Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the victories that the Committee successfully secured in the Fiscal Year 2023 National Defense Authorization Act (NDAA) — foundational legislation that supports our nation’s defense and national security. The law includes several priorities of Democratic Members of the Financial Services Committee that Waters championed as Chairwoman of the Committee.
On Thursday, the House passed the NDAA by a vote of 329-101.
Chairwoman Waters worked closely with members on her committee and several other committees, in both the House and the Senate and on both sides of the aisle, to make sure that certain priorities were included in the NDAA, including:
An amendment by Chairwoman Maxine Waters (D-CA) that combined the following amendments and other provisions:
An amendment to temporarily reauthorize CARES Act enhancements to National Credit Union Administration's (NCUA) Central Liquidity Facility to allow smaller credit unions to have access to emergency liquidity through 2023.
This amendment is based on H.R. 3958, the “Central Liquidity Enhancement Act,” which passed favorably out of Committee earlier this Congress.
An amendment by Chairwoman Maxine Waters (D-CA) that expands eligible activities under the Community Development Block Grant (CDBG) program to include new construction of affordable housing.
An amendment by Chairwoman Maxine Waters (D-CA) that incentivizes banks to make more mortgage loans under $100,000 under the Community Reinvestment Act (CRA).
An amendment by Chairwoman Maxine Waters (D-CA) that eliminates negative credit reporting for Corinthian private student loans and eliminates negative credit reporting for cancelled federal student loans.
An amendment by Chairwoman Maxine Waters (D-CA) that adds a series of programs and reforms included in H.R. 2543, the “Federal Reserve Racial and Economic Equity Act,” which the House approved earlier this Congress. Specifically, this amendment strengthens minority depository institutions (MDIs) and community development financial institutions (CDFIs), including authorizing $4 billion for more capital investments and grants, and reforms to encourage more investments, deposits, and partnerships to support MDIs and CDFIs. These provisions are based on the following bills:
H.R. 7978, "Promoting and Advancing Communities of Color Through Inclusive Lending," sponsored by Chairwoman Maxine Waters (D-CA), a version of which was passed by the House in the last Congress.
H.R. 4590, "Promoting New and Diverse Depository Institutions Act," sponsored by Representative Jake Auchincloss (D-MA), which was approved by the Committee by voice vote in July 2021.
H.R.6745, the "Ensuring Diversity in Community Banking Act," sponsored by Representative Gregory Meeks (D-NY), a version of which was passed by the House by voice vote in the last Congress.
H.R. 7953, "Expanding Opportunity for Minority Depository Institutions Act," sponsored by Representative Joyce Beatty (D-OH), a version of which was passed by the House by voice vote in the last Congress.
H.R. 7733, the "CDFI Bond Guarantee Program Improvement Act of 2022," sponsored by Representative Emanuel Cleaver (D-MO), which was approved by the Committee by voice vote in May 2022.
An amendment by Chairwoman Maxine Waters (D-CA) that amends the Securities Exchange Act to require the Advocate for Small Business Capital Formation to provide educational resources and host events to promote capital raising options for traditionally underserved small businesses.
This amendment is based on H.R. 7977, the “Promoting Opportunities for Non-Traditional Capital Formation Act,” which was voted favorably out of the Committee earlier this Congress.
An amendment by Chairwoman Maxine Waters (D-CA) that adds "Improvements" language to the “Money Laundering” volume of the International Narcotics Control Strategy Report, issued annually by the Department of State.
An amendment by Chairwoman Maxine Waters (D-CA) that requires Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) to issue a joint report on the role of online platforms and tenant screening companies in the housing market, and provide to Congress an assessment on how emerging technologies including artificial intelligence are being used in compliance with our fair lending and housing laws.
An amendment by Chairwoman Maxine Waters (D-CA) that would help provide immediate debt service relief for vulnerable countries that have experienced catastrophic natural disasters or fast-spreading public health emergencies by authorizing a $200 million contribution to the International Monetary Fund's (IMF) Catastrophe Containment and Relief Trust; seek important reforms to the World Bank’s approach to private sector development, including by insisting on greater transparency and a fair, competitive process when the Bank provides public subsidies to private firms, and by collecting, verifying, and disclosing beneficial ownership information for corporations that receive assistance through the World Bank’s private sector arm, the International Finance Corporation (IFC); and require Treasury to seek the adoption of a policy at the IFC requiring its Financial Intermediary clients to publicly disclose all higher-risk subprojects funded through IFC lending or equity investments and would mandate public reporting by Treasury for any project for which the U.S. votes in support of, or abstains from voting on, under Treasury’s “Fossil Fuel Energy Guidance for MDBs.”
