Womack, Himes, Delaney, Wagner Support H.R. 1334 Passage, Urge Senate Action
The House today considered the Holding Company Registration Threshold Equalization Act of 2015 (H.R. 1334), a bill introduced by Representatives Steve Womack (AR-3), Jim Himes (CT-4), John Delaney (MD-6), and Ann Wagner (MO-2), on the House Floor. If signed into law, H.R. 1334 would extend to savings and loan holding companies (SLHCs) the same shareholder registration thresholds that the Jumpstart Our Business Startups (JOBS) Act established for banks and bank holding companies. The legislation previously passed the House as H.R. 801 on January 14, 2014, and as H.R. 37 – Title III on January 14, 2015.
The Holding Company Registration Threshold Equalization Act of 2015 was subsequently approved in the House by
“Thank you to Chairman Hensarling, the entire Financial Services Committee, and the cosponsors of this bill for their continued efforts to make right this JOBS Act oversight and ensure that savings and loan holding companies are treated in the same manner as bank and bank holding companies,” said Womack. “I am hopeful that the third time is the charm and that the Senate will quickly pass this legislation, allowing SLHCs across the country to focus on serving the lending needs of their communities rather than unintended overregulation from Washington.”
“This is a simple fix of an oversight of the JOBS Act,” said Himes. “It was not the intention of Congress to treat savings and loans differently than bank and bank holding companies in this context, and today’s passage of H.R. 1334 ensures that the shareholder registration threshold is applied equally. This will give smaller institutions the flexibility they need to compete in the market and help people get the loans they need for homes, cars, or other large purchases, which is of vital importance in this economy.”
“I am proud to support this bipartisan legislation which will help savings and loan holding companies serve their customers,” said Delaney. “I thank Congressman Womack for his work on this legislation, which is a commonsense fix that puts SLHCs on a level playing field with banks. To create jobs and grow our economy we need to improve access to capital for small businesses and families.”
“I am pleased to help sponsor this bipartisan legislation so that Congress can help increase lending and investment in our local communities,” said Wagner. “Increasing the ability of these institutions to lend will in turn increase economic activity in Missouri and around the country.”
The full text of the bill can be found here.
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