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‘‘(c) COVERED EXEMPTED TRANSACTION.—In this 
section, the term ‘covered exempted transaction’ means an 
issuance of a security that is exempt from registration 
under section 5 of the Securities Act of 1933 (15 U.S.C. 
77e) that— 
‘‘(1) is structured or intended to comply with— 
‘‘(A) Rule 506(b) of Regulation D, as pro-
mulgated by the Commission; 
‘‘(B) Regulation S, as promulgated by the 
Commission; or 
‘‘(C) Rule 144A, as promulgated by the 
Commission; and 
‘‘(2) either— 
‘‘(A) has an issuance equal to $25,000,000 
or greater; or 
‘‘(B) with respect to any 1-year period, 
has, together with all covered exempted trans-
actions in that period, an aggregate issuance of 
$50,000,000 or greater.’’. 
(b) APPLICABILITY.—The amendment made by sub-
section (a) shall apply with respect to issuers of covered 
exempted transactions on the date that is 270 days after 
the date of the enactment of this Act. 
(c) REPORT.—The Securities and Exchange Commis-
sion shall, each quarter, issue a report to the Committee 
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on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate containing all information submitted by an 
issuer under section 13B of the Securities Exchange Act 
of 1934, as added by subsection (a), during the previous 
quarter. 
SEC. 5408. RUSSIA AND BELARUS FINANCIAL SANCTIONS. 
(a) IN GENERAL.—A United States financial institu-
tion shall take all actions necessary and available to cause 
any entity or person owned or controlled by the institution 
to comply with any provision of law described in sub-
section (b) to the same extent as required of a United 
States financial institution. 
(b) PROVISION OF LAW DESCRIBED.—A provision of 
law described in this subsection is any prohibition or limi-
tation described in a sanctions-related statute, regulation 
or order applicable to a United States financial institution 
concerning the Russian Federation or the Republic of 
Belarus, involving— 
(1) the conduct of transactions; 
(2) the acceptance of deposits; 
(3) the making, granting, transferring, holding, 
or brokering of loans or credits; 
(4) the purchasing or selling of foreign ex-
change, securities, commodity futures, or options; 
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(5) the procuring of purchasers and sellers de-
scribed under paragraph (4) as principal or agent; 
or 
(6) any other good or service provided by a 
United States financial institution. 
(c) PENALTY.—A United States financial institution 
that violates subsection (a) shall be subject to the penalties 
described in the applicable statute, regulation or order ap-
plicable to a United States financial Institution. 
(d) UNITED STATES FINANCIAL INSTITUTION DE-
FINED.—In this section, the term ‘‘United States financial 
institution’’ means any U.S. entity (including its foreign 
branches) that is engaged in the business of accepting de-
posits, making, granting, transferring, holding, or 
brokering loans or credits, or purchasing or selling foreign 
exchange, securities, futures or options, or procuring pur-
chasers and sellers thereof, as principal or agent. It in-
cludes depository institutions, banks, savings banks, 
money services businesses, operators of credit card sys-
tems, trust companies, insurance companies, securities 
brokers and dealers, futures and options brokers and deal-
ers, forward contract and foreign exchange merchants, se-
curities and commodities exchanges, clearing corporations, 
investment companies, employee benefit plans, dealers in 
precious metals, stones, or jewels, and U.S. holding com-
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panies, U.S. affiliates, or U.S. subsidiaries of any of the 
foregoing. This term includes those branches, offices, and 
agencies of foreign financial institutions that are located 
in the United States, but not such institutions’ foreign 
branches, offices, or agencies. 
SEC. 5409. APPRAISAL STANDARDS FOR SINGLE-FAMILY 
HOUSING MORTGAGES. 
(a) CERTIFICATION OR LICENSING.—Paragraph (5) 
of section 202(g) of the National Housing Act (12 U.S.C. 
1708(g)) is amended— 
(1) by striking subparagraph (A) and inserting 
the following new subparagraph: 
‘‘(A)(i) in the case of an appraiser for a 
mortgage for single-family housing, be certified 
or licensed by the State in which the property 
to be appraised is located; and 
‘‘(ii) in the case of an appraiser for a 
mortgage for multifamily housing, be certified 
by the State in which the property to be ap-
praised is located; and’’; and 
(2) in subparagraph (B), by inserting before 
the period at the end the following: ‘‘, which, in the 
case of appraisers for any mortgage for single-family 
housing, shall include completion of a course or sem-
inar that consists of not less than 7 hours of train-
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ing regarding such appraisal requirements that is 
approved by the Course Approval Program of the 
Appraiser Qualifications Board of the Appraisal 
Foundation or a State appraiser certifying and li-
censing agency’’. 