A new provision that would strengthen the Securities and Exchange Commission's (SEC) Whistleblower Program by increasing the statutory cap of the Investor Protection Fund, which is used to reward whistleblowers who help the Commission stop fraudsters.
An amendment by Chairwoman Maxine Waters (D-CA) that directs the Treasury to vote against the provision of any assistance to China from the World Bank or the Asian Development Bank unless the Secretary of Treasury has certified that China has demonstrated a commitment to participate in multilateral debt relief initiatives on terms comparable to other G-20 governments; allows borrowing countries to seek restructuring of China loans in official multilateral debt treatment forums; and allows for the public disclosure of the terms and conditions of its loans to other countries; or if the Secretary of Treasury certifies that such assistance serves the national interest of the United States.
A bipartisan amendment by Chairwoman Maxine Waters (D-CA) that requires Bank Secrecy Act-related oversight of professional activities which facilitate anonymity or evasion of anti-money laundering provisions – such as certain legal, accounting, corporate formation, and trust management services.
This amendment makes changes to NDAA text that was based on H.R. 5525, the “Establishing New Authorities for Businesses Laundering and Enabling Risks to Security Act” (ENABLERS Act), sponsored by Representative Tom Malinowski (D-NJ).
An amendment by Representative Carolyn Maloney (D-NY) that requires federal financial regulatory agencies to adopt specified data standards with respect to format, searchability, and transparency. All data would be made available in an open-source format that is electronically searchable, downloadable in bulk and without license restrictions.
This amendment is based on H.R.2989, the “Financial Transparency Act of 2021,” which previously passed the House by a vote of 400-19 in October 2021.
An amendment by Representative Brad Sherman (D-CA), that requires China-based issuers of securities which fulfill certain exemptions from registration with the SEC to submit basic information to the SEC regarding the issuer.
A version of this amendment was also included in H.R. 4395, the “United States Innovation Competition Act of 2021,” which passed the House earlier this year.
An amendment by Representative Brad Sherman (D-CA) that requires a U.S. financial institution to ensure any entity or person owned or controlled by such institution comply with U.S. financial sanctions applicable to Russia or Belarus to the same extent required of that institution
This amendment is based on the bipartisan H.R. 7066, the “Russia and Belarus Financial Sanctions Act of 2022,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Brad Sherman (D-CA) that modifies requirements for appraisers of Federal Housing Administration (FHA)-insured mortgages by allowing an appraiser for a mortgage for single-family housing to be state-licensed rather than state-certified. Provides specified educational requirements for appraisers for mortgages for single-family housing.
This amendment is based on H.R. 3008, the “Homebuyer Assistance Act of 2021,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Gregory Meeks (D-NY) and RepresentativeCarolyn Maloney (D-NY), that requires public companies to annually disclose the racial, ethnic, gender identity, sexual orientation, gender identity and veteran status of their board directors, nominees, and senior executive officers; empowers the SEC’s Office of Minority and Women Inclusion to publish best diversity disclosure practices; and creates an advisory group that would study and report on increasing corporate diversity.
This amendment is based on H.R. 1277, the “Improving Corporate Governance Through Diversity Act of 2021,” which passed out of Committee earlier this Congress with bipartisan support.
An amendment by Representative Al Green (D-TX) that permanently authorizes the Community Development Block Grant-Disaster Recovery (CDBG-DR) program and makes several reforms thereto.
This amendment is based on H.R. 4707, the “Reforming Disaster Recovery Act.”
An amendment by Representative Al Green (D-TX) that requires the uniform residential loan application to include a military service question above the signature line of the application.
This amendment is based on H.R. 5251, the “Honoring Military Service in Homebuying Act of 2021.”
An amendment by Representative Al Green (D-TX) that requires public housing agencies to consider the housing needs of veterans when creating their annual plans and housing strategies, the latter in consultation with agencies that serve veterans. This amendment also requires HUD to revise its regulations to require jurisdictions that receive funding from HUD to include information relating to veterans in their consolidated plans. Finally, the amendment requires HUD to assess the housing needs of very low-income veteran families and report annually on its activities relating to veterans.
This amendment is based on H.R. 165, the “Improving Access to Homes for Heroes Act of 2021.”
An amendment by Representative Emanuel Cleaver (D-MO) that establishes a grant program for states, nonprofit organizations, and institutions of higher education to promote diversity and inclusion in the appraisal profession.
This amendment is based on H.R. 2553, the “Real Estate Valuation Fairness and Improvement Act of 2021,” which passed out of Committee earlier this Congress with a bipartisan voice vote.
