Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced that the House of Representatives passed five pieces of bipartisan legislation aimed at safeguarding our national security from threats from adversaries like Russia and China that threaten to dismantle our nation’s financial system.
H.R. 4768 “No Russian Agriculture Act” is a bill led by Ranking Member Maxine Waters (D-CA) that would require the Secretary of the Treasury to instruct the United States Executive Directors at the international financial institutions to advocate for investment in projects that decrease reliance on Russia for agricultural commodities.
H.R. 6370 “OFAC Licensure for Investigators Act” is a bill led by Representative Joyce Beatty (D-OH) that would require the Office of Foreign Assets Control (OFAC) to develop a program under which private sector firms may be licensed to conduct small financial transactions in furtherance of anti-money laundering investigations.
H.R. 540 “Taiwan Nondiscrimination Act of 2023” is a bill led by Representative Young Kim (R-CA) that would require the U.S. Governor Executive Director of the IMF to take specific actions to support Taiwan's participation in the International Monetary Fund (IMF).
H.R. 803 “PROTECT Taiwan Act” is a bill led by Representative Frank Lucas (R-OK) that would direct the President about actions by China that result in (1) threats to Taiwan's security or social or economic system, and (2) any danger to U.S. interests, Congress and various federal agencies would be required to take all necessary steps to exclude China's representatives from the activities of specified international organizations, including the Group of 20, the Financial Stability Board, and the Basel Committee on Banking Supervision if China takes certain actions to threaten Taiwan.
H.R. 839 “China Exchange Rate Transparency Act of 2023”is a bill led by Representative Dan Meuser (R-PA) that would require the U.S. Executive Director at the IMF to advocate for more transparency of China’s exchange rate.
During the debate of these bills, Ranking Member Waters and National Security Subcommittee Ranking Member Joyce Beatty repeatedly stressed the importance of providing additional funding for Ukraine in order to support the goal of all five bills to hold Russia and China accountable. For example, during the debate of H.R. 4768, Ranking Member Waters said: “This bill provides a novel way for the United States to further counter Russia; to stand with our fellow democracy, Ukraine; to reduce the world’s reliance on Russian food; and, to undercut Putin’s use of food as a weapon. However, I would like to emphasize that this bill is not a substitute for providing additional funding for Ukraine so that it can stand up to Putin and his invasion. Congress must come together to stand behind Ukraine, and to display U.S. strength in the face of injustice.”
