The House Financial Services Committee has approved eleven pieces of legislation aimed at bolstering national security, safeguarding Americans’ financial privacy, and establishing clear guidelines for the issuance of a central bank digital currency (CBDC) with explicit authorization from Congress.
Here is an overview of the key bills reported out of the Financial Services Committee:
1. Agricultural Security Risk Review Act (H.R. 3378):
This legislation, proposed by Rep. Frank Lucas, ensures that the Secretary of Agriculture is involved in foreign investments related to agribusiness and the purchase of U.S. farmland, safeguarding national interests.
2. Safeguarding American Farms from Foreign Influence Act (H.R. 5409):
Introduced by Rep. Blaine Luetkemeyer, this bill ensures that significant agriculture-related cases are considered by the Committee on Foreign Investment in the United States (CFIUS) by requiring Treasury to review agriculture-related cases referred by the Department of Agriculture.
3. Chinese Military and Surveillance Company Sanctions Act (H.R. 760):
Proposed by Rep. Andy Barr, this bill aims to restrict China’s military-surveillance complex by imposing sanctions to limit China’s ability to access revenues and technologies.
4. FinCEN Oversight and Accountability Act of 2023 (H.R. 5472):
Introduced by Rep. Warren Davidson, this legislation enhances Congressional oversight of the Financial Crimes Enforcement Network (FinCEN) and ensures accountability by requiring prompt notification of any unlawful activity by FinCEN or its employees.
5. Financial Privacy Act of 2023 (H.R. 5485):
Rep. French Hill’s bill protects civil liberties and privacy rights by mandating an annual report to Congress on data collected, retained, and disseminated by the Treasury Secretary under the Bank Secrecy Act.
6. Protect Small Business and Prevent Illicit Financial Activity Act (H.R. 5119):
Proposed by Rep. Zach Nunn, this bill aligns FinCEN’s beneficial ownership filing deadlines with Congressional intent and closes a loophole that could be exploited by malicious actors.
7. Combatting Foreign Surveillance Spyware Sanctions Act (H.R. 5557):
Rep. Jim Himes introduced this bill to authorize sanctions on individuals and entities facilitating spyware that could target U.S. Government officials or Intelligence Community personnel.
8. Financial Access Improvements Act (H.R. 5523):
This legislation, proposed by Rep. Maxine Waters, provides Congress with insights into foreign jurisdictions’ progress in improving their Anti-Money Laundering regimes.
9. Russia and Belarus Financial Sanctions Act of 2023 (H.R. 5512):
Introduced by Rep. Brad Sherman, this bill ensures that U.S. financial institutions comply with financial sanctions applicable to Russia or Belarus.
10. Foreign Affiliates Sharing Pilot Program Extension Act (H.R. 5524):
Proposed by Rep. Sylvia Garcia, this bill extends the Pilot Program as intended in the Anti-Money Laundering Act (AMLA).
11. CBDC Anti-Surveillance State Act (H.R. 5403):
Majority Whip Tom Emmer’s bill prevents the Federal Reserve from issuing a CBDC directly or indirectly to individuals and establishes clear congressional authorization requirements for CBDC issuance.
These legislative initiatives cover a range of critical areas, including national security, privacy protection, and the regulatory framework for CBDCs, reflecting the Committee’s commitment to addressing key issues in the financial sector.
