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House Panel Set to Examine FINRA

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Fresh off lawmakers’ August break, the chairmen of two House Financial Services subcommittees are gearing up to take a fine-tooth comb on Thursday to the goings-on at the Financial Industry Regulatory Authority and zero in on “Legislative Proposals for a More Efficient Regulatory Regime.”

Among the six bills to be considered by the Financial Institutions and Consumer Credit Subcommittee is the Systemic Risk Designation Improvement Act of 2017, which amends the Dodd-Frank Act’s classification of financial institutions that are considered a systemic risk.

The Capital Markets, Securities and Investment Subcommittee is expected to tackle in its hearing oversight of FINRA, the self-regulator’s current regulatory agenda, the role of self-regulation in the U.S. capital markets, FINRA’s SRO structure and its relationship with and oversight by the Securities and Exchange Commission.

The Senate Banking Committee plans to mark up the same day S. 1463, the Financial Stability Oversight Council Insurance Member Continuity Act, which would adjust the rules that apply to the “independent member” of the Financial Stability Oversight Committee who has insurance expertise. 

Like the Senate bill, companion legislation in the House allows the independent insurance expert to serve up to 18 months.

Enacting H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act, sponsored by Reps. Randy Hultgren, R-Ill., and Maxine Waters, D-Calif., “would not significantly increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028,” according to a recently released Congressional Budget Office analysis.


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