Subcommittee to Hear from Industry on Regulatory Relief Legislation
|April 24, 2002|
The House Financial Services Subcommittee on Financial Institutions, chaired by Rep. Spencer Bachus (AL), will hear industry perspective on impending regulatory relief legislation on April 25.
On March 14, Rep. Shelley Moore Capito (WV) introduced H.R. 3951, the Financial Services Regulatory Relief Act of 2002. The bill would alter a host of outdated laws governing the financial services industry to counterbalance the additional regulatory burden placed on the industry by Title III of the USA Patriot Act signed by President Bush on Oct. 26.
"This plan is about enabling financial service providers to work in a more efficient and effective manner, offering greater ease to consumers,? Capito said. ?I look forward to hearing Thursday?s testimony on how to make this bill even better."
?This legislation will help financial institutions focus on what?s important: serving customers while adhering to efficient and effective regulations that prevent financial crime,? Financial Services Committee Chairman Michael G. Oxley (OH) said. ?Ms. Capito?s bill will remove unnecessary regulations and allow for a smoother and more efficient compliance process for financial institutions across the country.?
Some of the provisions included in the legislation would:
During the Subcommittee?s first hearing addressing regulatory relief legislation on March 14, the Subcommittee heard testimony from the Federal Reserve, Comptroller of the Currency, Federal Deposit Insurance Corporation and other selected regulators. Thursday?s Subcommittee hearing will focus on industry views of the legislation.
Scheduled to Testify: