SUPPORTING LOCAL BUSINESS, ECONOMIC GROWTH, AND INNOVATION

Action: This bill mandates that in the absence of a Vice Chair of Supervision on the Federal Reserve Board, someone from the Federal Reserve Board of Governors must appear before Congress to testify on supervisory issues. It also mandates that the Vice Chairman for Supervision must provide written testimony, in addition to verbal testimony.

Result: Passed House.

Action: This bill creates an independent, bipartisan commission — the Regulatory Improvement Commission — to review rules that are outdated, duplicative, or in conflict with one another. The Commission will present its recommendations to Congress for a simple up or down vote, providing the opportunity to cut tape at the federal level. This will help eliminate red tape and outdated bureaucracy, help create jobs, support small businesses, and spur economic growth in New Jersey — all while protecting what matters most: our air and water, our food, our health and safety, and our families and children.

Result: Referred to the Committee on Oversight and Reform

Action: This bill increases protection of consumer data, transparency of credit reporting, and accountability of the credit reporting agencies, furnishers, and companies that develop credit scoring models.

Result: Received in the Senate.

Date: 6/30/2020

Action: This bill institutes a federal Supply Chain Czar with regional officers to coordinate interstate response to supply chain disruptions; to allow states to deploy unused COVID-19 relief funds to help address supply chain bottlenecks; and to begin a thirty-day countdown clock for the federal government to report to Congress on the major current chokepoints in our nation’s supply chain.

Result: Referred to the Subcommittee on Consumer Protection and Commerce.

Date: 01/06/2022

Action: This bill is focused on defining qualified stablecoins, carving qualified stablecoins out from more volatile cryptocurrencies, and putting appropriate protections in place for consumers and investors. The law will help lower the risk of instability in the financial market, protect consumers, and support ongoing fintech innovation in the U.S.

Action:  This bill amends the Equal Credit Opportunity Act to prohibit discrimination on account of sexual orientation or gender identity when extending credit.

Result: Referred to the House Committee on Financial Services.

Action: This bill codifies Federal Reserve rules requiring that large banks have a Chief Risk Officer (CRO), require a large bank to notify their regulator within 24 hours upon the CRO position becoming vacant, and provide a plan to fill the position within 60 days. If the bank fails to fill the position within the required timeline, they would be subject to a cap on asset growth until a qualified CRO is hired. Lastly, to protect investors, this bill would require the bank to notify the public that the CRO position is vacant after 60 days

Result: Referred to the House Committee on Financial Services.

Date: 6/13/23

Action: This bill authorizes federal investment for the Cybersecurity Assistance Pilot Program, which is a federal grant program created for state governments to help emerging small businesses develop their cybersecurity infrastructure.

Result: Referred to the House Committee on Small Business

Action: This bill ensures that individuals who want to invest in startups do not face burdensome regulations, and allow those startups to get the investments they need to grow their business and create jobs.

Date: 5/24/23

Action: This bill directs the Secretary of the Treasury to submit a report, produced in consultation with private sector experts, on coordination in the public and private sectors for responding to ransomware attacks on financial institutions. As part of the report, the Secretary of Treasury will explore public-private coordination on ransomware attacks, information sharing, and strategies to prevent attacks.

Result: Referred to the House Committee on Financial Services.

Action: This bill stipulates that if a former detainee or hostage provides authenticated documentation of their detention, then the credit bureaus must strike adverse information from the time of their detention. 

Result: Referred to the House Committee on Financial Services.