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McHenry Secures Critical Financial Services Provisions in NDAA

Washington, Sep 23 -

Today, the U.S. House of Representatives passed the National Defense Authorization Act (NDAA) for fiscal year 2022. Provisions of the Eliminate Barriers to Innovation Act and the Debt Bondage Repair Act—two crucial, bipartisan bills sponsored by Patrick McHenry (NC-10), the top Republican on the House Financial Services Committee—were included in the legislative package.

“The NDAA is one of the most important pieces of legislation Congress works on each year,” said Republican Leader McHenry. “It protects our national security and ensures our troops have the resources they need. I’m proud to lead two critical, bipartisan provisions in this year’s package, alongside several Financial Services Committee Republican initiatives.”

“My Eliminate Barriers to Innovation Act will promote U.S. international competitiveness by preventing jobs in the rapidly growing digital asset industry from being pushed overseas by a lack of regulatory clarity here at home. Additionally, my Debt Bondage Repair Act will help victims of trafficking regain their financial freedom and begin to rebuild their lives.

“These provisions show what Congress can achieve when we come together to find targeted, bipartisan solutions to important issues facing the American people.”

Background:

The Eliminate Barriers to Innovation Act will require the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a joint working group on digital assets to ensure collaboration between regulators and the private sector to foster innovation by bringing much needed regulatory clarity and certainty to the rapidly growing digital asset ecosystem.

The Debt Bondage Repair Act will prevent consumer reporting agencies from furnishing a credit report with adverse information from this severe form of trafficking, helping victims get back their financial independence.

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