Cosponsors of a new bill that was recently approved in the House say their legislation would provide greater certainty for America’s job creators so they can invest more in a struggling economy and create desperately needed jobs.
The Business Risk Mitigation and Price Stabilization Act of 2013 passed in a 411-12 vote on Wednesday. Its cosponsors are Reps. Michael Grimm (R-N.Y.), Gary Peters (D-Mich.), Austin Scott (R-Ga.) and Mike McIntyre (D-N.Y.).
“Americans want and deserve a healthy economy and a more secure future,” Financial Services Committee Chairman Jeb Hensarling (R-Texas) said. “But when Washington piles mountains of unnecessary red tape on top of our job creators, Washington makes it that much harder to achieve this goal for the American people.”
If signed into law, the bill would exempt manufactures, ranchers and small companies that buy and sell derivatives to hedge against business risk from burdensome margin and capital requirements of the Dodd-Frank Act.
The House also passed the Reverse Mortgage Stabilization Act on Wednesday. The bill, sponsored by Reps. Denny Heck (D-Wash.) and Mike Fitzpatrick (R-Pa.), passed in a voice vote.
If the Reverse Mortgage Stabilization Act is signed into law it will grant authority to the Secretary of Housing and Urban Development to make changes to the Federal Housing Administration’s Home Equity Conversion Mortgage program. The legislation would allow the secretary to make administrative and policy changes to the program through a mortgage letter rather than a protracted 18-month regulatory process.