CHAIRMAN HILL: THE BILLS BEFORE US TODAY REFLECT A COMMON-SENSE APPROACH TO FINANCIAL SERVICES POLICY

The following information was released by the U.S. House of Representatives Committee on Financial Services:

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a markup of various bills that reflect the Committee's long-standing efforts to promote economic growth, protect the integrity of our markets, strengthen confidence in our financial system, and reinforce a strong regulatory framework.

Read Chairman Hill's remarks as prepared for delivery:

"Today, we will consider a strong slate of bills that promote economic opportunity, protect consumers and investors, strengthen our financial system, and reinforce regulatory accountability.

"Americans expect their personal information to be protected from bad actors, expect financial institutions to have the tools necessary to combat fraud, and regulators to operate with transparency and accountability.

"A key part of that effort is ensuring that Congress continues to examine the economic and monetary policies that affect American families.

"That is why we will vote to reauthorize our Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, led by Chairman Lucas.

"Protecting the integrity of our markets also means protecting the investors who participate in them.

"As one of the largest repositories of financial data in the world, the Consolidated Audit Trail presents significant privacy and cybersecurity risks.

"That is why we will consider Congressman Loudermilk's Protecting Investors' Personally Identifiable Information Act.

"Consistent with the SEC's recent exemption, this bill protects investors' personally identifiable information from unnecessary collection and storage in the CAT while preserving regulators' ability to oversee our markets.

"Building confidence in our financial system also requires accurate and reliable information.

"Those same principles of transparency and accountability should guide our financial regulators.

"H.R. 9329, the SEC Reform and Restructuring Act, introduced by Capital Markets Subcommittee Chairman Ann Wagner, strengthens SEC and public-company audit oversight, improves transparency and cybersecurity, modernizes agency operations, and reinforces the Commission's focus on its core mission.

"We are also considering Congressmen Nunn and Meeks' Clarity for Compensation Act, a bipartisan bill that amends outdated compensation regulations for independent financial advisors while preserving important investor protections.

"We must also create pathways for Americans to build credit, achieve greater financial security, and preserve the wealth they have worked years to build.

"Congresswoman Kim's Strengthening Transaction Oversight and Preventing Payments Fraud Act of 2026 provides financial institutions with additional flexibility to detect suspicious transactions and prevent Americans' hard-earned dollars from getting into the hands of criminals.

"We will also consider Congresswoman Kim's Credit Access and Inclusion Act.

"H.R. 5402 helps ensure Americans get credit for their responsible financial behavior by allowing public housing authorities, utility providers, and telecommunications companies to share payment information with consumer reporting agencies - helping to build credit and expand economic opportunity.

"Congressman Loudermilk's FCRA Liability Harmonization Act promotes a fair and balanced liability framework under the Fair Credit Reporting Act, encouraging greater participation and competition in the credit reporting system.

"We will also consider Congressmen Lawler and Gottheimer's Fair Credit Reporting Reseller Accuracy Act, a targeted FCRA clarification that protects mortgage credit resellers for inaccuracies in data they do not create or control while preserving consumer protections, supporting an efficient mortgage lending process.

"As our financial system continues to evolve, our regulatory framework must keep pace with innovation.

"To that end, we will consider Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil's Earned Wage Access Consumer Protection Act.

"This bill establishes a clear federal framework for earned wage access services that protects consumers while supporting innovation.

"Another important measure before us is H.R. 7030, the Securing Facilities for Mental Health Services Act, introduced by Republican Whip Tom Emmer and Congressman Ritchie Torres, which removes an outdated restriction on inpatient psychiatric hospitals and expands access to mental health care.

"As we all know, for many families, financial security is inseparable from homeownership.

"Too often, when a loved one passes away without a will, an unclear title leaves family property vulnerable to forced partition sales and the loss of generational wealth.

"That is why we will consider Congresswoman Williams of Georgia's HEIRS Act of 2025, which helps states adopt uniform heirs' property protections and provides legal assistance to help families clear title and preserve generational wealth.

"The bills before us today reflect a commonsense approach to financial services policy.

"I look forward to today's discussion, and I yield back."