News

Washington, D.C. — U.S. Senator Marco Rubio (R-FL) today supported passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which includes his amendment to require the Government Accountability Office (GAO) to produce a report assessing the impact of Hurricane Maria on the housing market in Puerto Rico, language from the Protecting Americans from Credit Exploitation (PACE) Act, and the U.S. Territories Investor Protection Act, which he cosponsored.
 
“I applaud Senate passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which will provide relief to community banks and protections to consumers,” said Senator Rubio. “This bill includes my amendment that directs GAO to seek solutions to help homeowners in Puerto Rico recover from Hurricane Maria, and two provisions that I have supported that will enhance transparency to American homeowners and hold investors in U.S. territories to fair standards of regulation.”
 
Rubio provisions included in the Economic Growth, Regulatory Relief, and Consumer Protection Act:

• GAO report on Puerto Rico foreclosures: Requires the Government Accountability Office (GAO) to produce a report on the impact Hurricane Maria has had on foreclosures, delinquencies, homeownership in Puerto Rico and provide policy recommendations to address adverse impacts.

• Real property retrofit loans: Language from the PACE Act that directs the Consumer Financial Protection Bureau (CFPB) to establish regulations on underwriting standards for Property Assessed Clean Energy home retrofit loans.

• U.S. Territories Investor Protection Act: Amends the Investment Company Act of 1940 to apply Securities and Exchange (SEC) regulation to investment companies located in a U.S. territory. Previously exempt companies would have three years to comply.