Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced the following Democratic-led and bipartisan bills that passed during this week’s full Committee markup.
H.R. 5523, the “Financial Access Improvements Act” led by Ranking Member Maxine Waters (D-CA). This bill would add optional components to the State Department’s International Narcotics Control Strategy Report (INCSR) to include examples of improvements to anti-money laundering concerns for countries that are covered by the report. The bill also allows covered countries the opportunity to provide comments on the parts of the report related to money laundering in their respective countries. Finally, the bill requires a report from the Treasury Secretary, in consultation with the Federal banking agencies, the Financial Institutions Examination Council, and the Bank Secrecy Act Advisory Group, to determine how to build more consistent Bank Secrecy Act (BSA) exams across such agencies.
H.R. 5557, the “Combatting Foreign Surveillance Spyware Sanctions Act” led by Congressman Jim Himes (D-CT). This bill establishes a new, discretionary sanctions regime that targets the manufacturing, distribution, and use of foreign commercial spyware used to target U.S. government employees and Intelligence Community personnel. It also requires Treasury to vote against IMF and World Bank support for those governments found to have targeted such people with spyware.
H.R. 5512, the “Russia and Belarus Financial Sanctions Act” led by Congressman Brad Sherman (D-CA). This bill would require a U.S. financial institution to ensure that any entity or person controlled or owned by such institution comply with U.S. financial sanctions applicable to Russia or Belarus to the same extent required of that institution.
H.R. 5524, the “Foreign Affiliates Sharing Pilot Program Extension Act” led by Congresswoman Sylvia Garcia (D-TX). This bill would change the effective date of an anti-money laundering pilot program from three years after the date of the law’s enactment to three years after the date the Secretary initiates the pilot.
H.R. 5485, the “Financial Privacy Act of 2023” led by Congressman Jim Himes (D-CT) and Congressman French Hill (R-AK). This bill would require the Treasury Secretary to provide a report to Congress with information related to FinCEN’s protocols governing access to Bank Secrecy Act data. It would also require a copy of the boilerplate memorandum of understanding (MOU) and an annual review of protocols with a goal of minimizing unnecessary collection of data, maximizing protection of federally protected rights, and enforcing prohibitions against unauthorized access. Finally, the bill confirms the right of the Chair or Ranking Member of the FSC and Senate Banking Committee to request copies of the revised BSA data-related MOUs.
H.R. 5119, the “Protect Small Business and Prevent Illicit Financial Activity Act” led by Congresswoman Joyce Beatty (D-OH) and Congressman Zach Nunn (R-IA). This bill adjusts the Corporate Transparency Act’s (CTA) beneficial-ownership reporting-company filing deadlines to provide small businesses with additional time to file.
H.R. 5472, the “FinCEN Oversight and Accountability Act of 2023” led by Congressman Warren Davidson (R-OH). This bill would enhance the ability of Congress to oversee the Financial Crimes Enforcement Network (FinCEN) and its execution of the Bank Secrecy Act (BSA) without unduly impeding the exercise of its authorities.
H.R. 3378, the “Agricultural Security Risk Review Act” led by Congressman Frank Lucas (R-OK). This bill would add the Secretary of Agriculture as a member of the Committee on Foreign Investment in the United States (CFIUS), for transactions related to the agriculture industry.
H.R. 5409, the “Safeguarding American Farms from Foreign Influence Act” led by Congressman Blaine Luetkemeyer (R-MO). This bill would require CFIUS to determine whether a national security review is needed upon a notification from the Secretary of Agriculture that a covered agricultural land transaction could threaten national security.