Hybrid Markup - H.R. 2689; H.R. 3948; H.R. 3958; H.R. 3968 (EventID=112816)

Video Description

Connect with the House Financial Services Committee Get the latest news: https://financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinancialCmte Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ The full Committee will convene to mark up the following measures, in an order to be determined by the Chairwoman at 10:00am E.T. on Wednesday, June 23, 2021, and subsequent days if necessary, in a hybrid format in room 2128 of the Rayburn House Office Building as well as on the WebEx platform. - - - - - - - - • H.R. 2689, the “Minority Business Development Administration Act,” introduced by Mr. Green. Summary: The bill supersedes Executive Order 11625, which created the original Minority Business Development Agency (MBDA), and codifies the agency into law to promote and administer programs to assist the development and resiliency of minority business enterprises (MBEs). MBEs are defined as firms that are at least 51 percent owned by one or more socially disadvantaged individuals and whose management and daily business operations are controlled by one or more socially disadvantaged individuals. Additionally, this bill establishes business centers in areas that primarily serve rural minority business enterprises. The bill is broken out into four titles – (Title I) Existing Initiatives; (Title II) New Initiatives to Promote Economic Resiliency for Minority Businesses (Title III), Rural Minority Business Center Program; and (Title IV) Administrative and Other Powers of the Agency; Miscellaneous Provisions. • H.R. 3948, the “Greater Supervision in Banking (G-SIB) Act,” by Ms. Pressley. Summary: This bill requires U.S. global systemically important bank holding companies (G-SIBs) to present detailed annual reports to the Board of Governors of the Federal Reserve System. The reports must describe details about the G-SIBs’ size and complexity, enforcement actions taken against the G-SIB over the past year, executive and average worker compensation, support for MDIs and CDFIs, steps being takento reach climate emissions reduction targets, diversity of the GSIBs’ board, and more. • H.R. 3958, the “Central Liquidity Facility Enhancement Act,” by Ms. Waters. Summary: This bill would permanently extend enhancements for the National Credit Union Administration’s (NCUA) Central Liquidity Facility (CLF) made in the CARES Act. The bill would also require a GAO study to analyze the impact of the enhancements. • H.R. 3968, the “Municipal IDs Acceptance Act,” by Mr. Torres. Summary: This bill directs the federal financial regulators and the Financial Crime Enforcement Network (FinCEN) to update the guidance on the Customer Identification Program (CIP) to clarify that banks may incorporate municipal-issued identification (ID) into the financial institution’s risk-based approach. - - - - - - - - Hearing page: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=407956