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Sinema Passes Two Bills through House Financial Services Committee

WASHINGTON, D.C. – The House Financial Services Committee today passed the Senior Safe Act and Fostering Innovation Act, bipartisan legislation sponsored by Congresswoman Kyrsten Sinema.

The Senior Safe Act, introduced with Congressman Bruce Poliquin (ME-02), ensures financial institutions have the regulatory flexibility needed to report suspected instances of financial abuse of seniors. Congresswoman Sinema last week called for passage of the Senior Safe Act during a hearing with former Equifax Chairman and CEO Richard Smith.

“I am deeply troubled by the Equifax data breach that compromised the personal information of over 145 million Americans,” said Congresswoman Sinema. “Every American should take precautionary measures to ensure his or her financial security. Arizona seniors are at particular risk, and we must make sure safeguards are in place to protect them from financial fraud.”

The Fostering Innovation Act, introduced with Congressman Trey Hollingsworth (IN-09), provides commonsense regulatory relief for companies on the cutting edge of scientific and medical research. It is part of Congresswoman Sinema’s Opportunity for Arizona plan to create jobs and grow the economy.

“We’ve heard from companies throughout Arizona that burdensome regulations continue to stifle their ability to grow and succeed,” said Congresswoman Sinema. “The Fostering Innovation Act allows innovative companies to spend valuable resources on product research and development instead of costly and unnecessary external audits. This commonsense solution cuts red tape and allows companies to move life-saving innovations forward.”

 The House Financial Services Committee also passed five other bills cosponsored by Congresswoman Sinema, including H.R. 3898, the Impeding North Korea’s Access to Finance Act of 2017; H.R. 1699, the Preserving Access to Manufactured Housing Act; H.R. 2121, the Pension, Endowment, and Mutual Fund Access to Banking Act; H.R. 3312, the Systemic Risk Designation Improvement Act; and H.R. 1585, the Fair Investment Opportunities for Professional Experts Act.