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April 28, 2023

House Financial Services approves 14 bills intended to ease capital formation, plus CFPB reform package

Capital markets measures get largely bipartisan votes, save for McHenry package of 12 bills

Over the course of a markup that lasted 13 hours, the House Financial Services Committee on April 26 approved 15 bills mostly related to relaxing SEC regulations on capital formation. Of that group, 13 bills were approved by voice vote or by large bipartisan votes, while Chairman Patrick McHenry's Expanding Access to Capital Act — which gathered together 12 smaller bills that Republicans said would strengthen public markets, help small businesses and entrepreneurs, and increase access to private markets — was adopted on a party-line 28-21 vote after Ranking Member Waters called it "a partisan package that would significantly weaken investor protections by removing the very disclosures and legal protections investors rely on to hold businesses accountable."

Rep. Andy Barr's (R-KY) measure assembling several different bills that would reshape the Consumer Financial Protection Bureau (CFPB), the CFPB Transparency and Accountability Reform Act (HR 2798), was approved on a party-line vote after a flare-up what Democrats called "race-baiting" comments led the committee to recess for an hour (see below).

Materials from the markup, including links to substitute amendments, are posted here. Attached with this Alert, please find a PDF of the substitute amendment for HR 2799, Chairman McHenry's Expanding Access to Capital Act.

Additional information is also available in the attached Tax Alert.


Contact Information
For additional information concerning this Alert, please contact:
Washington Council Ernst & Young
   • Will Heyniger (
   • Bob Schellhas (


House Financial Services hearing and markups

Substitute amendment for H.R. 2799