House Financial Services Committee Advances National Security, Financial Privacy, Anti-CBDC Legislation
Washington,
September 20, 2023 -
Today, the House Financial Services Committee passed eleven pieces of legislation out of Committee that strengthen national security, protects Americans’ financial privacy, and prevents the issuance of a central bank digital currency (CBDC) without explicit authorization from Congress.
More information on all eleven bills reported out of the Financial Services Committee can be found below:
H.R. 3378, the "Agricultural Security Risk Review Act," offered by Rep. Frank Lucas (OK-03), safeguards the homeland from foreign adversaries. This bill will ensure the Secretary of Agriculture is included in foreign investments involving the control of an agribusiness and purchase of U.S. farmland.
H.R. 5409, the "Safeguarding American Farms from Foreign Influence Act," offered by Rep. Blaine Luetkemeyer (MO-03), ensures important agriculture CFIUS cases do not slip through the cracks. This bill will require Treasury to consider agriculture related cases referred by the Department of Agriculture for CFIUS designation.
H.R. 760, the "Chinese Military and Surveillance Company Sanctions Act," offered by Rep. Andy Barr (KY-06), is the strongest measure ever considered by the House to target the Chinese Communist Party’s military-surveillance complex. This bill will limit China’s ability to wage war by cutting off revenues and technologies to bad actors using our most effective time-tested tool—sanctions.
H.R. 5472, the "FinCEN Oversight and Accountability Act of 2023," offered by Rep. Warren Davidson (OH-08), increases Congressional oversight of FinCEN and ensures accountability for the American public. This bill will provide Congress with prompt notification of any unlawful activity carried out by FinCEN or employees of FinCEN, enable Congress to better understand the authorities Treasury has delegated to FinCEN, and require FinCEN to hold an annual Small Business Working Group to educate small businesses on beneficial ownership.
H.R. 5485, the "Financial Privacy Act of 2023," offered by Rep. French Hill (AR-02), protects Americans’ civil liberties and privacy rights by requiring an annual report to Congress on data collected, retained, and disseminated by the Secretary of the Treasury under the Bank Secrecy Act.
H.R. 5119, the "Protect Small Business and Prevent Illicit Financial Activity Act," offered by Rep. Zach Nunn (IA-03), ensures that FinCEN acts in accordance with Congressional intent. This bill will revert the FinCEN beneficial ownership filing deadline back to Congress’ intended timelines and closes a FinCEN-created loophole that can be exploited by bad actors.
H.R. 5557, the "Combatting Foreign Surveillance Spyware Sanctions Act," offered by Rep. Jim Himes (CT-04), ensures that our national security policies can keep up with technological advancements. This bill will authorize sanctions on individuals and entities that directly or indirectly facilitate spyware, including spyware that could enable the targeting of U.S. Government officials or personnel of the Intelligence Community.
H.R. 5523, the "Financial Access Improvements Act," offered by Rep. Maxine Waters (CA-43), provides Congress with insights into whether foreign jurisdictions are improving their Anti-Money Laundering regimes. This bill will add an optional "Improvements" section to country listings to the President's annual INCSR, which includes information on the adoption of laws and regulations to prevent narcotics-related money laundering in countries determined to be major money laundering countries.
H.R. 5512, the "Russia and Belarus Financial Sanctions Act of 2023," offered by Rep. Brad Sherman (CA-32), require a U.S. financial institution to comply with U.S. financial sanctions applicable to Russia or Belarus. This bill will provide an extension of financial institutions’ compliance programs, to the extent they do not already cover such affiliates.
H.R. 5524, the "Foreign Affiliates Sharing Pilot Program Extension Act," offered by Rep. Sylvia Garcia (TX-29), ensures that the Pilot Program will have the full three years to execute, as intended in AMLA. This bill will revert the enactment date to Congressional intent to account for time FinCEN spent on a rule making.
H.R. 5403, the "CBDC Anti-Surveillance State Act," offered by Majority Whip Tom Emmer (MN-06), prevents the Federal Reserve from issuing a CBDC directly or indirectly to individuals or maintaining accounts on behalf of individuals. It also prohibits the Secretary of the Treasury from directing the Board of Governors of the Federal Reserve System to issue a CBDC and clarifies that a CBDC can only be issued pursuant to congressional authorization.
###
|
