Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the victories that the Committee successfully secured in the Fiscal Year 2022 National Defense Authorization Act (NDAA) — legislation that authorizes the federal government to spend money on the nation’s defense. The law includes several priorities of Democratic Members of the Financial Services Committee that Waters championed as Chairwoman of the Committee.
President Biden officially signed the NDAA into law on December 27, 2021.
Waters worked closely with members on her committee and several other committees, in both the House and the Senate and on both sides of the aisle, to make sure that certain priorities were included in the final NDAA. At the end of the day, Waters was successful in incorporating several FSC bills, as well as amendments based on other FSC legislation, in the final FY22 NDAA, including:
H.R. 4111, the Sovereign Debt Contract Capacity Act, which Waters introduced to help protect developing countries from predatory and destabilizing Chinese lending practices through technical assistance from the International Monetary Fund (IMF) that will enhance the capacity of developing country debt managers to evaluate and negotiate the financial and legal terms of sovereign debt contracts,
H.R. 6340, which Waters introduced to establish at the International Monetary Fund, the World Bank Group, and the Asian Development Bank, a U.S. policy against the provision of any assistance from these institutions to the brutal military junta in Burma, which overthrew the country’s democratically government early last year,
H.R. 6388, a provision by Rep. San Nicolas (D-GU) that extends the delivery of the Department of the Treasury’s “National Strategy for Combating Terrorist and Other Illicit Financing” for an additional five years,
H.R. 6343, the Illicit Finance Improvements Act, a provision by Rep. Lynch (D-MA) that facilitates a Financial Crimes Enforcement Network (FinCEN) report on Russian illicit finance and encourages information sharing and public-private partnerships to counter illicit finance activities,
H.R. 5320, the Financial Crimes Enforcement Network Exchange Improvement Act, a provision by Rep. Torres (D-NY) that ensures that private-sector, non-financial entities can participate in the FinCEN Exchange, that agency’s Congressionally mandated public-private partnership program, and
H.R. 6328, the FinCEN Exam Delegation Study, a provision by Rep. Cleaver (D-MO) that directs the Secretary of the Treasury to conduct a Congressional briefing that evaluates the delegations of FinCEN’s Bank Secrecy Act examination authority.