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On Monday, the House passed 5 financial services bills that will protect investors and help startups finance their operations, as well as require the Consumer Bureau to conduct research on the challenges of unbanked and underbanked consumers, close loopholes in and ensure better enforcement of American anti-money laundering and Bank Secrecy Act laws. The bills are H.R. 2514 – Coordinating Oversight, Upgrading and Innovation Technology, and Examiner Reform Act, H.R. 4067 – Financial Inclusion in Banking Act, and H.R. 4860 – Equity Crowdfunding Act.

Senator Ben Cardin (D-MD), Ranking Member of the U.S. Committee on Small Business & Entrepreneurship, has introduced legislation to invest in underserved innovators. The Ushering Progress by Leveraging Innovation and Future Technology (UPLIFT) Act of 2019 will foster innovation and entrepreneurial ecosystems in underserved communities by providing Historically Black Colleges and Universities, Minority Serving Institutions and community colleges with the resources to establish and expand incubators and accelerators for underserved entrepreneurs.

The Senate will continue to consider H.R. 3055, a package of appropriations bills including:

  • the Commerce, Justice, Science, and Related Agencies Appropriations Act, 2020;
  • the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2020;
  • the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2020;
  • the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2020; and
  • the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2020.

 

Committee Proceedings

House Committee on Small Business

  • Today, the Committee will hold a hearing titled, “Force of Nature: The Power of Small Businesses in America’s Recreational Infrastructure”

 

Senate Judiciary Committee

  • Today, the Subcommittee on Intellectual Property will hold a hearing titled, “Promoting the Useful Arts: How can Congress prevent the issuance of poor quality patents”
  • Tomorrow, the Committee will hold an “Executive Business Meeting”

Bills of Interest

  • Senator Benjamin Cardin (D-MD) introduced S.2717 a bill to amend the Small Business Act to spur entrepreneurial ecosystems in underserved communities
  • Representative Antonio Delgado (D-NY-19) introduced H.R.4874 a bill to amend the Department of Agriculture Reorganization Act of 1994 to establish the Rural Innovation and Partnership Administration and to amend the Consolidated Farm and Rural Development Act to establish the Rural Future Partnership Fund to invest in the rural areas of the United States to achieve their preferred future while maximizing their contribution to the well-being of the United States, and for other purposes
  • Representative Derek Kilmer (D-WA-6) introduced H.R.4876 a bill to amend the Higher Education Act of 1965 to establish a work-based learning opportunities pilot grant program
  • Representative James Langevin (D-RI-2) introduced H.R.4877 a bill to allow State manufacturing extension partnerships to award grants to small- and medium- sized manufacturers for the purpose of training new workers to replace departing experienced workers

 

At the Agencies

Department of the Treasury

  • The Department released a news release titled, “Treasury Announces Marketable Borrowing Estimates”