House Financial Services Committee Chair Jeb Hensarling (R-Texas) and Maxine Waters (D-Calif.), the top Democrat on the panel, reached a compromise on a plan for dialing back financial rules that is poised to pass the U.S. House this week, Bloomberg News reported. The legislative package, which Hensarling and Waters unveiled yesterday, is largely aimed at making it easier for companies to raise money by lowering barriers to invest in startups and simplifying regulations for businesses to go public. Most of the 32 bills included make minor, incremental changes to existing rules. Others have already been adopted by federal agencies such as the Securities and Exchange Commission. House lawmakers may vote on the measure as soon as today, which would send it to the Senate. The package leaves out contentious changes Republicans sought like tweaking the Volcker Rule or overhauling the Consumer Financial Protection Bureau. While bipartisan support bolsters the legislation’s prospects, it still faces an uphill battle to become law.
