Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the following Democratic-led bills that passed during the Committee’s first markup, and shared the list of amendments that Committee Democrats offered in response to Republican’s data privacy bill.
The following Democratic-led bills passed during this week’s full Committee markup:
H.R. 1161, the “Aligning SEC Regulations for the World Bank’s International Development Association Act” led by Ranking Member Maxine Waters (D-CA). This bill will exempt the International Development Association (IDA) from SEC regulation. IDA is the concessional lending arm of the World Bank, and is one of the greatest sources of low-cost or no-cost lending to the poorest countries in the world. SEC exemption for IDA would support choice for American investors, would bring IDA into the same framework as other Multilateral Development Banks, and would support IDA in being able to provide increased dollars in concessional lending to the world’s poorest countries.
H.R. 1166, the “Public Health Emergency Medical Supplies Enhancement Act of 2023” led by Representative Juan Vargas (D-CA). This bill will help our nation prepare for the next public health emergency by ensuring that certain medical materials qualify for purchase and increased production under the Defense Production Act’s authority. These enhancements are integral to the safety of our nation’s people and their health.
H.R. 1156, the “China Financial Threat Mitigation Act of 2023” led by Representative Abigail Spanberger (D-VA). This bill will require the Treasury Department to study and issue a report that 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 better monitor and mitigate these risks. The House passed this provision 3 previous times, including the last two National Defense Authorization Acts and the COMPETES Act.
Democrats offered the following amendments to Chair McHenry’s (R-NC) H.R. 1165, “Data Privacy Act of 2023”:
An amendment from Ranking Member Maxine Waters (D-CA) to strike the preemption section, restoring the federal floor for privacy laws that allows states to provide greater consumer protections and quickly adapt to evolving technologies relating to data privacy that has been in place in the Gramm-Leach-Bliley Act (GLBA) since it was first enacted into law.
An amendment from Representative Stephen Lynch (D-MA) to require a consumer’s written permission before collecting, using, or sharing their biometric identifier or biometric information. Written consent would need to be renewed annually. This provision is based on the Illinois Biometric Information Privacy Act that financial institutions are currently exempt from.
An amendment from Representative Joyce Beatty (D-OH) to require a consumer’s written permission before a financial institution may collect from, have expanded use of, or share any data with an unaffiliated third-party company that is owned or controlled by a foreign government. Written consent would need to be renewed annually.
An amendment from Representative Steven Horsford (D-NV) to require a consumer’s written permission before collecting any data or having expanded use of any data collected from a social media company or sharing any data with a social media company. Written consent would need to be renewed annually.
An amendment from Representative Rashida Tlaib (D-MI) to double penalties that can be assessed on a financial company for violating GLBA.
An amendment from Representative Sylvia Garcia (D-TX) to require a consumer’s written permission before a financial institution may share any health care- related information, including with respect to reproductive health with an unaffiliated third-party.
An amendment from Representative Nikema Williams (D-GA) to add a private right of action to GLBA data privacy protections, strengthening enforcement options for individuals harmed by financial institutions that mishandle their personal data, including when financial institutions unlawfully share consumers’ personal information with other companies.
An amendment from Representative Al Green (D-TX) to minimize the collection and use of data to provide a product or service requested by the consumer. The company must get a consumer’s affirmative permission, which would change GLBA’s opt-out regime to an opt-in regime.