House Committee on Financial Services personnel recently applauded the inclusion of a series of panel priorities in the Fiscal Year 2023 National Defense Authorization Act (NDAA).
U.S. Rep. Maxine Waters (D-CA), committee chair, worked closely with members on the committee and other House and Senate panels to ensure certain priorities were included.
U.S. Rep. Ocasio Cortez (D-NY) sponsored H.R. 6549, which resulted in NDAA Section 5702 supporting international initiatives providing debt relief to developing countries with unsustainable levels of debt, and U.S. Rep. Jesús “Chuy” Garcia (D-IL) sponsored H.R. 7081, which yielded NDAA Section 5703 directing the Department of Treasury to use the voice, vote and influence of the United States at the World Bank and other relevant multilateral development banks to advocate for immediate suspension of all debt service payments owed to the institutions by Ukraine.
Additionally, H.R.7196, the Flexibility in Addressing Rural Homelessness Act of 2022, co-sponsored by U.S. Reps. Cindy Axne (D-IA) and Frank Lucas (R-OK), aided NDAA Section 5707 authorizing homeless service providers in rural communities to use funds from HUD’s Continuum of Care program for additional activities to increase capacity and address challenges faced when serving people experiencing homelessness in rural areas.
NDAA Section Section 5706 requiring the Department of the Treasury to report semiannually on financial services provided to benefit a state sponsor of terrorism or specified sanctioned persons is based on the Banking Transparency for Sanctioned Persons Act of 2021 (H.R.2710), sponsored by U.S. Reps. Bryan Steil (R-WI) and Jake Auchincloss (D-MA).