Press Releases

House Financial Services Committee Passes Bipartisan Digital Asset, Housing, and National Security Legislation

Washington, February 29, 2024 - Today, the House Financial Services Committee advanced five pieces of legislation out of Committee that bring greater accountability to the Department of Housing and Urban Development (HUD), ensure the Secret Service has the tools to detect and deter illicit finance, and reverse the Securities and Exchange Commission’s (SEC) SAB 121 digital asset accounting guidance under the Congressional Review Act (CRA).

More information on all five bills reported favorably out of the Financial Services Committee can be found below including Member remarks in support of their legislation:

H.J.Res.109, providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121," offered by Rep. Mike Flood (NE-01), overturns the SEC’s SAB 121. By overturning SAB 121, the Resolution will ensure consumers are protected by removing roadblocks that prevent highly regulated banks from acting as custodians of digital assets.
Watch Rep. Flood’s remarks in support of H.J.Res. 109 here.
H.R. 6864, the HUD Accountability Act of 2023,” offered by Rep. Mike Lawler (NY-17), increases congressional oversight and transparency for HUD and its programs by requiring, for the first time, the HUD Secretary to testify before the Committee on an annual basis. 

Watch Rep. Lawler’s remarks in support of H.R. 6864 here.
H.R. 7280, the HUD Transparency Act of 2024,” offered by Rep. Monica De La Cruz (TX-15), increases congressional oversight and public accountability for HUD and its programs by requiring the HUD Inspector General to testify before the Committee on an annual basis.

Watch Rep. De La Cruz’s remarks in support of H.R. 7280 here.
H.R. 7156, the “Combating Money Laundering in Cyber Crime Act of 2024,” offered by Rep. Scott Fitzgerald (WI-05), strengthens the authorities of the United States Secret Service by closing a gap that limits their ability to investigate various crimes related to digital asset transactions and to counter transnational cyber-criminal activity.

Watch Rep. Fitzgerald’s remarks in support of H.R. 7156 here.
H.R. 7462the Wildfire Insurance Coverage Study Act of 2023,” offered by Rep. Maxine Waters, requires the GAO to conduct a study on the damage of wildfires, including the risks they pose to property, the existing state of insurance coverage, possible government mitigation responses, and the challenges faced by private insurers underwriting wildfire risk.


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