(b) COMPLIANCE WITH VERIFIABLE EDUCATION RE-
QUIREMENTS; GRANDFATHERING.—Effective beginning 
on the date of the effectiveness of the mortgagee letter 
or other guidance issued pursuant to subsection (c) of this 
section, notwithstanding any choice or approval of any ap-
praiser made before such date of enactment, no appraiser 
may conduct an appraisal for any mortgage for single- 
family housing insured under title II of the National 
Housing Act (12 U.S.C. 1707 et seq.) unless such ap-
praiser is, as of such date of effectiveness, in compliance 
with— 
(1) all of the requirements under section 
202(g)(5) of such Act (12 U.S.C. 1708(g)(5)), as 
amended by subsection (a) of this section, including 
the requirement under subparagraph (B) of such 
section 
202(g)(5) 
(relating 
to 
demonstrated 
verifiable education in appraisal requirements); or 
(2) all of the requirements under section 
202(g)(5) of such Act as in effect on the day before 
the date of the enactment of this Act. 
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(c) IMPLEMENTATION.—Not later than the expiration 
of the 240-day period beginning on the date of the enact-
ment of this Act, the Secretary of Housing and Urban 
Development shall issue a mortgagee letter or other guid-
ance that shall— 
(1) implement the amendments made by sub-
section (a) of this section; 
(2) clearly set forth all of the specific require-
ments under section 202(g)(5) of the National 
Housing Act (as amended by subsection (a) of this 
section) for approval to conduct appraisals under 
title II of such Act for mortgages for single-family 
housing, which shall include— 
(A) providing that the completion, prior to 
the effective date of such mortgagee letter or 
guidance, of training meeting the requirements 
under subparagraph (B) of such section 
202(g)(5) (as amended by subsection (a) of this 
section) shall be considered to fulfill the re-
quirement under such subparagraph; and 
(B) providing a method for appraisers to 
demonstrate such prior completion; and 
(3) take effect not later than the expiration of 
the 180-day period beginning upon issuance of such 
mortgagee letter or guidance. 
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SEC. 5410. CHINA FINANCIAL THREAT MITIGATION. 
(a) REPORT.—Not later than one year after the date 
of the enactment of this Act, the Secretary of the Treas-
ury, in consultation with the Chairman of the Board of 
Governors of the Federal Reserve System, the Chairman 
of the Securities and Exchange Commission, the Chair-
man of the Commodity Futures Trading Commission, and 
the Secretary of State, shall conduct a study and issue 
a report on the exposure of the United States to the finan-
cial sector of the People’s Republic of China that in-
cludes— 
(1) an assessment of the effects of reforms to 
the financial sector of the People’s Republic of 
China on the United States and global financial sys-
tems; 
(2) a description of the policies the United 
States Government is adopting to protect the inter-
ests of the United States while the financial sector 
of the People’s Republic of China undergoes such re-
forms; 
(3) a description and analysis of any risks to 
the financial stability of the United States and the 
global economy emanating from the People’s Repub-
lic of China; and 
(4) recommendations for additional actions the 
United States Government, including United States 
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representatives at relevant international organiza-
tions, should take to strengthen international co-
operation to monitor and mitigate such financial sta-
bility risks and protect United States interests. 
(b) TRANSMISSION OF REPORT.—The Secretary of 
the Treasury shall transmit the report required under sub-
section (a) not later than one year after the date of enact-
ment of this Act to the Committees on Financial Services 
and Foreign Affairs of the House of Representatives, the 
Committees on Banking, Housing, and Urban Affairs and 
Foreign Relations of the Senate, and to the United States 
representatives at relevant international organizations, as 
appropriate. 
(c) CLASSIFICATION.—The report required under 
subsection (a) shall be unclassified, but may contain a 
classified annex. 
(d) PUBLICATION OF REPORT.—The Secretary of the 
Treasury shall publish the report required under sub-
section (a) (other than any classified annex) on the 
website of the Department of the Treasury not later than 
one year after the date of enactment of this Act. 
SEC. 5411. REVIEW OF FHA SMALL-DOLLAR MORTGAGE 
PRACTICES. 
(a) CONGRESSIONAL FINDINGS.—The Congress finds 
that— 
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(1) affordable homeownership opportunities are 
being hindered due to the lack of financing available 
for home purchases under $100,000; 
(2) according to the Urban Institute, small-dol-
lar mortgage loan applications in 2017 were denied 
by lenders at double the rate of denial for large 
mortgage loans, and this difference in denial rates 
cannot be fully explained by differences in the appli-
cants’ credit profiles; 
(3) according to data compiled by Attom Data 
solutions, small-dollar mortgage originations have 
decreased 38 percent since 2009, while there has 
been a 65-percent increase in origination of mort-
gages for more than $150,000; 
(4) the FHA’s mission is to serve creditworthy 
borrowers who are underserved and, according to the 
Urban Institute, the FHA serves 24 percent of the 
overall market, but only 19 percent of the small-dol-
lar mortgage market; and 
(5) the causes behind these variations are not 
fully understood, but merit study that could assist in 
furthering the Department of Housing and Urban 
Development’s mission, including meeting the hous-
ing needs of borrowers the program is designed to 
serve and reducing barriers to homeownership, while 
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protecting the solvency of the Mutual Mortgage In-
surance Fund. 