An amendment by Representative Ed Perlmutter (D-CO) that would allow state-legal cannabis businesses to access the banking system and help improve public safety by reducing the amount of cash at these businesses.
This amendment is based on H.R. 1996, the “SAFE Banking Act of 2021,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Jim Himes (D-CT) that modernizes FinCEN’s special measures authorities to empower Financial Crimes Enforcement Network (FinCEN) to adapt its existing tools, monitor and obstruct global financial threats, and meet the challenges of combating 21st-century financial crime.
This amendment is based on H.R. 7128, the “Special Measures to Fight Modern Threats Act.”
An amendment by Representative Jim Himes (D-CT) that establishes an unambiguous statutory prohibition on insider trading.
This amendment is based on the bipartisan H.R. 2655, the “Insider Trading Prohibition Act,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Bill Foster (D-IL) that would renew expired authority for the NCUA to conduct oversight of third-party service providers of credit unions, including with respect to cybersecurity, to the same extent bank regulators can conduct oversight of third-party service providers of banks. The amendment would also require a Government Acountability Office (GAO) study to explore extending similar authority to the Federal Housing Financial Agency (FHFA) to conduct oversight of third-party service providers of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
This amendment is based on H.R. 7022, the “Strengthening Cybersecurity for the Financial Sector Act,” which passed favorably out of Committee earlier this Congress.
An amendment by Representative Joyce Beatty (D-OH) that gives first-time homebuyers a 25-basis point reduction on their FHA mortgage insurance premium if they complete a certified financial literacy housing counseling course.
This amendment is based on H.R. 1395, the “Housing Financial Literacy Act of 2021,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Joyce Beatty (D-OH) that expands employment opportunities at federally insured financial institutions by reducing barriers to employment based on past criminal offenses.
This amendment is based on H.R. 5911, the “Fair Hiring in Banking Act,” which was passed by the Committee on a bipartisan voice vote and was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Josh Gottheimer (D-NJ) that creates a Senior Investor Protection Grant Program at the SEC to provide resources to States for the purpose of hiring new investigative staff; making investments in technology and training for law enforcement and regulators; and to support activities to educate seniors on investment fraud and scams.
This amendment is based on H.R. 5914, the “Empowering States to Protect Seniors from Bad Actors Act,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Josh Gottheimer (D-NJ) that requires the Secretary of the Treasury to submit to Congress (1) a copy of licenses authorizing financial institutions to provide services benefitting a state sponsor of terrorism, and (2) a report on foreign financial institutions conducting significant transactions for persons sanctioned for international terrorism and human rights violations.
An amendment by Representative Josh Gottheimer (D-NJ) that establishes a credit reporting ombudsman at the CFPB to assist servicemen and veterans in resolving credit reporting errors not resolved in a timely manner by a credit reporting agency as well as to enhance oversight of consumer reporting agencies and reporting any violations of the law in relation to servicemen and veterans.
An amendment by Representative Josh Gottheimer (D-NJ) that establishes the Senior Investor Taskforce within the SEC to report and make recommendations to Congress to address issues affecting investors over the age of 65, including problems associated with financial exploitation and cognitive decline.
This amendment is based on H.R. 1565, the “Senior Security Act of 2021,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Cindy Axne (D-IA) that expands eligible uses of homelessness funding in rural areas.
This amendment is based on H.R. 7196, the “Flexibility in Addressing Rural Homelessness Act of 2022,” which passed favorably out of Committee earlier this Congress on a bipartisan voice vote.
An amendment by Representative Ayanna Pressley (D-MA) and Representative Jim McGovern (D-MA) that creates a grant program to support grandparents raising grandchildren by funding nonprofits and local housing authorities to provide a safe living space for grandfamilies and employ a Grandfamily Resident Service Coordinator.
This amendment is based on H.R. 3111, the “Grandfamily Housing Act of 2021,” which passed favorably out of Committee earlier this Congress.
An amendment by Representative Ritchie Torres (D-NY) that requires U.S. companies to publicly disclose if they have business ties to Russia.
This amendment is based on H.R. 7228, the “Reveal Risky Business in Russia Act.”
An amendment by Representative Ritchie Torres (D-NY) that requires financial institutions to report certain credit application data to the CFPB for the purposes to enforcing fair lending laws.
This amendment is based on H.R. 1443, the “LGBTQ Business Equal Credit Enforcement and Investment Act,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Stephen F. Lynch (D-MA) that establishes the OFAC Exchange within the Office of Foreign Assets Control (OFAC) to advance information sharing among law enforcement agencies, national security agencies, financial institutions, and OFAC and to facilitate sanctions administration and enforcement targeting foreign countries and regimes, terrorists, international narcotics traffickers, and other threats to national security, foreign policy, or the U.S. economy.
