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Washington, DC - The House Financial Services Committee today approved the following measures:
H.R. 6306, is a bill to authorize appropriations for the United States contributions to, the fifteenth replenishment of the International Development Association (IDA-15) and the eleventh replenishment of the African Development Fund (AfDF-11). U.S. contributions to the multilateral development banks (MDBs) are based upon internationally agreed negotiations and commitments by donor governments to replenish the concessional facilities of the institutions. The U.S. Treasury Department negotiates these replenishments on behalf of the United States. Once an agreement is reached, an authorization request for U.S. participation in a particular replenishment, including the total amount of the U.S. pledge over the three-year period is submitted to Congress for approval, and each installment is subject to annual appropriations. This year, the Administration is requesting authorization for the 15th replenishment of the World Bank’s concessional facility, and the 11th replenishment of the African Development Bank’s concessional facility.
H.R. 3329, Homes for Heroes Act
The Homes for Heroes Act amends the Department of Housing and Urban Development Act to creates the position of Special Assistant for Veterans Affairs within the Department of Housing and Urban Development (HUD) to coordinate services to homeless veterans and serve as a liaison to the Department of Veterans Affairs, state and local officials, and nonprofit service organizations. The bill also establishes a $200 million assistance program for permanent supportive housing and services for low-income veterans.
H.R. 6216, Asset Management Improvement Act of 2008
The Asset Management Improvement Act would ease the regulatory burden on public housing agencies by ensuring that the management and related fees established by HUD are reasonable and that such fees become effective on or after January 1, 2011, the date by which public housing authorities are required under the Public Housing Operating Fund Final Rule to demonstrate conversion to asset management. The legislation will also restate provisions of current law that permit public housing authorities to use a portion of their capital fund grant for operating expenses. Additionally, the bill will increase the number of public housing authorities that are exempt from mandatory conversion to asset management; and encouraging the participation of public housing residents in the implementation of asset management. It is important to note that the bill does not authorize any additional funds for public housing agencies, nor change the date by which public housing agencies subject to conversion to asset management must demonstrate full compliance.
H.R. 6309, Lead-Safe Housing for Kids Act of 2008
H.R. 6309, introduced by Rep. Ellison of Minnesota, will require the Department of Housing and Urban Development (HUD) to update its blood lead intervention regulations to reflect the level used by the Centers for Disease Control and Prevention (CDC). H.R. 6309 was introduced to address a concern raised at markup about other sources of lead contamination. Language was added to address this concern. In addition, the new bill also authorizes such sums as may be necessary to implement the Act and requires a study of HUD’s progress in implementing its “Big Buy” program to fund the evaluation of lead-based paint hazards in pre-1978 assisted housing.
H.R. 4461, Community Building Code Administration Grant Act of 2007
The bill directs the Secretary of the U.S. Department of Housing and Urban Development (HUD) to develop a national competitive grant program, through which eligible local governments can apply for grant to be used in combination with State or local funds to increase staffing, provide staff training, increase staff competence and professional qualifications, support individual certification or departmental accreditation or capital expenditures for the administration of the local building code enforcement department. The bill includes a 5-year sunset on the program, authorizes $100 million over that period to execute it, caps awards at $1 million per recipient, requires recipients to match a portion of funds received, and outlines eligible uses of funds and selection criteria, with preference offered to governments in financial distress.
H.R. 1746, Holocaust Insurance Accountability Act
As amended in the committee mark up, H.R. 1746 will require insurers respond to inquiries regarding Holocaust-era policies. The legislation will also create a federal cause of action for claimants. The course of action will not be available for claims previously paid, denied or settled through court action, the International Commission on Holocaust Era Insurance Claims (“ICHEIC”) process or through a government sponsored Holocaust restitution process, but will be available for claimants who received humanitarian payment from ICHEIC and have action against companies that did not participate in ICHEIC. The legislation also encourages Eastern European participation, adding a new requirement for the European Bank for Reconstruction & Development to create and advocate policies to encourage Eastern European countries to pursue insurance restitution programs
H.R. 4049, Money Service Business Act of 2007
The Money Service Business Act would ease regulatory burdens on commercial banks that service money service businesses (MSBs). MSBs provide an array of important financial services, such as check cashing and wire transfers, to millions of Americans - including populations generally underserved by traditional financial institutions. These MSBs rely on commercial banks to do business. Federal regulations require banks to conduct reviews of MSBs’ anti-money laundering and counter-terrorism financing compliance, but it is difficult and costly for banks to monitor the source of money in MSBs’ accounts. In fact, this regulatory burden has prompted many banks to stop doing business with MSBs altogether rather than incur potential liability – a practice known as “bank discontinuance.” Without access to the commercial banking industry, MSBs could be driven out of business and MSB services could be driven underground, making it difficult for law enforcement to track money laundering, terrorist financing, and other financial crimes.
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