The comprehensive package of bills focuses on strengthening regulation of stablecoins, digital asset custody, ESG impacts, and repealing the CFPB’s controversial small business lending rules.
The House Financial Services Committee approved seven pieces of legislation marking a major overhaul of how the U.S. regulates digital assets, ESG impacts, and data collection on small business loans.
The approved Payment Stablecoin Clarity Act (HR 4766) would provide a regulatory roadmap for stablecoin issuers and include important federal consumer protections. In terms of digital assets, the Keep Your Coin Act of 2023 (HR 4841) seeks to preserve consumers’ right to self-custody in self-custodial wallets:
The committee also introduced the Guiding Uniform and Responsible Disclosure Requirements and Information Restrictions (GUARDRAIL) Act of 2023 (HR 4790), which seeks to overhaul SEC disclosure regulations. It would make non-material disclosure requirements public and promote the creation of a public company advisory committee to enhance investor protection and market fairness.
The Protecting Americans’ Retirement Savings from Political Influence Act (HR 4767) seeks to refocus the shareholder proposal and proxy voting process on business development and away from partisan politics.
The approved U.S. Financial Institutions Regulatory Sovereignty and Transparency Act (HR 4823) proposes to increase transparency in the interactions of federal banking regulators with international organizations and emphasize their political independence:
“The goal is to limit the SEC’s control in this area and emphasize the role of state regulations in governing shareholder proposals.”
The committee also approved the Corporate Override Activists Act (HR 4655), which limits the SEC’s power over shareholder proposals and promotes the importance of state regulation in this area.
Finally, the joint resolution (H.J. No. 66) seeks to repeal the CFPB’s mandatory collection of demographic data on small business loan applicants.
