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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3835 Introduced in Senate (IS)]

<DOC>

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.
                                 <all>
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