Fincher’s Financial Competitive Act of 2013 Passes House
FOR IMMEDIATE RELEASE Contact: Elizabeth Lauten
Monday, July 8, 2013 Phone: (202) 225-4714
Washington, D.C. – Tonight H.R. 1341, the Financial Competitive Act of 2013, passed the U.S. House of Representatives. The bill, sponsored by Congressman Fincher, requires the Financial Stability Oversight Council (FSOC) to conduct a study on the implementation of the Credit Valuation Adjustment (CVA) capital requirement on U.S. consumers.
“The U.S. economy is in a fragile state. Our job in Congress is to undo any hurdles, fees, or foreign advantages that may cost the U.S. economy valuable jobs,” said Congressman Fincher. “The decision by the European regulators to exempt themselves from the CVA leaves the United States at a distinct competitive disadvantage.”
Fincher continued, “This bill will clarify the impact the CVA exemption for EU financial institutions will have on the U.S. economy. We need folks around the world to know America is open for opportunity and advancement. In this country we promote opportunity, not unfair regulations that kill U.S. jobs. We can’t afford to wait while Europe takes valuable market share away from American companies.”
H.R. 1341 enjoys bipartisan support and passed the House by a vote of 354-24. It unanimously passed the House Committee on FinancialServices by a vote of 59-0. The United States Chamber of Commerce and the Financial Services Roundtable both support this legislation.