CLICK HERE for the latest news from the House Financial Services Committee.
The House Financial Services Committee considers measures on banking, economic stabilization, insurance, international finance, and securities. The financial services industry is important to the region I represent in Congress, with more than 68,000 financial services jobs in Central Ohio.
As a Member of the Financial Services Committee, I am leading the fight to allow our markets to function more effectively to boost economic competition. I serve on the Subcommittee on Capital Markets and Government Sponsored Enterprises and the Subcommittee on Insurance, Housing and Community Opportunity. I also serve as co-chair of the Financial Literacy Caucus with Congresswoman Joyce Beatty (D-OH) and the Middle Market Growth Caucus with Congressman Tom MacArthur (R-NJ), Congressman Jared Polis (D-CO) and Congresswoman Kyrsten Sinema (D-AZ).
Below are some of my priorities in the 115th Congress:
SMALL BUSINESS CREDIT AVAILABILITY ACT: This Congress, I introduced the Small Business Credit Availability Act along with Representatives Brad Sherman (D-CA), Patrick McHenry (R-NC), and Gwen Moore (D-WI). This bipartisan legislation will make important reforms to enable Business Development Companies (BDCs) to deploy more capital to America’s small and middle market companies, allowing them to meet their financing needs so they can grow their businesses and hire more workers.
The legislation reduces BDCs' asset-ratio requirement enabling more investments in small and middle-market America. The bill would also modernize BDCs' securities offering requirements by eliminating costly and duplicative regulatory paperwork that diverts investments away from job creation and economic growth. I was proud to see this legislation signed into law as part of the omnibus funding bill in March 2018.
FINANCIAL CHOICE ACT: This Congress, the committee’s priorities include creating jobs, implementing Fannie Mae’s and Freddie Mac’s transition out of Federal conservatorship, and improving cybersecurity of consumers’ personal information. The committee has also been focused on doing away with the job-killing provisions of Dodd-Frank.
Last year, the House passed H.R. 10, the Financial CHOICE Act, a comprehensive reform of Dodd-Frank. The regulations stemming from Dodd-Frank have caused great harm to consumers – including preventing some Americans from getting loans to buy a car or house – while doing little to protect us from future crisis. The CHOICE Act will reduce regulations and encourage economic growth and opportunity for Americans. Read more about the Financial CHOICE Act by clicking here.
For additional information on financial service issues, you can CLICK HERE to go to the House Financial Services Committee Web site or contact my office at 202-225-2015.
VIDEO: CLICK HERE for video of of Stivers asking a panel questions during a Financial Services hearing on mortgage financing on February 16, 2011. VIDEO:CLICK HERE for video of Stivers' opening statement in committee on the need for GSE reform on February 9, 2011. VIDEO:CLICK HERE for video of Stivers speaking on the House floor about pro-jobs growth financial services legislation. VIDEO: CLICK HERE for video of Stivers speaking in committee on an amendment he offered on HUD standards on February 7, 2012. VIDEO: CLICK HERE for video of Stivers taking part in a Financial Services Committee Q&A with Federal Reserve Chairman Ben Bernake on February 29, 2012. VIDEO:CLICK HERE for video of Stivers on Fox Business Channel speaking about his two bills, the Cents and Sensibility Act and the STEEL Nickel Act, to lower the cost of producing pennies and nickels and to ensure they are minted with American steel. VIDEO:CLICK HERE for video of Stivers speaking at a Financial Service Committee markup of H.R. 1588, the "Consumer Rental Purchase Agreement Act" on May 31, 2012. VIDEO: CLICK HERE for video of Stivers speaking on the House Floor about the National Flood Insurance Program on May 31, 2012. VIDEO:CLICK HERE for video of Stivers speaking at a Financial Services Joint Subcommittee hearing about Implementing Basel III Capital Standards on November 29, 2012. VIDEO: CLICK HERE for video of Stivers speaking at a Financial Services Subcommittee hearing about the future of money on November 29, 2012. VIDEO:CLICK HEREfor video of Stivers in a Q&A with Federal Reserve Chairman Ben Bernanke on July 17, 2013. VIDEO: CLICK HEREfor video of Stivers Questioning Federal Reserve Chair Janet Yellen during the Financial Services Committee Hearing on June 22, 2016.