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Newly Sponsored Legislation

Jul 31, 2012 | Blog

Senator Rubio is supporting two amendments to the Cybersecurity Act of 2012. One of the amendments, S.AMDT.2638, is sponsored by Rubio and aims to overrule a new Treasury regulation that requires financial institutions to report interest paid to nonresidents. Thus, it would prevent billions of dollars in financial capital from leaving the U.S. for other countries without reporting requirements. Senator Rubio believes that, especially at a time when the economy is struggling, the administration should not create new, burdensome regulations that would create lending access issues for Americans looking to create a new business or grow an existing one. Secondly, Senator Rubio is co-sponsoring S.AMDT.2644, an amendment requiring certain entities to take steps to secure the personal information that they collect and, in the case of a security breach, to let each individual know that their personal data has been compromised. Such requirements are essential to the cybersecurity of the U.S. and, more broadly, to the peace of mind of Americans who entrust their personal information with certain institutions.

Senator Rubio is an original co-sponsor of S.RES.532, a resolution expressing support for the XIX International AIDS Conference. This year’s International AIDS Conference took place in Washington DC from July 22 through July 27. The conference is widely regarded as the premier gathering for those working to eradicate HIV/AIDS and provide treatment for the millions of people already infected around the world. Senator Rubio believes that our nation’s continued commitment to HIV/AIDS research, prevention and treatment is vital to protecting global health. Anyone interested in learning more about the conference can visit the official website here.

Senator Rubio is a co-sponsor of S.2078, the Home Building Lending Improvement Act of 2012, a bill to enable federal and state chartered banks to meet the credit needs of the nation’s home builders. This bill will also serve the important role of providing liquidity and ensuring stable credit for meeting the nation’s need for new homes. The stability of our nation’s housing market is vital to the health of our overall economy, as well as to the well-being and prosperity of America’s families. Senator Rubio believes this bill will be an important step toward ensuring a solid future for home development and our overall housing market.

Senator Rubio is an original co-sponsor of S.AMDT.2573, officially titled the Tax Hike Prevention Act of 2012. This amendment aims to extend the current tax rates through the end of 2013. Doing so would allow time for the Senate Finance Committee to undertake comprehensive tax reform before the expiration of the current rates. President Obama, has said the government should not raise taxes during a recession, but his plan would raise taxes on many of America’s small business owners. Small business owners play an indispensable role in job creation, and Senator Rubio believes that the last thing they need is for government to be siphoning off any more of their hard earned revenues.

Senator Rubio is a cosponsor of S.1299, titled the Lions Clubs International Century of Service Commemorative Coin Act. This is a bill to require the Secretary of the Treasury to mint coins in commemoration of the centennial of the establishment of Lions Clubs International, an outstanding community service organization. Lions Club was founded in 1917 and has since grown to be comprised of more than 44,500 clubs and nearly 1.4 million members in countries all around the world. This organization has made a positive impact on the world by fostering community service for nearly a century and deserves to be recognized for its extraordinary accomplishments.

Senator Rubio is a co-sponsor of S.3394, a bill to address fee disclosure requirements under the Electronic Fund Transfer Act. Current law requires ATM operators to display both a physical placard and provide an on-screen notification of any fees. This bill eliminates the burdensome requirement for a physical notice. The bill also amends the Federal Deposit Insurance Act to make the Consumer Financial Protection Bureau (CFPB) a “covered agency.” Senator Rubio believes this legislation is important because it prevents frivolous lawsuits against financial institutions that could have had their physical disclosure tampered with, and because it prohibits information submitted to the CFBP from being construed as waiving any legal privileges.