Today, the U.S. House of Representatives passed bipartisan financial services legislation aimed at combating the use of financial technology for illicit finance and increasing accountability within the Department of Housing and Urban Development (HUD).
The financial services bills passed by the House include:
H.R. 2969, the “Financial Technology Protection Act of 2023,” sponsored by Rep. Zach Nunn (IA-03), establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing under the Department of Treasury. It also encourages public-private sector partnership in examining issues surrounding illicit finance in the digital asset ecosystem.
H.R. 7280, the “HUD Transparency Act of 2024,” sponsored by Rep. Monica De La Cruz (TX-15), increases congressional oversight and public accountability for HUD and its programs by requiring the HUD Inspector General to testify before the Committee on an annual basis.
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