That was fast — last week McGuireWoods’ Tax Policy Update reported that House Financial Services Chairman Jeb Hensarling (R-TX) would be putting together a legislative package as a follow-up to the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), the bipartisan regulatory relief bill for small financial institutions enacted in May 2018.
The short wait is over: The House is set to take up the JOBS and Investor Confidence Act (S. 488) this week. Hensarling’s legislation is a compilation of 32 standalone bills with strong bipartisan support. There are measures aimed at improving access to capital; providing relief from Dodd-Frank’s requirements for living wills and stress tests; and simplifying certain disclosure requirements, among other things. A quick summary of all 32 measures in S. 488 is available here.