RELEASE: REP. HILL APPLAUDS PASSAGE OF FINTECH BILLS OUT OF HOUSE FINANCIAL SERVICES COMMITTEE

WASHINGTON, D.C. - Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Digital Assets Subcommittee, today released the following statement after multiple FinTech bills passed out of the House Financial Services Committee.

"I am pleased to see several of our Digital Assets Subcommittee members join me in leading strong FinTech bills that passed out of our committee today. I am proud of our bills that foster innovation in financial services, safeguard consumers, and protect the financial system in the United States. Together, we will continue to lead in this space by crafting policies that ensure America remains at the forefront of the financial technology ecosystem."

Further Background:

H.J. Res. 120 - Introduced by Rep. Hill, this bill provides for congressional disapproval of the rule submitted by the Financial Stability Oversight Council (FSOC) related to "Guidance on Nonbank Financial Company Determinations." FSOC's proposed interpretive guidance on nonbank financial company designations raises serious questions about whether FSOC is taking the best approach to address systemic risk. FSOC should reconsider its decision to eliminate the cost-benefit analysis prior to making entity designations, among the other proposed changes in the guidance.

Endorsed By - American Council of Life Insurers, American Investment Council, Asset Management Group of the Securities Industry and Financial Markets Association, Investment Company Institute, LSTA, MFA, Mortgage Bankers Association, U.S. Chamber of Commerce.

H.R.7440 - Financial Services Innovation Act of 2024 - Introduced by Chairman Patrick McHenry (NC-10), this bill would require federal regulators to create Financial Services Innovation Offices (FSIOs) within their agencies in order to foster innovation in financial services.

H.R. 7437 - FUTURES Act - Introduced by Rep. Erin Houchin (IN-09), This bill would enhance the ability of regulatory agencies to conduct thorough supervision to ensure the safety and soundness of our financial system. Rep. Hill is an original cosponsor of this legislation.

H.R. 7428 - Earned Wage Access Consumer Protection Act - Introduced by Rep. Bryan Steil (WI-01), this bill would provide regulatory clarity and consumer protections for Earned Wage Access (EWA) services. Rep. Hill is an original cosponsor of this legislation.