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Waters Secures House Passage of 9 Bipartisan Financial Services Bills
The House passed nine, bipartisan Financial Services Committee bills this week, including:
- The Fair Hiring in Banking Act (H.R. 5911), a bill by Representative Joyce Beatty (D-OH), 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), 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), 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), 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), passed by a vote of 419-0.
- The Isolate Russian Government Officials Act (H.R. 6891), a bill by Representative Ann Wagner (R-MO), 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), 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 (D-CO), 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), passed by a voice vote.
Read the full statement and a description of each bill HERE.
Waters Delivers Statement at First Conference Committee Meeting on COMPETES Act
Chairwoman Waters, a Conference Committee member of the America COMPETES Act of 2022, delivered a statement at the first Conference Committee meeting on Thursday. America COMPETES Act (H.R. 4521) includes several key provisions led by the Financial Services Committee, which would “strengthen the competitiveness, safety, and security of American businesses, combat illicit finance, and counter the anti-competitive actions taken by China,” Chairwoman Waters said.
“The House-passed proposals [would] also strengthen anti-money laundering authorities at the Treasury Department and improve the U.S. response to the COVID-19 pandemic. Further, the bipartisan House support for the SAFE Banking Act is evident in its inclusion in America COMPETES,” Chairwoman Waters said urging conferees to support the legislation.
WATCH: Chairwoman Waters delivers the full statement at the kickoff conference committee meeting HERE.
Waters Applauds the Confirmation of Historic Federal Reserve Nominees
This week, the Senate confirmed a historic slate of President Biden’s nominees to the Federal Reserve’s Board of Governors, including Dr. Lisa Cook who will become the first Black woman ever to serve as a Federal Reserve governor, and Dr. Philip Jefferson as a Fed governor, who will become the fourth Black man ever to serve on the Board in its 109-year history. On Thursday, the Senate also reconfirmed Jerome Powell as Federal Reserve Chair. The Senate confirmed Lael Brainard in April to serve as Federal Reserve Vice Chair.
Read Chairwoman Waters’ statement on these historic and diverse confirmed nominees HERE.
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Member Spotlight
| Congressman Josh Gottheimer (D-NJ) |
Congressman Josh Gottheimer (D-NJ) serves as Vice Chair of the Subcommittee on National Security, International Development and Monetary Policy, and on the Task Force on Financial Technology. This week, Rep. Gottheimer’s bill, the “Empowering States to Protect Seniors from Bad Actors” (H.R. 5914), passed the House. The bill would create a Senior Investor Protection Grant Program to be implemented by the SEC and authorizes $10 million in appropriations for the program, to further protect investors from predatory actors and exploitation.
Weekend Reads
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Waters Leads Full Committee Hearing on the Annual Report of the Financial Stability Oversight Council, Secretary Yellen Testifies
The full Committee convened a hearing entitled, “The Annual Report of the Financial Stability Oversight Council (FSOC),” and welcomed testimony from Treasury Secretary Janet Yellen, who also serves as Chair of FSOC. Committee members discussed tackling inflation by corporations, confronting the housing shortage, mitigating the threat that climate crisis poses to our financial system, and how the Supreme Court’s anticipated decision overturning Roe v. Wade would threaten women’s financial security and the nation’s economic growth and stability.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the full Committee hearing HERE.
Subcommittee Hearings
“A Notch Above? Examining the Bond Rating Industry”
The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets convened a hearing examining the bond rating industry. Committee members discussed the importance of cracking down on anticompetitive practices that will harm our markets and people investing their hard-earned dollars.
- Read Chairwoman Waters’ opening statement HERE.
- Watch the subcommittee hearing HERE.
“Keeping Up with the Codes – Using AI for Effective RegTech”
The Task Force on Artificial Intelligence convened a hearing entitled, “Keep Up with the codes – Using AI for Effective RegTech.” Committee members discussed how AI might be used to help financial institutions combat illicit finance and the importance of confronting algorithmic bias.
Watch the subcommittee hearing HERE.
Upcoming Committee Dates
- UPDATE - Tuesday, May 17 at 12:00 PM ET (and subsequent days if necessary): The full Committee will convene for a hybrid markup.
- Tuesday, May 24 at 12:00 PM ET: The Subcommittee on Diversity and Inclusion will convene for a virtual hearing entitled, “Diversity Includes Disability: Exploring Inequities in Financial Services for Persons with Disabilities, Including Those Newly Disabled Due to Long-Term COVID.”
- Wednesday, May 25 at 12:00 PM ET: The Subcommittee on Housing, Community Development and Insurance will convene for a virtual hearing entitled, “Reauthorization and Reform of the National Flood Insurance Program.”
- Thursday, May 26 at 12:00 PM ET: The full Committee will convene for a virtual hearing entitled, “Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency.”
All hearings are livestreamed on https://democrats-financialservices.house.gov/live/.
Due to the latest information available regarding COVID-19, all hearings this month are fully virtual. Members and witnesses may participate remotely via Cisco WebEx.
Committee activities are finalized once an official notice is issued by the House Financial Services Committee. Visit https://democrats-financialservices.house.gov/calendar/ for the most up-to-date Committee schedule.
Chairwoman’s Corner
Celebrating Asian American and Pacific Islander Heritage Month
Chairwoman Waters with Tim Hur, president of the Asian Real Estate Association of America (AREAA), after delivering remarks on housing affordability, the Chairwoman’s downpayment assistance legislation, and the importance of passing the Build Back Better Act’s historic housing investments at AREAA’s Fair Housing and Diversity Summit.
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