Financial Services Committee advances market stability, security legislation

The Financial Services Committee recently advanced four measures that address market stability and security to the financing of illicit activities.

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The Options Markets Stability Act requires regulators to implement a risk-adjusted approach to value centrally-cleared options as it relates to capital rules to better and more accurately reflect exposure and promote options market-making activity.

The Building Up Independent Lives and Dreams Act allows certain charitable mortgage loan transactions to qualify for use of the truth in lending (TIL), good faith estimate (GFE), and HUD-1 forms instead of those required under the TRID rule.

The Streamlining Communications for Investors Act is a measure directing the Securities and Exchange Commission (SEC) to revise SEC Rule 163(c) to allow a well-known seasoned issuer (WKSI) to authorize an underwriter or dealer to act as its agent or representative in communicating about offerings of the issuer’s securities prior to the filing of a registration statement.

Lastly, the Fight Illicit Networks and Detect Trafficking Act requires the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking and other purposes.

“These bills represent months of dedicated efforts by their sponsors, and I want to thank members on both sides of the aisle who continue to work hard to get these bills in front of the committee,” Rep. Jeb Hensarling (R-TX), committee chairman, said. “This committee will continue to be focused on achieving 3 percent economic growth, as well as security of our people.”