Home Monetary Companies Committee Reviews Digital Asset, ESG Laws to Full Home for Consideration
Washington,
July 27, 2023 -
As we speak, the Home Monetary Companies Committee handed seven items of laws out of Committee that set up a regulatory framework for cost stablecoins, defend self-custody for digital property, overturn the CFPB’s disastrous small enterprise lending knowledge assortment rule, and fight the affect of ESG initiatives in our monetary markets. Included amongst this laws is the Readability for Fee Stablecoins Act, launched by Chairman Patrick McHenry (NC-10), which acknowledges a number of regulatory paths for approving and regulating stablecoin issuers whereas making certain sturdy protections for customers by way of crucial federal guardrails, handed by a bipartisan vote.
Extra info on all seven payments reported out of the Monetary Companies Committee will be discovered under together with Member remarks in assist of their laws:
H.R. 4766, the “Readability for Fee Stablecoins Act of 2023,” supplied by Chairman McHenry, gives a transparent regulatory framework for the issuance of cost stablecoins. The invoice protects customers by establishing crucial federal guardrails, whereas on the similar time fostering innovation within the U.S. by way of a tailor-made method for brand new entrants into {the marketplace}.
Watch Rep. McHenry’s remarks in assist of H.R. 4766 right here.
H.R. 4841, the “Keep Your Coins Act of 2023,” supplied by Rep. Warren Davidson (OH-08), addresses one of many key dangers recognized by the FTX failure. It could be sure that customers are allowed to take care of custody of their digital property in self-hosted wallets. This can be a key tenet of blockchain expertise as a result of it permits customers to keep away from the dangers related to centralized, third-party custody.
Watch Rep. Davidson’s remarks in assist of H.R. 4841 right here.
H.R. 4790, the “Guiding Uniform and Responsible Disclosure Requirements and Information Limits (GUARDRAIL) Act of 2023,” supplied by Rep. Invoice Huizenga (MI-04), will convey significant adjustments to SEC disclosure rules by making certain corporations are solely required to reveal materials info and requiring the SEC to publicly checklist and clarify any non-material disclosure calls for. It additionally establishes a Public Firm Advisory Committee throughout the SEC to reinforce investor safety and market equity. Lastly, the invoice mandates an SEC research to evaluate the potential affect of the Company Sustainability Due Diligence Directive (CSDD) and Company Sustainability Reporting Directive (CSRD).
Watch Rep. Huizenga’s remarks in assist of H.R. 4790 right here.
H.R. 4767, the “Protecting Americans’ Retirement Savings from Politics Act,” supplied by Rep. Bryan Steil (WI-01), improves the shareholder proposal and proxy voting course of to prioritize company development over partisan political points. It raises resubmission thresholds for shareholder proposals, invalidates sure SEC rules and steering, limits the SEC’s skill to outline a “major policy issue,” and permits corporations to exclude environmental, social, and political proposals. Moreover, the invoice gives transparency and accountability to the proxy advisory business, prohibits robovoting, and requires proxy advisory agency shoppers to situation annual public studies on their proxy voting. Lastly, the invoice requires giant asset managers to conduct financial analysis when voting towards board suggestions and requires traders to consent to using non-pecuniary components in decision-making.
Watch Rep. Steil’s remarks in assist of H.R. 4767 right here.
H.R. 4823, the “American Financial Institution Regulator Sovereignty and Transparency Act,” supplied by Rep. Barry Loudermilk (GA-11), will increase transparency and congressional oversight of federal banking regulators and their interactions with worldwide organizations, significantly non-governmental organizations, to restrict their affect on U.S. banking coverage. The invoice additionally bolsters the political independence of federal banking regulators by requiring the prudential regulators to report back to Congress when implementing non-binding suggestions from Government Orders or the Monetary Stability Oversight Council. Lastly, the laws will take away the designation of a member of the Federal Reserve Board as Vice Chairman for Supervision and make conforming amendments within the Federal Reserve Act.
Watch Rep. Loudermilk’s remarks in assist of H.R. 4823 right here.
H.R. 4655, the “Businesses Over Activists Act,” supplied by Rep. Ralph Norman (SC-05), clarifies that the SEC doesn’t have the facility to control shareholder proposals by way of Rule 14a-8 and prevents the SEC from forcing corporations to incorporate or talk about shareholder proposals. Its aim is to restrict the SEC’s management on this space and emphasize the function of state rules in governing shareholder proposals.
Watch Rep. Norman’s remarks in assist of H.R. 4655 right here.
Watch Rep. Williams’ remarks in assist of H.J. Res. 66 right here.
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