Yesterday, the House passed two suspension bills from the Committee on Financial Services, breaking a months-long drought of House consideration of Committee language. By this time during the 117^th Congress, under the leadership of Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee and previous Chairwoman, the Committee passed 15 suspension bills on the House floor. This a stark contrast from the leadership of House Republicans. Despite passing 27 bills out of Committee so far this year, only 5 have passed the House floor under suspension of the rules, including the two bills from yesterday and three that had already passed the House last Congress.

The following bills passed this week under suspension of the rules:

H.R. 1076, the "Preventing Synthetic Drugs Act" is a bill offered by Representative Brittany Pettersen (D-CO) and Representative Monica De La Cruz (R-TX) that would require the General Accounting Office to prepare a study on the financing of the illicit synthetic drugs trade, including the illicit financial flows that underlie the drug traffickers’ supply chains and the proceeds of their crimes. The study would also examine methods used by traffickers of illicit fentanyl and related drugs to launder and hide their funds.

• Passed the House by a vote of 402-2.

H.R. 1156, the "China Financial Threat Mitigation Act of 2023" is a bill offered by Representative Abigail Spanberger (D-VA) and Representative Roger Williams (TX-25) that would 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. The bill requires Treasury to provide recommendations for actions to U.S. representatives of relevant international bodies, like the Financial Stability Board, to better monitor and mitigate such risks. The House previously passed a similar provision three times in the last Congress.

•  Passed the House by a vote of 400-5.

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