House Votes to Modernize Bank Oversight and Kill the Penny

The U.S. House of Representatives voted to pass four bills aimed at modernizing bank oversight and cutting costs. The Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act (FUTURES Act) passed with a vote of 417 to 7. Co-sponsored by Reps. Marlin Stutzman (R-Ind.) and Bill Foster (D-Ill.), the bill would require financial regulators to assess their technological capabilities and identify ways to make examinations more efficient, effective and responsive.

Stutzman emphasized the importance of regulatory technology keeping pace with technological advancements, particularly in the age of AI. Foster highlighted the potential threats to the financial system, such as intensifying bank runs and cybersecurity risks, calling for continuous assessment of financial agencies' technology to better protect consumers.

The Common Cents Act (H.R. 10167), sponsored by Rep. Lisa McClain (R-Mich.), was also passed, ending the production of the penny and allowing for the creation of a more cost-effective nickel. McClain argued that spending nearly four cents to produce a penny worth one cent is wasteful and warrants a change. The GUARD Act (H.R. 2978) would enable law enforcement to use federal grant funds to investigate financial crimes and improve coordination and reporting on emerging fraud trends.

The bill was backed by Reps. Zach Nunn (R-Iowa) and Josh Gottheimer (D-N.J.) and passed with a vote of 414 to 7. Nunn noted that the GUARD Act emerged from an Iowa sheriff’s deputy who expressed concerns over officers being unable to track down and recover stolen life savings. Gottheimer highlighted the law enforcement's need for tools and resources to combat financial fraud and protect citizens.

Lastly, the Whistleblower Protection Act of 2025 (H.R. 4646) was passed with a 424 to 0 vote. Sponsored by Rep. Monica De La Cruz (R-Texas), the bill ensures that protections for whistleblowers in federally funded contracts apply to contracts funded by the Department of Housing and Urban Development (HUD), regardless of when the contract was signed.

De La Cruz explained that existing whistleblower protections, established in 2013, have not been extended to HUD contractors with pre-2013 contracts, thus fixing the issue through this legislation.