The House Financial Services Committee advanced five bills to help Ukraine economically and punish Russia for its invasion of Ukraine.
One of the bills is the Nowhere to Hide Oligarchs’ Assets Act (H.R. 7080), which would help the Financial Crimes Enforcement Network (FinCEN) and its law enforcement partners detect Russian oligarchs who are participating in money laundering techniques to hide their money, avoid scrutiny, and evade our sanctions. The bill, introduced by U.S. Rep. Maxine Waters, chair of the committee, passed 26-23.
Another is the Russia and Belarus Financial Sanctions Act (H.R. 7066), which would clarify that foreign subsidiaries of U.S. financial institutions must comply with American sanctions against Russia and Belarus. The legislation, introduced by U.S. Rep. Brad Sherman (D-CA), passed by a voice vote.
The third is the Ukraine Comprehensive Debt Repayment Relief Act (H.R. 7081), which would direct the Treasury to use its influence at the International Monetary Fund, the World Bank, other multilateral development banks, and with private creditors to press for the suspension of all debt owed by Ukraine and for financial assistance to Ukraine and the countries along its borders taking in refugees. This bill, offered by U.S. Rep. Jesus “Chuy” Garcia (D-IL), passed by a voice vote.
The committee also advanced the Isolate Russian Government Officials Act (H.R. 6891), which seeks to exclude Russian government officials from the G-20, Financial Stability Board, and other international standard-setting and economic cooperation bodies. The bill, sponsored by U.S. Rep. Ann Wagner (R-MO), passed by a voice vote.
Finally, H.R. 6899, the Russia and Belarus SDR Exchange Prohibition Act, seeks to deprive Russia and Belarus from converting their holdings of Special Drawing Rights for hard currency. The bill, sponsored by U.S. Rep. French Hill (R-AR), passed by a voice vote.
All five bills now move to the full House for consideration.