The House Financial Services Committee Passes Two Bills

The House Financial Services Committee passed two bills intended to reduce what the Chairman of the Committee described as certain unforeseen consequences of the Dodd-Frank Act.

• H.R. 1564, the Audit Integrity and Job Protection Act prohibits the PCAOB from mandating the automatic rotation of a public company's independent external auditor.
• H.R. 1341, the Financial Competitiveness Act of 2013 requires the Financial Stability Oversight Council to examine how differences in the international implementation of Basel III derivatives-related capital rules will affect the U.S. financial system and require U.S. regulators to report to Congress with recommendations on developing greater uniformity in the standards and on how to minimize any adverse impact on U.S. financial institutions and the end users of derivatives.

See: House Financial Services Committee Press Release.