House Passes 8 Financial Services Bills
Washington,
September 26, 2018 -
The House of Representatives passed eight bipartisan bills from the Financial Services Committee this week.
“I’m proud of the work put forward by committee members on both sides of the aisle to improve our financial system so it can handle the challenges of tomorrow,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “From safeguarding financial institutions from abuse by outside terrorist groups to honoring our fallen heroes and protecting our veterans, these bills passed by the House today will better ensure we use our resources efficiently and effectively to improve financial services and products provided to American taxpayers.”
H.R. 754, the “Anwar Sadat Centennial Celebration Act,” sponsored by Representative Chris Stewart (R-UT), directs the Speaker of the House of Representatives and the President pro tempore of the Senate to arrange for the posthumous award of a Congressional Gold Medal to Anwar Sadat in recognition of the centennial of his birth.
This bill passed by voice vote.
H.R. 3834, the “9/11 Heroes Medal of Valor Act of 2017,” sponsored by Representative Joseph Crowley (D-NY), makes members of public safety agencies who died of 9/11-related health conditions eligible for the Presidential 9/11 Heroes Medal of Valor.
This bill passed by voice vote.
H.R. 4753, the “Federal Reserve Supervision Testimony Clarification Act,” sponsored by Representative Frank Lucas (R-OK), clarifies that if there is a vacancy of the Federal Reserve’s Vice Chairman for Supervision then the Chairman of the Federal Reserve, or their designee, will fulfill the statutory requirement for the Vice Chairman’s semi-annual testimony as mandated by Section 1108 of the Dodd-Frank Act.
This bill passed by voice vote.
H.R. 5036, the “Financial Technology Protection Act,” sponsored by Representative Ted Budd (R-NC), establishes an Independent Financial Technology Task Force (Task Force) to improve coordination between the private and public sectors to research and develop legislative and regulatory proposals to decrease terrorist and illicit use of new financial technologies, including digital currencies.
This bill passed by voice vote.
H.R. 6332, the “Improving Strategies to Counter Weapons Proliferation Act,” sponsored by Representative Scott Tipton (R-CO), requires Treasury’s Financial Crime Enforcement Network (FinCEN) to report to Congress annually for five years on the intelligence products it generates from Bank Secrecy Act (BSA) filings on proliferation finance transactions moving through the U.S. financial system; on its collaboration with law enforcement agencies, the Intelligence Community, and foreign financial intelligence units; and on its advisories issued to financial institutions on proliferation finance activity to maximize the use of BSA data.
This bill passed by voice vote.
H.R. 6729, the “Empowering Financial Institutions to Fight Human Trafficking Act of 2018,” sponsored by Representative Ann Wagner (R-MO), instructs the Secretary of the Treasury to establish a mechanism for non-profit organizations to qualify for safe harbor when sharing specific information with financial institutions that facilitates their duties of customer due diligence and the reporting of suspicious activities relating to human trafficking.
This bill passed 297-124 .
H.R. 6737, the “Protect Affordable Mortgages for Veterans Act of 2018,” sponsored by Representative Lee Zeldin (R-NY), amends the National Housing Act to provide a technical fix so that recently executed mortgage loans refinanced by the U.S. Department of Veterans Affairs Home Loans remain eligible for pooling in the Ginnie Mae securities.
This bill passed by voice vote.
H.R. 6751, the “Banking Transparency for Sanctioned Persons Act of 2018,” sponsored by Representative Mia Love (R-UT), requires the Secretary of the Treasury to issue a semi-annual report to both the House Financial Services Committee and Senate Banking Committee regarding financial services provided to state sponsors of terrorism or certain sanctioned individuals. This bill aims to increase transparency regarding the illicit activity of financial institutions and certain sanctioned persons on a global scale so that plans can be made to combat future cruelties.
This bill passed by voice vote.