The House previously passed a similar provision offered by Representative Lynch as an amendment to H.R. 4350, the National Defense Authorization Act for Fiscal Year 2022.
An amendment by Representative Stephen F. Lynch (D-MA) that requires the Secretary of the Treasury to brief Congress on the identification and analysis of Chinese economic, commercial, and financial connections to Afghanistan which fuel both Chinese and Taliban interests, to include illicit financial networks involved in narcotics trafficking, illicit financial transactions, official corruption, natural resources exploitation, and terrorist networks.
The amendment is based on H.R. 6524, which was previously passed by the House as an amendment to H.R. 4521, the "America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022."
An amendment by Representative Rashida Tlaib (D-MI) that strengthens servicemember consumer protections with regards to medical debt collections and credit reporting, including prohibiting the collection of medical debt for the first two years and prohibiting debt arising from medically necessary procedures from ever appearing on servicemember credit reports.
This amendment is based on H.R. 2537, the “Consumer Protection for Medical Debt Collections Act,” which was previously passed by the House as part of H.R.2547, the “Comprehensive Debt Collection Improvement Act.”
An amendment by Representative Madeleine Dean (D-PA) that prohibits a debt collector from representing to service members that failure to cooperate with a debt collector will result in a reduction of rank, a revocation of security clearance, or military prosecution. The GAO must report on the impact of this prohibition on the timely delivery of information to service members, military readiness, and national security.
This amendment is based on H.R. 1491, the “Fair Debt Collection for Servicemembers Act,” which was passed by the House with bipartisan support earlier this Congress.
An amendment by Representative Madeleine Dean (D-PA) that expresses the sense of Congress that the activities of transnational criminal organizations, including the use of illicit economies, illicit trade, and trade-based money laundering (TBML), pose a threat to the national interests and national security of the United States and allies and partners of the United States around the world.
An amendment by Representative Jesús “Chuy” García (D-IL) that directs the Department of Treasury to use the voice, vote, and influence of the U.S. at the 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 further directs the Secretary of Treasury, in coordination with the Secretary of State, to commence immediate efforts with other official bilateral creditors and commercial creditor groups to pursue similar comprehensive debt payment relief for Ukraine.
An amendment by Representative Jesús “Chuy” García (D-IL) that requires a report on the humanitarian impacts of U.S. sanctions.
An amendment by Representative Jesús “Chuy” García (D-IL) that directs the Treasury Department to use the voice and vote of the United States at the IMF to support a one-year review of the Fund’s Surcharge Policy and a suspension of surcharges for the duration of the review.
This amendment is based on H.R. 6797, the “Stop Onerous Surcharges Act.”
An amendment by Representative Sylvia Garcia (D-TX) that changes the start date of an information-sharing anti-money laundering pilot program from three years after the date of enactment (January 1, 2021) to three years after the date that the Secretary of the Treasury begins the yet-to-be-launched program.
A provision by Representative Sylvia Garcia (D-TX) that would require the Department of the Treasury to conduct a comprehensive review of the Department’s efforts to enhance cybersecurity capability, readiness, and resilience of the financial services sector, issue a report to Congress on its findings along with a 5-year plan, and provide annual updates to that plan, through 2028.
An amendment by Representative Alexandria Ocasio-Cortez (D-NY) that provides support for international initiatives to provide debt relief to developing countries with unsustainable levels of debt.
This amendment is based on H.R. 6549.
An amendment by Representative Donald Payne Jr. (D-NJ) that protects the right of individuals to pay in cash at all retail establishments for transactions under $2,000.
This amendment is based on H.R. 4395, the “Payment Choice Act,” which passed the Committee with bipartisan support, and previously passed the House as part of H.R. 2543, the “Federal Reserve Racial and Economic Equity Act.”
An amendment by Representative Abigail Spanberger (D-VA) that would require the Treasury Department to study and issue a report that assesses the effects of reforms to the financial sector of the People's Republic of China on the U.S. and global financial system, analyzes risks to U.S. financial stability and the global economy emanating from the People’s Republic of China, and provides recommendations for further actions the U.S. government can take to strengthen international cooperation to monitor and mitigate financial risks.
The House previously passed a similar provision offered by Representative Spanberger as an amendment to H.R. 4350, the National Defense Authorization Act for Fiscal Year 2022, and as a provision of H.R. 4521, the "America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022."
