Oversight Reform and Modernization Act (H.R. 3189) seeks greater Federal Reserve transparency and accountability, including more explanation of the Fed's monetary-policy machinations through an annual audit, as well as more frequent testimony before Congress by the Fed chairman.
“The actions taken by the Federal Reserve leading up to and following the financial crisis have demonstrated the need for improved transparency and accountability to the American people,” Hultgren said. “The Fed Oversight Reform and Modernization Act will help restore trust in the Fed and will promote stable economic growth.”
The Portfolio Lending and Mortgage Access Act (H.R. 1210) would require the Consumer Financial Protection Bureau (CFPB) to provide a legal safe harbor for mortgages that banks keep on their ledgers.
The Reforming CFPB Indirect Auto Financing Guidance Act (H.R. 1737) would repeal directives issued by the CFPB in 2013 that violate Congress' stated intent to prohibit the CFPB from regulating automotive dealers. It also would mandate a more transparent CFPB process for rules on automotive lending.
The Policyholder Protection Act (H.R. 1478) would prevent federal banking regulators from transferring any assets of healthy state-regulated insurance subsidiaries of bigger financial firms to a bank subsidiary with a failing grade, if the state's insurance regulator decides that the transfer would harm the insurer.
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