Today, the U.S. House of Representatives passed four bipartisan Financial Services bills, including legislation introduced by the Republican Leader of the Subcommittee on National Security, International Development, and Monetary Policy, French Hill (AR-2), to combat the generational threat posed by China. H.R. 5932, the Ensuring Chinese Debt Transparency Act of 2020, recognizes the need for institutions like the World Bank and International Monetary Fund to take a tougher stance against Chinese debt trap diplomacy.
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Watch Congressman Hill’s remarks in support of H.R. 5932 here or by clicking on the image above.
The House passed three additional bipartisan Financial Services bills:
H.R. 5931, the Improving FHA Support for Small Dollar Mortgages Act
- Requires the Federal Housing Administration (FHA) to review its policies and submit a report to congress on removing barriers to make mortgage insurance more easily available for mortgages that cost less than $70,000.
H.R. 4351, the Yes in My Backyard Act
- Requires Community Development Block Grant (CDBG) Program grantees to submit a report that tracks local land use policies and other barriers to constructing affordable housing within their communities.
H.R. 5003, the Fair Debt Collection Practices for Servicemembers Act
- Prohibits debt collectors from threatening service members with rank reduction, security clearance revocation, or prosecution under the Uniform Code of Military Justice in debt collection activities.