28 NOVEMBER / DECEMBER 2023 It has been a busy year so far in the House Financial Services Committee. From moving legislation to establish guidelines for stablecoins, to working toward a nationwide data privacy standard, the agenda set forth under committee Chairman Patrick McHenry has been aggressive and successful. As we promised at the beginning of my first term, our team is working hard to ensure Hoosier priorities are protected in Congress – and that starts with keeping you informed. As I said in committee, banks in small towns from Salem to Batesville are often overregulated and underserved, and it’s beyond time we advocate for their unique priorities. On behalf of residents of every small town in Indiana, I will ensure the financial institutions they trust have a strong voice in the committee room and in Congress. With the vast changes that have taken place in financial technology in recent years, our federal data privacy standard is in dire need of an update. While we need to be careful to protect the ability of innovators to build and create, it is equally important that we make sure Americans are in control of their personal financial information. Earlier this year, I was proud to support the Data Privacy Act, which would make necessary changes to allow consumers to control their personal information without stifling the innovation that has put the United States at the forefront of the fintech world. In April, I introduced my first bill, the Regulation A+ Improvement Act to expand investment options for Americans and support the growth of local businesses. This would be done by raising the cap for Regulation A, commonly referred to as a mini-IPO. I was proud to move this bill along with several others that were focused on increasing access to capital and providing more opportunities for retail investors to build wealth. Following the failures of Silicon Valley Bank, Signature Bank and First Republic Bank earlier this year, the Financial Services Committee has worked to hold federal regulators accountable for falling asleep at the wheel, including by passing legislation that would increase Securing our Financial Future accountability and promote transparency within our federal agencies. When federal regulators fail to provide adequate supervision and monitor systemic risk within our banking sector, we must hold them accountable for their inaction and prevent smaller financial institutions from facing unnecessary fallout. Recently, we’ve focused attention in the committee on the shareholder proposal process and SEC regulations surrounding proxy advisor firms. A few months ago, I introduced a bill that would allow publicly traded companies to exclude shareholder proposals if they are duplicative or substantially similar to proposals that have already been considered. I also introduced the Retirement Proxy Protection Act, which would clarify guidance from the Department of Labor regarding fiduciary responsibilities for proxy voting on these proposals to ensure we protect investments from unnecessary ESG influence. I look forward to seeing these bills considered on the House floor and will continue to help Americans secure their financial futures. Finally, I’ve been excited by our work to establish clear regulatory frameworks for crypto and payment stablecoins that would encourage innovation while also protecting consumers. New and emerging technologies like blockchain will change the way Americans use financial services, and I am proud to be part of the bipartisan effort to ensure our regulations keep pace and provide opportunities for this technology to safely grow here in the U.S. These past few months have been exciting in the House Financial Services Committee, and I’m honored to have a front row seat for Hoosiers as a member. I will never take for granted the opportunity to represent you in Congress and keep you updated on the latest actions that affect your everyday life as bankers. Our local financial institutions play an important role in the lives of so many families in the 9th District, and it’s my job to ensure they have the resources and regulatory framework they need to be successful. I look forward to continuing our important work together to help Americans build their financial future. HB Rep. Houchin is a member of the U.S. House Financial Services Committee. Rep. Erin Houchin Indiana’s 9th District U.S. Congress CONGRESSIONAL UPDATE
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