Patrick McHenry - the Chairman of the House Financial Services Committee | Official U.S. House headshot
Patrick McHenry - the Chairman of the House Financial Services Committee | Official U.S. House headshot
Today, the U.S. House of Representatives passed six bipartisan bills from the House Financial Services Committee. These bills aim to support small businesses, assist veterans in securing housing, provide regulatory relief for credit unions, and hold China accountable on financial matters.
The first bill, H.R. 224 - Disabled Veterans Housing Support Act, sponsored by Rep. Monica De La Cruz (TX-15), was unanimously approved by voice vote. Rep. De La Cruz emphasized that the bill ensures "disabled veterans who have served our nation with honor receive the benefits that they have earned and deserve." Chairman French Hill (AR-02) added that it reforms CDBG’s income calculation formula to exclude service-connected disability compensation as income.
H.R. 386 - Chinese Currency Accountability Act of 2025, sponsored by Rep. Davidson (OH-08), also passed unanimously by voice vote. The bill directs the U.S. Secretary of the Treasury to oppose any increase in the renminbi's weight unless China complies with international obligations and standards. Chairman Hill stated that this legislation "isn't about holding China to a double standard," but rather ensuring compliance with international rules.
Another related bill is H.R. 692 - China Exchange Rate Transparency Act of 2025, sponsored by Rep. Dan Meuser (PA-09). It passed with a bipartisan vote of 388-7 and seeks transparency in China's exchange rate practices within the IMF framework.
H.R. 736 - Protect Small Business from Excessive Paperwork Act of 2025, sponsored by Rep. Zach Nunn (IA-03), was passed with a unanimous vote of 408-0. This bill provides a one-year extension for beneficial ownership reporting requirements.
Credit union regulations are addressed in H.R. 975 - Credit Union Board Modernization Act, sponsored by Reps Bill Huizenga (MI-04) and Juan Vargas (CA-52). The act allows certain credit unions more flexibility in meeting schedules.
Finally, H.R. 965 - Housing Unhoused Disabled Veterans Act, sponsored by Rep. Brad Sherman (CA-32), received unanimous approval by voice vote as well.
These legislative efforts highlight ongoing bipartisan cooperation aimed at addressing key economic and social issues facing Americans today.
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