House Financial Services Committee Chairwoman Maxine Waters (D-CA) released a promotional slide deck this week celebrating the committee's accomplishments, including having 55 bills passed by House of Representatives, 50 of which were passed with bipartisan support. With a Republican-controlled Senate and lack of White House support for most of these initiatives, it is not likely that most will become law in the coming year.
- Ensuring Diverse Leadership Act (H.R. 281) -- would require Federal Reserve Banks to interview one woman and one ethnically diverse candidate when see king a new Federal Reserve President
- Promoting Transparent Standards for Corporate Insiders’ Act (H.R. 624)--Requires the SEC to study expanded disclosure and limitations on 10b5-1 stock trading plans
- SEC Disclosure Effective Testing Act (H.R. 1815)--Requires the SEC to explore the usefulness of certain disclosures, including the CD&A to retail investors
- Investor Protection and Capital Markets Fairness Act (H.R. 4344) -- Provides statutory authority for the Securities and Exchange Commission (SEC) to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment gained through a securities law violation. It also allows the SEC to seek certain injunctive relief.
- Insider Trading Prohibition Act (H.R. 2534)
- Testimony by large bank CEOs on the need to improve diversity and close the CEO-to-worker pay gap.
- Creation of the Task Forces on Financial Technology (Fintech) and Artificial Intelligence (AI).
- Hearings on Facebook’s proposed cryptocurrency, Libra