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Thursday, June 20, 2013

House Committee Passes Bills Revising Dodd-Frank Act

In yesterday’s full committee meeting of the House Financial Services Committee four bills dealing with revisions to the Dodd-Frank Act were passed.

H.R. 1564, the Audit Integrity and Job Protection Act was passed by a vote of 52-0. The bill would prohibit the Public Company Accounting Oversight Board from dictating which auditor a company is audited by or requiring companies to adhere to mandatory auditor rotation.

H.R. 1135, the Burdensome Data Collection Relief Act was passed by a vote of 36-21. The legislation would repeal a section of Dodd-Frank that requires companies to file with the SEC information about employee compensation, including how the CEO’s annual compensation compares to that of other employees.

H.R. 1105, the Small Business Capital Access and Job Preservation Act was passed by a vote of 38-18. The bill would exempt certain private equity fund advisers from registering with the SEC as mandated by the Dodd-Frank Act.

H.R. 2374, the Retail Investor Protection Act was passed by a vote of 44-13. The legislation would force the Labor Department to wait to issue its fiduciary rule until 60 days after the SEC has released its rule. It also would require the SEC to meet additional cost benefit requirements before issuing its rule.

Chairman Hensarling’s opening statement to the full committee.

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