McHenry Announces Financial Services Republican Priorities Included in FY2023 NDAA
Washington,
December 8, 2022 -
Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), announced several Committee Republican initiatives were included in the final text of the National Defense Authorization Act for fiscal year 2023 (NDAA). The House of Representatives is expected to vote on the legislation later today.
Committee Republican Priorities in the FY2023 NDAA:
Financial Data Transparency Act (Republican Leader McHenry)
Sponsored by Republican Leader McHenry and Rep. Carolyn Maloney (NY-12), this bipartisan provision will require our financial regulators to adopt a set of standards for the information they collect under current law, including the adoption of electronic forms to replace paper-based forms. All data would be made available in an open-source format that is electronically searchable, downloadable in bulk and without license restrictions. The bill was originally introduced in the House of Representatives as the Financial Transparency Act and will make financial data more easily accessible and less opaque by requiring the U.S. financial regulatory agencies to make data better organized and available online as open data.
Banking Transparency for Sanctioned Persons Act (Rep. Bryan Steil)
Sponsored by Rep. Bryan Steil (WI-01), this provision will expand congressional oversight of critical U.S. sanctions programs by requiring the Treasury Secretary to report to Congress on Office of Foreign Asset Control (OFAC) licenses that permit U.S. financial institutions to deal with human rights abusers, corrupt officials, and terrorist sponsors. By allowing Congress to examine these licenses, Rep. Steil’s provision will bring new levels of transparency to OFAC’s licensing regime so that U.S. sanctions can better help achieve our foreign policy objectives.
Isolate Russian Government Officials Act (Rep. Ann Wagner)
Sponsored by Rep. Ann Wagner (MO-02), this provision will establish a U.S. policy of excluding Russia from proceedings of the G20, Financial Stability Board, and other multilateral regulatory bodies. Rep. Wagner’s provision sends a clear signal that Russia will remain a pariah on the international stage until it ceases its aggression against Ukraine.
Blocking Democrats’ Progressive Priorities:
Republican Leader McHenry also led the charge to block more than 90 amendments, which were in the House passed version of the FY2023 NDAA and would have furthered the Democrats' progressive agenda.
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