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 WEEKLY ROUNDUP
March 20, 2022

        

Waters Holds Markup of Bills to Increase Financial Pressure on Russia, Support Ukraine

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a full Committee hybrid markup.

“Today, this Committee comes together in the first of a series of markups on legislation to press Russian President Vladimir Putin to end his unprovoked and illegal invasion of the sovereign nation of Ukraine. Russia’s invasion of Ukraine is a threat to democracy, an affront to humanity, and a rejection of the sovereignty of nations.

With President Biden’s strong leadership, the United States and our allies moved immediately to respond to Putin’s atrocities. The swift, harsh, and global sanctions that are at the core of that response have brought the Russian financial system to the brink of collapse. The Russian ruble has lost half of its value in the past month. The Kremlin’s credit has reached junk status, and Russia’s stock market has lost 90 percent of its value.

Committee Democrats and Republicans are also working together in a bipartisan effort by marking up five bills to further isolate Putin and his enablers, and to support President Zelenskyy and the brave people of Ukraine...”

Read Chairwoman Waters’ full statement HERE.


Committee on Financial Services Passes Legislation to Crack Down on Russia, Support Ukraine

On Thursday, the House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed five bills to suspend Ukraine’s crippling debt obligations, crack down on Russian oligarchs for evading existing sanctions, deny Putin economic resources and access to financial markets, and isolate Russia from major financial and intergovernmental forums. Four of the bills passed on a bipartisan basis.

  • H.R. 7080, the Nowhere to Oligarchs’ Assets Act is a bill offered by Chairwoman Maxine Waters (D-CA) that will help the Financial Crimes Enforcement Network (FinCEN) and its law enforcement partners detect Russian oligarchs who are participating in money laundering techniques to hide their money, avoid scrutiny, and evade our sanctions.

    • Passed the Committee by a vote of 26-23.

  • H.R. 7066, the Russia and Belarus Financial Sanctions Act is a bill offered by Representative Brad Sherman (D-CA) that will clarify that foreign subsidiaries of U.S. financial institutions must comply with American sanctions against Russia and Belarus.

    • Passed the Committee by a voice vote.

  • H.R. 7081, the Ukraine Comprehensive Debt Repayment Relief Act is a bill offered by Representative Jesus “Chuy” Garcia (D-IL) that will direct the Treasury to use its influence at the International Monetary Fund, the World Bank, other multilateral development banks, and with private creditors to press for the suspension of all debt owed by Ukraine and for financial assistance to Ukraine and the countries along its borders taking in refugees.

    • Passed the Committee by a voice vote.

  • H.R. 6891, the Isolate Russian Government Officials Act is a bill offered by Representative Ann Wagner (R-MO) that seeks to exclude Russian government officials from the G-20, Financial Stability Board, and other international standard-setting and economic cooperation bodies.

    • Passed the Committee by a voice vote.

  • H.R. 6899, the Russia and Belarus SDR Exchange Prohibition Act is a bill offered by Representative French Hill (R-AK) that seeks to deprive Russia and Belarus from converting their holdings of Special Drawing Rights for hard currency.

    • Passed the Committee by a voice vote.


Tweets of the Week







Member Spotlight

Congressman Jesús "Chuy" García (D-IL)

Congressman Jesús "Chuy" García (D-IL) serves on the Subcommittee on National Security, International Development and Monetary Policy and the Subcommittee on Oversight and Investigations. This week, his bill, H.R. 7081, the Ukraine Comprehensive Debt Repayment Relief Act passed committee by voice vote in the full Committee’s hybrid markup.


 

Weekend Reads


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Committee Markup

This week, the Committee convened a full Committee hybrid markup, of “H.R. 6891; H.R. 6899; H.R. 7066; H.R. 7080 and H.R. 7081.” The markup focused on five bi-partisan bills targeting the Russia-Ukraine conflict.

Watch Chairwoman Waters’ bill opening statement HERE.

Watch Rep. Garcia’s bill opening statement HERE.

Watch Rep. Sherman’s bill opening statement HERE.



Upcoming Committee Dates

  • March 30 at 10:00 AM ET: The Task Force on Artificial Intelligence will convene for a hybrid hearing entitled, “Keeping Up with the Codes – Using AI for Effective RegTech.”

  • March 30 at 2:00 PM ET: The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will convene for a hybrid hearing entitled, “Oversight of America's Stock Exchanges: Examining Their Role in Our Economy.”

  • March 31 at 10:00 AM ET: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hybrid hearing entitled, “The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions.”

All hearings are livestreamed on https://financialservices.house.gov/live/.

Committee activities are finalized once an official notice is issued by the House Financial Services Committee. Visit https://financialservices.house.gov/calendar/ for the most up-to-date Committee schedule.



Chairwoman’s Corner


Chairwoman Waters Calls Out Gender-Wage Discrimination on #EqualPayDay













Sent from the Committee on Financial Services

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