Markup of Various Measures

The GOP Financial Services Committee held a markup session on April 21, 2026, focusing on several legislative measures related to financial regulation and transparency. Key procurement-related discussions centered on the Small Lender Act (HR 941), which proposes delaying and narrowing small business lending data collection requirements under Dodd-Frank's section 1071 to reduce burdens on community banks and small lenders. The committee debated the balance between regulatory relief and maintaining fair lending transparency, with letters of support from banking associations and opposition from consumer and civil rights groups. Another significant bill was the Protecting Americans Retirement Savings from Politics Act (HR 8286), aiming to depoliticize proxy voting processes and increase oversight of proxy advisory firms ISS and Glass Lewis, including provisions to require disclosure of voting records and limit non-material shareholder proposals. The Exchange Rate Accountability Act of 2026 (HR 8290) was also considered, focusing on transparency and accountability at the International Monetary Fund, particularly regarding China's currency practices. Lastly, the committee marked up HR 425, the Repealing Big Brother Overreach Act, which seeks to repeal the Corporate Transparency Act's beneficial ownership reporting requirements. This bill sparked extensive debate over national security, anti-money laundering efforts, and small business compliance burdens, with multiple amendments proposed and votes taken. Recorded votes were requested on several amendments, reflecting partisan divisions on these financial regulatory issues. The committee ultimately favorably reported the Exchange Rate Accountability Act and adopted amendments to HR 425, while several amendments failed. The session highlighted ongoing tensions between regulatory oversight, economic growth, and privacy concerns in financial legislation.