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Waters Secures House Passage of Nine Bipartisan Financial Services Bills

Today, Chairwoman Maxine Waters secured passage by the U.S. House of Representatives of nine bipartisan bills

  • The Fair Hiring in Banking Act (H.R. 5911), a bill by Representative Joyce Beatty (D-OH). This bill would expand employment opportunities at banks and credit unions by reducing barriers to employment based on past minor criminal offenses. The bill specifically provides an exception for certain criminal charges from an indeterminate timeline of look back to 7 years post-commission of the offense; and 5 years post incarceration; and updates the definition of “criminal offense involving dishonesty.” The bill also makes it clear that individuals with criminal offenses that have been expunged, sealed, or dismissed do not need to be reviewed by FDIC or NCUA for eligibility to work for an insured bank or credit union.

    • The bill passed by a vote of 329-88.

  • The Empowering States to Protect Seniors from Bad Actors Act (H.R. 5914), a bill by Representative Josh Gottheimer (D-NJ). This bill would move the responsibility for administering the Senior Investor Protection Grant Program established by Sec. 989A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) from the Consumer Financial Protection Bureau to the Securities and Exchange Commission. The bill would establish an interdivisional task force within the SEC to review grant applications and oversee the administration of the program. The bill would authorize $10 million annually in appropriations for the program for the period of FY 2023-2028. The bill would provide that the entities that would be eligible to apply for grants under the program are state securities regulators and state insurance regulators and would cap the amount of grant funding that could be awarded to any single “eligible entity” at $500,000.

    • The bill passed by a vote of 370-48.

  • The Russian and Belarus Financial Sanctions Act (H.R.7066), a bill by Representative Brad Sherman (D-CA). This bill would clarify that U.S. financial institutions that are obligated to comply with various sanctions against Russia and Belarus must take all necessary and available actions to ensure that any entity it owns or controls, including any foreign subsidiaries, comply with the sanctions.

    • The bill passed by a vote of 418-2.

  • The Ukraine Comprehensive Debt Payment Relief Act (H.R. 7081), a bill by Representative Jesus “Chuy” Garcia (D-IL). This bill would direct the Department of Treasury to use the voice, vote, and influence of the U.S. at the International Monetary Fund (IMF), the World Bank and other relevant multilateral development banks to advocate for the immediate suspension of all debt service payments owed to these institutions by Ukraine. It also directs the Secretary of Treasury, in coordination with the Secretary of State, to commence immediate efforts with official bilateral and commercial creditors to pursue similar debt payment relief for Ukraine. The measure also instructs the United States to support the provision of concessional assistance for Ukraine from the international financial institutions, including support for refugees from Ukraine, including refugees of African descent, and for countries receiving refugees from Ukraine.

    • The bill passed by a vote of 362-56.

  • The Small Business Mergers, Acquisitions, Sales, and Brokerage Act (H.R. 935), a bill by Representative Bill Huizenga (R-MI). This bill codifies an administrative action by the Securities and Exchange Commission (SEC) that exempts certain merger-and-acquisition brokers from securities registration requirements that facilitate the transfer of ownership in privately held companies with earnings or revenues under specified thresholds, provided such brokers meet certain conditions.

    • The bill passed by a vote of 419-0.

  • The Isolate Russian Government Officials Act (H.R. 6891), a bill by Representative Ann Wagner (R-MO). This bill would make it the policy of the United States to seek to exclude government officials of the Russian Federation, to the maximum extent practicable, from participating in meetings, proceedings, and other activities of the Group of 20 (G-20), Bank for International Settlements (BIS), Basel Committee for Banking Standards (BCBS), Financial Stability Board (FSB), International Association of Insurance Supervisors (IAIS), and International Organization of Securities Commissions (IOSCO).

    • The bill passed by a vote of 416-2.

  • The Russian and Belarus SDR Exchange Prohibition Act (H.R. 6899), a bill by Representative French Hill (R-AK). This bill would codify the Administration’s current policy by prohibiting the Secretary of the Treasury from providing U.S. dollars in exchange for any Special Drawing Rights held by the Russian Federation or Belarus. It also mandates that the Secretary of the Treasury vigorously advocate that other governments which hold freely usable currencies similarly refuse to convert any Special Drawing Rights held by the Russian Federation or Belarus into hard currency. The legislation also mandates the Secretary of the Treasury to instruct the United States representative at each international financial institution (such as the International Monetary Fund and the World Bank) to oppose the provision of financial assistance from the respective institution to the Russian Federation and Belarus, except to address the basic human needs of the civilian population.

    • The bill passed by a vote of 417-2.

  • The United States Army Rangers Veterans of World War II Congressional Gold Medal Act (S.1872), a bill by Senator Joni Ernst (R-IA) and companion bill to H.R. 3577 from Representative Jason Crow. This bill would award a Congressional Gold Medal to the U.S. Army Rangers Veterans of World War II in recognition of their dedicated service during World War II.

    • The bill passed by a vote of 418-0.

  • The “Benjamin Berell Ferencz Congressional Gold Medal” Act (H.R. 6015), a bill by Representative Lois Frankel (D-FL). This bill would award a Congressional Gold Medal to Benjamin Berell Ferencz, in recognition of his service to the United States and international community during the post-World War II Nuremberg trials and lifelong advocacy for international criminal justice and rule of law.

    • The bill passed by a voice vote.


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