[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7510 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 7510
To establish an interagency Working Group to study financial safety and
inclusion for survivors, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 29, 2024
Ms. Velazquez introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To establish an interagency Working Group to study financial safety and
inclusion for survivors, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Survivor Financial Safety and
Inclusion Working Group Act''.
SEC. 2. WORKING GROUP FOR FINANCIAL SAFETY AND INCLUSION FOR SURVIVORS.
(a) Establishment.--There is established an interagency Working
Group (in this Act referred to as the ``Working Group'') to study the
following:
(1) How the Congress and covered agencies can support
regulated financial institutions in safely and confidentially
collecting data on--
(A) the types and prevalence of economic abuse
tactics that are being carried out through regulated
financial institutions; and
(B) the impacts of economic abuse tactics on
consumers and regulated financial institutions.
(2) Data from regulated financial institutions on the
statistics, trends, and impacts of economic abuse carried out
through regulated financial institutions.
(3) How regulated financial institutions can improve
existing financial products and services, and design and offer
new financial products and services specially-tailored to meet
the financial and safety needs of survivors.
(4) How the recommendations and guidance provided by the
Working Group account for any additional financial or safety
needs of historically underbanked and underserved communities,
including rural communities, low- and moderate-income
communities, federally recognized Indian Tribes, and
territories of the United States.
(5) Any legislative or regulatory authority necessary to
implement any recommendations or guidance provided by the
Working Group.
(b) Membership.--The Working Group shall be comprised of the
following:
(1) The head of each of the following, or the head's
designee:
(A) The Department of the Treasury.
(B) The Board of Governors of the Federal Reserve
System.
(C) The Bureau of Consumer Financial Protection.
(D) The Federal Deposit Insurance Corporation.
(E) The Office of the Comptroller of the Currency.
(F) The National Credit Union Administration.
(G) The Securities and Exchange Commission.
(2) A State insurance commissioner selected by the State
insurance commissioners (through the National Association of
Insurance Commissioners).
(3) One individual who has expertise in economic abuse and
has experience working with and advocating on behalf of
survivors of domestic violence, appointed by the Secretary of
the Treasury.
(4) One individual who has expertise in consumer protection
and has experience working with and advocating on behalf of
consumers, appointed by the Secretary of the Treasury.
(5) One individual who is a member of, and has experience
working with and advocating on behalf of, communities that have
been historically underbanked and unbanked, including rural
communities, low- and moderate-income communities, federally
recognized Indian Tribes, and territories of the United States,
appointed by the Secretary of the Treasury.
(6) Any other individuals, but no more than four, appointed
by the Secretary of the Treasury, as the Secretary determines
appropriate.
(c) Chairperson.--The Secretary of the Treasury (or the Secretary's
designee, as applicable) shall serve as the chairperson of the Working
Group.
(d) Terms.--
(1) In general.--A term of the Working Group shall be 2
years.
(2) Limitation.--Each individual appointed under paragraphs
(3) through (6) of subsection (b) may only serve one term.
(3) First term.--The first term of the Working Group shall
begin on January 1st of the first calendar year that begins
after the date of enactment of this Act.
(e) Meetings.--The Working Group shall convene no later than 60
days after the beginning of the first term of the Working Group and
shall meet no less than twice a year thereafter.
(f) Compensation.--Members of the Working Group shall receive no
additional compensation by reason of their service on the Working
Group.
(g) Travel Expenses.--Members of the Working Group may be
reimbursed by the Federal Government for travel expenses, including per
diem in lieu of subsistence, in accordance with applicable provisions
under subchapter I of chapter 57 of title 5, United States Code, while
away from home or regular places of business in performance of service
for the Working Group.
(h) Annual Reports.--
(1) In general.--The Working Group shall submit annually to
the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate, a report regarding--
(A) the activities of the Working Group; and
(B) the study required under subsection (a).
(2) Public availability.--The report under paragraph (1)
shall be made publicly available online and in accessible
format that adheres to section 4(b) of the Plain Writing Act of
2010 (5 U.S.C. 301 note) and Executive Order 13166 (65 Fed.
Reg. 159).
(i) Congressional Testimony.--The head of an agency described under
subparagraphs (A) through (G) of subsection (b)(1) shall, when
providing the semi-annual written testimony and appearing before the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate, include
information on the activities of the agency as part of the Working
Group.
