Continuing its ambitious rollout of legislation, just before heading out for the summer recess, the US House of Representative’s Committee on Financial Services unveiled 12 pieces of legislation this week. The bills seek to create a Financial Technology Working Group, promote small businesses, modernize the accredited investor definition, and ease the regulatory burdens community banks face, among other things.
Let’s check some of them out.
SMART Act
The Setting Manageable Analysis Requirements in Text Act of 2025 or SMART Act (first introduced by the Senate in January) focuses on improving the effectiveness of major rules by promoting retrospective review. It requires agencies to include a framework for assessing whether major rules achieve their regulatory objectives when publishing proposed or final rules; the assessment would compare anticipated and actual benefits and costs. The bill defines what a “major rule” is for purposes of the Act. It is sponsored by Senator James Lankford (R-OK).
TRUST Act
The Tailored Regulatory Updates for for Supervisory Testing Act or TRUST Act was introduced in the House to ease the regulatory burdens on community banks by raising the consolidated asset threshold for community banks that qualify for longer examination cycles. It is a bipartisan effort, co-led by Representatives Tim Moore (R-NC) and Ritchie Torres (D-NY).
Middle Market IPO Act
The Middle Market IPO Underwriting Cost Act sponsored by Representative Jim Himes (R-CT) unanimously passed the House by voice vote and includes a study to help Congress, and the market, better understand the costs associated with small-and medium-sized companies going public through the IPO process.
Equal Opportunity for All Investors Act
The Equal Opportunity for All Investors Act is sponsored by Chair of the House Subcommittee on Housing and Insurance Mike Flood (R-NE) and has unanimously passed the House by voice vote. It establishes an exam that allows individuals to qualify as accredited investors by demonstrating their understanding of the private markets.
Financial Technology Protection Act
The Financial Technology Protection Act has also unanimously passed the House by voice vote and was introduced by Representative Zach Nunn (R-IA). It established an Independent Financial Technology Working Group to combat terrorism, money laundering, and other illicit finance through the use of fintech tools, including digital assets.
Senior Security Act
Sponsored by the Subcommittee on Capital Markets Chairwoman Ann Wagner (R-MO) and Josh Gottheimer (D-NJ), the bipartisan Senior Security Act unanimously passed the House by voice vote. It established a Senior Investor Taskforce within the SEC to monitor trends, threats, and recommend policy changes aimed at protecting America’s seniors from financial exploitation.
This year’s recess
The House of Representatives left Washington for their annual August recess, with many returning to their districts and visiting with constituents.
But this year, House members were sent home a day early by Speaker Mike Johnson, heading home in the face of persistent Democratic efforts to force Republicans into voting on the release of the Jeffrey Epstein files.
The Senate is stuck in DC for now, as President Trumps has called for the chamber to keep working. This is largely because Congress has until September 30 to pass a series of appropriations bills or a temporary funding extension in order to avoid a government shutdown, and there’s a backlog of nominations by Trump for the upper chamber to consider as well.
