House Financial Services Committee members recently advanced a series of bills that seek to protect investors, ensure fair employment opportunities for justice-involved individuals, and reform credit union governance.
Committee Chair Maxine Waters (D-CA) spearheaded the effort to pass six measures, including the Investor Choice Act (H.R. 2620), which was introduced by U.S. Rep. Bill Foster (D-IL), prohibiting broker-dealers, investment advisers, and issuers from including pre-dispute binding mandatory arbitration clauses in their customer agreements.
The Fair Hiring in Banking Act (H.R. 5911), introduced by U.S. Rep. Joyce Beatty (D-OH), seeks to expand employment opportunities at banks and credit unions by reducing barriers to employment based on past minor criminal offenses.
Additionally, U.S. Rep. Josh Gottheimer (D-NJ) introduced the Empowering States to Protect Seniors from Bad Actors Act (H.R. 5914), which would transfer implementation of the Senior Investor Protection Grant Program established by the Dodd-Frank Act from the Consumer Financial Protection Bureau to the Securities and Exchange Commission (SEC) – establishing a task force to review grant applications and oversee the program.
The Holding SPACs Accountable Act (H.R. 5910), introduced by U.S. Rep. Michael San Nicolas (D-Guam); the Protecting Investors from Excessive SPACs Fees Act (H.R. 5913) introduced by U.S. Rep. Brad Sherman (D-CA); and the Credit Union Governance Modernization Act (H.R. 2311), introduced by U.S. Rep. Tom Emmer (R-MN), were also among the bills the legislative panel advanced.