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 WEEKLY ROUNDUP
February 6, 2022

        

House Passes the America COMPETES Act; Waters Leads Inclusion of Key Financial Services Provisions

House Democrats passed the America COMPETES Act 222-210.

Chairwoman Waters delivered remarks alongside Speaker Pelosi and Democratic Committee Chairs urging the importance of passing the America COMPETES Act and how the legislation will strengthen the nation’s global competitiveness. Here are select excerpts from the Chairwoman’s remarks today:

“The America COMPETES Act is a transformational piece of legislation that will empower American workers and businesses.”

“Under my leadership as Chairwoman of the Financial Services Committee, our members secured provisions that protect our national security and global financial stability. This bill ends World Bank and Asian Development Bank funding to China, unless such assistance contributes a global public good and serves the US national interest. Another provision secures the PRC’s participation in multilateral sovereign debt treatment initiatives. It adds long overdue transparency to the shadow or exempt securities markets and has other provisions to combat ransomware, examine the financing of wildlife trafficking, and study illicit finance links with Afghanistan. Finally, the bill strengthens the Defense Production Act authorities to protect the supply chains of medical products.”

Read Chairwoman Waters’ full statement on House passage of the America COMPETES Act HERE.

Watch the press conference and the Chairwoman’s full remarks HERE.


Committee Democrats Make Critical Contributions to America COMPETES Act

This week, Chairwoman Waters, announced nine provisions included in the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022. The America COMPETES Act strengthens the competitiveness of the U.S. economy and U.S. businesses, and counters anti-competitive actions taken by China. It also instructs the federal government to work with Congress to ensure the safety and security of America’s and our allies’ economies.

Over the past several months, Chairwoman Waters worked closely with members on the Financial Services Committee and with Speaker Pelosi to ensure that Committee priorities were included in the legislation. The Chairwoman issued the following

“Right now, China and other bad actors are threatening our national security and global financial stability. This is why the America COMPETES Act is commonsense, long overdue legislation that will finally hold countries like China accountable for the ways that they engage in illicit or aggressive activity to harm our nation’s financial system. With this bill, our country and our allies will be stronger and better suited to compete and push back against these attacks. I look forward to working with my colleagues in Congress to get this bill across the finish line.”

Read the Chairwoman’s full statement and the Committee’s provisions of the America COMPETES Act HERE.

                                                                     
Tweets of the Week
Member Spotlight

Congressman Juan Vargas (D-CA)

Congressman Vargas (D-CA) serves on the Subcommittee on Housing, Community Development and Insurance, the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, and the Subcommittee on Consumer Protection and Financial Institutions.





 

Weekend Reads


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Committee Hearings

The Committee convened a Subcommittee on Housing, Community Development and Insurance hearing this week entitled, “Housing America: Addressing Challenges in Serving People Experiencing Homelessness,” which examined the challenges homeless service providers face and how those challenges create barriers to ending homelessness.

Read the Chairwoman’s full opening statement for this hearing HERE.


The Committee also convened a Subcommittee on Diversity and Inclusion hearing entitled, “Building Opportunity: Addressing the Financial Barriers to Minority and Women-Owned Businesses’ Involvement in Infrastructure Projects,” taking a look at how the federal government and financial sectors can ensure that diversity and inclusion is a priority in distributing infrastructure contracts.

Read the Chairwoman’s full opening statement for this hearing HERE.


Upcoming Committee Dates

  • February 8 at 10:00 AM ET: The full Committee will convene for a virtual hearing entitled, “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins.”

  • February 16 at 12:00 PM ET: The full Committee will convene for a virtual hearing entitled, “An Unprecedented Investment for Historic Results: How Federal Support for MDIs and CDFIs Have Launched a New Era for Disadvantaged Communities.”

  • February 17 at 12:00 PM ET: The Subcommittee on National Security, International Development and Monetary Policy will convene for a virtual hearing entitled, “The Role of the IMF in a Changing Global Landscape.”

  • February 17 at 3:00 PM ET: The Subcommittee on Consumer Protection and Financial Institutions will convene for a virtual hearing entitled, “Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery.”

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

Due to the latest information available regarding COVID-19, all hearings this month are fully virtual. Members and witnesses may participate remotely via Cisco WebEx.



Chairwoman’s Corner

Waters Responds to HUD OIG Report Finding Los Angeles Homeless Service Authority’s (LAHSA) Misuse of HUD Homeless Assistance Fund

Chairwoman Waters issued a statement after the U.S. Housing and Urban Development (HUD) Office of Inspector General (OIG) released a report that found that the Los Angeles Homeless Services Authority (LAHSA) failed to utilize $3.5 million in federal homeless assistance funds that later expired and continues to struggle with issues related to homeless provider capacity and oversight.

Read Chairwoman Waters’ full statement HERE.



Sent from the Committee on Financial Services

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