[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3835 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 3835
To establish an interagency Working Group to study financial safety and
inclusion for survivors, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 29, 2024
Ms. Smith introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
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) 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 the ability of a person to acquire, use, or
maintain economic resources to which they are entitled,
including using coercion, fraud, or manipulation, to--
(A) restrict access of a person to money, assets,
credit, or financial information;
(B) unfairly use the personal economic resources of
another person, including money, assets, and credit,
for the advantage of the person;
(C) exert undue influence over the financial and
economic behavior or decisions of another person,
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
another person to whom one has a fiduciary duty.
(4) Indian tribe.--The term ``Indian tribe'' means an
Indian tribe included on the list published by the Secretary of
the Interior under section 104 of the Federally Recognized
Indian Tribe List Act of 1994 (25 U.S.C. 5131).
(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 in section
3 of the Federal Deposit Insurance Act (12 U.S.C.
1813);
(B) a Federal credit union or a State credit union,
as those terms are defined in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752);
(C) an investment adviser, as defined in section
202(a) of the Investment Advisers Act of 1940 (15
U.S.C. 80b-2(a));
(D) a broker or dealer, as defined in section 3(a)
of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a));
(E) an insurance company, as defined in section
2(a) of the Investment Company Act of 1940 (15 U.S.C.
80a-2(a));
(F) any business entity that sells, solicits, or
negotiates insurance coverage;
(G) a transfer agent, as defined in section 3(a) of
the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
(H) an individual who is required under State law
to be licensed to sell, solicit, or negotiate insurance
coverage; and
(I) 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 latest
available decennial census.
(8) State.--The term ``State'' means each of the several
States of the United States and the District of Columbia.
(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--
(A) the Commonwealth of Puerto Rico;
(B) Guam;
(C) American Samoa;
(D) the Commonwealth of the Northern Mariana
Islands; and
(E) the United States Virgin Islands.
(11) Working group.--The term ``Working Group'' means the
interagency working group established under subsection (b).
(b) Establishment.--There is established an interagency working
group to study the following:
(1) How 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- or moderate-income
communities, 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.
(c) 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 with expertise in economic abuse and
experience working with and advocating on behalf of survivors
of domestic violence, appointed by the Secretary of the
Treasury.
(4) One individual with expertise in consumer protection
and 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- or moderate-income households, Indian tribes,
and territories of the United States, appointed by the
Secretary of the Treasury.
(6) Any other individuals, but no more than 4, appointed by
the Secretary of the Treasury, as the Secretary determines
appropriate.
(d) Chairperson.--The Secretary of the Treasury (or the Secretary's
designee, as applicable) shall serve as the chairperson of the Working
Group.
(e) Terms.--
(1) In general.--A member of the Working Group shall serve
a term of 2 years.
(2) Limitation.--Each individual appointed under paragraphs
(3) through (6) of subsection (c) may only serve 1 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.
(f) Meetings.--The Working Group shall convene not later than 60
days after the beginning of the first term of the Working Group and
shall meet not less frequently than twice a year thereafter.
(g) Compensation.--Members of the Working Group shall receive no
additional compensation by reason of their service on the Working
Group.
(h) Travel Expenses.--Members of the Working Group shall be allowed
travel expenses, including per diem in lieu of subsistence, at rates
authorized for employees of agencies 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.
(i) Annual Reports.--
(1) In general.--The Working Group shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives an annual report regarding--
(A) the activities of the Working Group; and
(B) the study required under subsection (b).
(2) Public availability.--The report under paragraph (1)
shall be made publicly available online and in accessible
format that complies with section 4(b) of the Plain Writing Act
of 2010 (5 U.S.C. 301 note) and Executive Order 13166 (42
U.S.C. 2000d-1 note; relating to access to services for persons
with limited English proficiency).
(j) Congressional Testimony.--The head of an agency described under
subparagraphs (A) through (G) of subsection (c)(1) shall, when
providing the semiannual written testimony and appearing before the
Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives,
include information on the activities of the agency as part of the
Working Group.
(k) Transparency.--To the greatest extent practicable, 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 nonpublic
issues.
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