(j) Transparency.--To the greatest extent possible, the Working
Group shall operate in a transparent manner that adheres to the
requirements of chapter 10 of title 5, United States Code, with the
exception that the Working Group shall be permitted to freely
communicate both during and between meetings in a confidential manner
to discuss non-public information and other sensitive and non-public
issues.
(k) Definitions.--In this section:
(1) Covered agency.--The term ``covered agencies'' means
the following:
(A) The Department of the Treasury.
(B) The Board of Governors of the Federal Reserve
System.
(C) The Bureau of Consumer Financial Protection.
(D) The Federal Deposit Insurance Corporation.
(E) The Office of the Comptroller of the Currency.
(F) The National Credit Union Administration.
(G) The Securities and Exchange Commission.
(H) The State insurance regulators.
(2) Domestic violence.--The term ``domestic violence''
means the use or attempted use of physical abuse or sexual
abuse, or a pattern of any other coercive behavior committed,
enabled, or solicited to gain or maintain power and control
over a survivor, including verbal, psychological, economic, or
technological abuse that may or may not constitute criminal
behavior, by a person who--
(A) is a current or former spouse or intimate
partner of the survivor, or person similarly situated
to a spouse of the survivor;
(B) is cohabitating, or has cohabitated, with the
survivor as a spouse or intimate partner;
(C) shares a child in common with the survivor; or
(D) commits acts against a youth or adult survivor
who is protected from those acts under the family or
domestic violence laws of the jurisdiction.
(3) Economic abuse.--The term ``economic abuse'' means
behavior that is coercive, deceptive, or unreasonably controls
or restrains a person's ability to acquire, use, or maintain
economic resources to which they are entitled, including using
coercion, fraud, or manipulation, to--
(A) restrict a person's access to money, assets,
credit, or financial information;
(B) unfairly use a person's personal economic
resources, including money, assets, and credit, for
one's own advantage;
(C) exert undue influence over a person's financial
and economic behavior or decisions, including forcing
default on joint or other financial obligations;
(D) exploit powers of attorney, guardianship, or
conservatorship; or
(E) fail or neglect to act in the best interest of
a person to whom one has a fiduciary duty.
(4) Federally recognized indian tribe.--The term
``federally recognized Indian Tribe'' has the meaning given the
term ``Indian tribe'' in section 102 of the Federally
Recognized Indian Tribe List Act of 1994 (25 U.S.C. 5130).
(5) Low- or moderate-income community.--The term ``low- or
moderate-income community'' means a census tract designated as
low-income or moderate-income by the Financial Institutions
Examinations Council on a public website of the Council.
(6) Regulated financial institution.--The term ``regulated
financial institution'' means--
(A) a depository institution, as defined under
section 3 of the Federal Deposit Insurance Act (12
U.S.C. 1813);
(B) a Federal credit union or a State credit union,
as such terms are defined, respectively, under section
101 of the Federal Credit Union Act (12 U.S.C. 1752);
(C) an investment adviser, as such term is defined
under section 202(a) of the Investment Advisers Act of
1940 (15 U.S.C. 80b-2(a));
(D) a broker or dealer, as those terms are defined,
respectively, under section 3(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a));
(E) an insurance company, as such term is defined
under section 2(a) of the Investment Company Act of
1940 (15 U.S.C. 80a-2(a));
(F) an insurance agency, meaning any business
entity that sells, solicits, or negotiates insurance
coverage;
(G) a transfer agent, as such term is defined under
section 3(a) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a));
(H) an insurance producer, meaning an individual
who is required under State law to be licensed in order
to sell, solicit, or negociate insurance coverage; and
(I) an investment advisor representative, meaning
an individual who--
(i) is employed by, or associated with, an
investment adviser; and
(ii) does not perform solely clerical or
ministerial acts.
(7) Rural area.--The term ``rural area'' means any county
that is mostly rural or completely rural in the most recent
decennial census.
(8) State.--The term ``State'' means each of the 50 States,
the District of Columbia, Puerto Rico, and any territory or
possession of the United States.
(9) Survivor.--The term ``survivor'' means an individual
who is or has previously been subjected to domestic violence,
including economic abuse.
(10) Territory of the united states.--The term ``territory
of the United States'' means the Commonwealth of Puerto Rico,
Guam, the United States Virgin Islands, American Samoa, and the
Commonwealth of the Northern Mariana Islands.
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