Bills led by Barr, Emmer, Poliquin passed by House Financial Services Committee

The House Financial Services Committee approved legislation that U.S. Reps. Andy Barr (R-KY), Tom Emmer (R-MN) and Bruce Poliquin (R-ME) championed to enhance sanctions on North Korea, to help small businesses generate capital, and to protect seniors, respectively.

On Oct. 12, the committee advanced Barr’s Impeding North Korea’s Access to Finance Act of 2017; Emmer’s Micro Offering Safe Harbor Act and Home Mortgage Disclosure Adjustment Act; and Poliquin’s Senior Safe Act. The bills were among 22 measures that the committee advanced to the full House for further consideration.

Barr said his measure contains the most far-reaching financial sanctions ever directed at North Korea.

“There is no more immediate national security threat to our nation than North Korea’s development of nuclear weapons and ballistic missiles,” Barr said in remarks on the House floor in support of the bill. He added that it is only a matter of time before North Korea develops a nuclear-capable intercontinental ballistic missile that can strike an American city.

“For far too long we have engaged in half measures to tackle the North Korean threat and history will not be kind to us if we fail to adopt more forceful measures,” Barr said, prior to the bill being approved 56-0 by the committee.

U.S. Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, said, “I believe when this bill becomes law, this clearly builds upon existing U.N. and U.S. sanctions and will make it more difficult for North Korea to develop their nuclear weapons program.”

Emmer’s bills, meanwhile, are aimed at helping small businesses and local financial institutions.

One of Emmer’s bills, the Micro Offering Safe Harbor Act, would clarify a “nonpublic offering exemption” under the Securities Act of 1933 to enable small businesses to generate capital without fear of violating federal law. The exemption from registration requirements for certain micro offerings would be clarified to require that each investor has a substantive pre-existing relationship with an owner, there are fewer than 35 purchasers and the amount of all securities sold is less than $500,000.

“(Last) week was a good week for Main Street Minnesota,” Emmer said. “Our focus has been — and should be — on bringing relief to communities across this nation as we work towards growing, not stifling, our local economies. From introducing reforms to help our nation’s job creators grow and prosper, to reducing regulations currently tying the hands of our small community banks and credit unions, these necessary reforms aim to get our economy back to the powerhouse we know it can be.”

Emmer’s Home Mortgage Disclosure Adjustment Act would ease paperwork for depository institutions by exempting them from maintaining mortgage loan record and disclosure requirements if they originated fewer than 500 closed-end mortgage loans and 500 open-end lines of credit in each of the last two years.

The committee also advanced Poliquin’s bipartisan Senior Safe Act with a unanimous 60-0 vote.

The bill would take steps to encourage seniors and financial institutions to report financial fraud and would create incentives for firms to better train employees to identify financial fraud.

“Maine is home to the most elderly population in the nation,” Poliquin said. “With two elderly parents myself, I understand how important it is for our seniors, who are particularly vulnerable to fraud schemes, to have the protections and help to combat these perpetrators. These criminals are estimated to cost our seniors nearly $3 billion annually through illegal financial abuses.”

Poliquin joined U.S. Rep. Krysten Sinema (D-AZ) in introducing the Senior Safe Act.

The congressman cited recent studies that estimate nearly 20 percent of seniors may be victims of financial abuse.

“It is absolutely unacceptable for Mainers’ hard-earned investments to be so egregiously abused by common criminals, and I am proud to work across the aisle in continuing to ensure they are protected,” Poliquin said.