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Committee reports multiple financial and oversight bills, including whistleblower protections and Reg A changes

House Committee on Financial Services · December 17, 2025

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Summary

Beyond housing, the committee advanced several financial and oversight measures — notably HR 4646 strengthening HUD whistleblower protections (51–0), HR 6541 to raise Regulation A offering caps (28–23), and other capital‑formation and market‑structure bills; most were ordered reported after recorded votes.

In addition to the housing package, the House Financial Services Committee moved several other measures forward during the markup.

Whistleblower protections: The committee unanimously adopted HR 4646, the Whistleblower Protection Act, which would clarify that Section 4712 whistleblower safeguards apply to HUD contracts regardless of when those contracts were awarded. Sponsor Rep. Veil De La Cruz said the change closes a gap that left some long‑standing contracts without explicit protection; the clerk tabulated the recorded committee vote as 51 ayes and zero nays.

Capital‑markets and investor rules: The panel advanced a set of capital‑formation bills. Rep. Stutzman’s Regulation A+ Improvement Act (HR 6541) would raise Regulation A offering caps (raising tier 1 and tier 2 limits and requiring periodic inflation adjustments); the committee adopted the substitute and ordered it reported after a recorded vote (28–23). Members debated whether raising caps alone is sufficient or whether structural problems in Reg A use (trading liquidity, broker participation) also require study; Ranking Member Waters unsuccessfully proposed a joint study requirement.

Other measures: The committee also reported HR 4130 (Small Business Relief Act) and HR 3959 (Protecting Private Job Creators Act) out of committee after recorded votes. Committee leadership said they will package or send the measures forward for floor consideration and that staff are authorized to make necessary conforming edits before transmittal.

What’s next: Committee clerks reported the recorded vote tallies and ordered the measures favorably reported. Members were reminded that supplemental and minority views may be filed before the committee report is finalized.