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Thursday, June 21, 2012

Panel Approves Bill Containing SEC Registration Changes

The House Appropriations Committee approved by voice vote the fiscal year 2013 Financial Services Appropriations bill that would fund the Treasury Department, Small Business Administration, SEC, and other federal agencies.

The bill includes ABA-advocated report language that would strongly encourage the SEC to use its authority to allow savings and loan holding companies to take advantage of the recent changes in the agency’s shareholder registration requirements.

Other ABA-advocated language in the bill would encourage the Internal Revenue Service to take steps to better protect from dangerous regimes information related to the nonresident alien interest-reporting rule. The association worked closely with Rep. Steve Womack (R-Ark.) on the SEC language, and with Rep. Mario Diaz-Balart (R-Fla.) on the IRS language.

The legislation, among other things, also contains a provision that would change the CFPB’s funding source from the Federal Reserve to the congressional appropriations process starting in fiscal year 2014 and would change the IRS nonresident alien interest reporting rule.

Read the report language ( SEC on bottom of page 72, CFPB on page 42, and IRS on bottom of page 17).

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