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Three Rubio Priorities Head to the President’s Desk to Become Law

May 23, 2018 | Press Releases

Washington, D.C. — U.S. Senator Marco Rubio (R-FL) hailed the House passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which includes three Rubio provisions: improved reporting requirements on the impact of foreclosures in Puerto Rico following Hurricane Maria; language from the PACE Act; and the U.S. Territories Investor Protection Act, which he cosponsored. The Senate previously passed the legislation in March, and it now heads to the President’s desk to be signed into law.
“The President will soon sign into law several of my provisions that will continue to help Puerto Rico recover after Hurricane Maria, as well amendments to help ensure fair treatment for American homeowners and protect investors in American territories like Puerto Rico,” said Rubio. “I commend my House colleagues for passing this important bill, and am pleased it now heads to the president for his signature.”
Rubio efforts 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 the 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 renovation loans.
  • U.S. Territories Investor Protection Act: Amends the Investment Company Act of 1940 to apply the law to investment companies created under the laws of Puerto Rico, the U.S. Virgin Islands, or any other U.S. territory. Previously exempt companies would have three years to comply. Rubio cosponsored this bill.