Helping the Economy and Protecting Americans From Terrorists

Feb 5, 2016
Blog - Arizona's Fifth

On Tuesday, the House unanimously passed H.R. 3700, the Housing Opportunity Through Modernization Act. H.R. 3700 makes a variety of reforms to certain Department of Housing and Urban Development and Rural Housing Services programs in an effort to improve their effectiveness and provide enhanced opportunity for program beneficiaries and organizations to serve individuals. Also on Tuesday, the House passed H.R. 3662, the Iran Terror Finance Transparency Act, by a vote of 246-181. This legislation provides for enhanced Congressional oversight over U.S. economic and trade sanctions, particularly over Iranian terrorism financiers. Specifically, the bill prohibits the President from removing sanctions on foreign financial institutions until the President certifies that such institutions have not conducted transactions for, or on behalf of, Iran's Revolutionary Guard Corps, a foreign terrorist organization, or anyone sanctioned in connection with Iran's weapons of mass destruction and ballistic missile programs. 

On Wednesday, the House passed H.R. 1675, the Encouraging Employee Ownership Act of 2015, by a vote of 265-159.  H.R. 1675 provides various financial services related reforms in an attempt to alleviate burdens on employers by repealing or amending outdated Securities and Exchange Commission (SEC) regulations. 

On Thursday, the House passed H.R. 766, the Financial Institution Customer Protection Act of 2015, by a vote of 250-169.  H.R. 766 establishes requirements for the termination of bank accounts to prohibit federal banking regulators from formally or informally suggesting, requesting, or ordering a depository institution to terminate either a specific customer account, or group of customer accounts, except in specific circumstances affecting national security. This provision is designed in an attempt to prevent federal regulators from encouraging banking institutions to close any entity's bank account without due process.