(b) REVIEW.—The Secretary of Housing and Urban 
Development shall conduct a review of its FHA single- 
family mortgage insurance policies, practices, and prod-
ucts to identify any barriers or impediments to supporting, 
facilitating, and making available mortgage insurance for 
small dollar mortgages, as defined by the Secretary. Not 
later than the expiration of the 12-month period beginning 
on the date of the enactment of this Act, the Secretary 
shall submit a report to the Congress describing the find-
ings of such review and the actions that the Secretary will 
take, without adversely affecting the solvency of the Mu-
tual Mortgage Insurance Fund, to remove such barriers 
and impediments to providing mortgage insurance for 
such mortgages. 
SEC. 5412. DISCLOSURE OF BUSINESSES TIES TO RUSSIA. 
(a) IN GENERAL.—Section 13 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78m) is amended by add-
ing at the end the following: 
‘‘(s) DISCLOSURE OF BUSINESS TIES TO RUSSIA.— 
Any issuer required to file an annual or quarterly report 
under subsection (a) that— 
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‘‘(1) does business in Russia, or with or 
through firms domiciled in Russia, regardless of 
where that business activity takes place, or 
‘‘(2) with the Russian government, or with any 
entity owned by or affiliated with such government, 
regardless of where that business activity takes 
place, 
shall disclose in that report relevant facts and a descrip-
tion about the business activity.’’. 
(b) The Securities and Exchange Commission shall 
within 270 days of enactment of this section define any 
necessary terms and amend its rules or forms, to carry 
out the requirements of the provision added by subsection 
(a). 
SEC. 5413. SMALL BUSINESS LOAN DATA COLLECTION. 
(a) IN GENERAL.—Section 704B of the Equal Credit 
Opportunity Act (15 U.S.C. 1691c–2) is amended— 
(1) by inserting ‘‘LGBTQ-owned,’’ after ‘‘mi-
nority-owned,’’ each place such term appears; 
(2) in subsection (e)(2)(G), by inserting ‘‘, sex-
ual orientation, gender identity’’ after ‘‘sex’’; and 
(3) in subsection (h), by adding at the end the 
following: 
‘‘(7) LGBTQ-OWNED
BUSINESS.—The term 
‘LGBTQ-owned business’ means a business— 
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‘‘(A) more than 50 percent of the owner-
ship or control of which is held by 1 or more 
individuals self-identifying as lesbian, gay, bi-
sexual, transgender, or queer; and 
‘‘(B) more than 50 percent of the net prof-
it or loss of which accrues to 1 or more individ-
uals self-identifying as lesbian, gay, bisexual, 
transgender, or queer.’’. 
(b) DISCRETIONARY SURPLUS FUND.— 
(1) IN GENERAL.—Subparagraph (A) of section 
7(a)(3) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by reducing the dollar fig-
ure described in such subparagraph by $500,000. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on September 30, 
2032. 
SEC. 5414. NATIONWIDE EMERGENCY DECLARATION MED-
ICAL SUPPLIES ENHANCEMENT. 
(a) DETERMINATION ON EMERGENCY SUPPLIES AND 
OTHER PUBLIC HEALTH EMERGENCIES.—For the pur-
poses of section 101 of the Defense Production Act of 
1950 (50 U.S.C. 4511), the following materials may be 
deemed by the President, during a nationwide emergency 
declaration period, to be scarce and critical materials es-
sential to the national defense and otherwise meet the re-
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quirements of section 101(b) of such Act, and funds avail-
able to implement such Act may be used for the purchase, 
production (including the construction, repair, and retro-
fitting of government-owned facilities as necessary), or 
distribution of such materials: 
(1) Face masks and personal protective equip-
ment, including non-surgical isolation gowns, face 
shields, nitrile gloves, N–95 filtering facepiece res-
pirators, and any other masks or equipment (includ-
ing durable medical equipment) determined by the 
Secretary of Health and Human Services to be need-
ed to respond during a nationwide emergency dec-
laration period, and the materials, machinery, addi-
tional manufacturing lines or facilities, or other 
technology necessary to produce such equipment. 
(2) Drugs and devices (as those terms are de-
fined in the Federal Food, Drug, and Cosmetic Act 
(21 U.S.C. 301 et seq.)) and biological products (as 
that term is defined by section 351 of the Public 
Health Service Act (42 U.S.C. 262)) that are ap-
proved, cleared, licensed, or authorized for use dur-
ing a nationwide emergency, and any materials, 
manufacturing machinery, additional manufacturing 
or fill-finish lines or facilities, technology, or equip-
ment (including durable medical equipment) nec-
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essary to produce or use such drugs, biological prod-
ucts, or devices (including syringes, vials, or other 
supplies or equipment related to delivery, distribu-
tion, or administration). 
(3) Any other medical equipment or supplies 
determined by the Secretary of Health and Human 
Services or the Secretary of Homeland Security to 
be scarce and critical materials essential to the na-
tional defense for purposes of section 101 of the De-
fense Production Act of 1950 (50 U.S.C. 4511). 
(b) ENHANCEMENT
OF SUPPLY CHAIN PRODUC-
TION.—In exercising authority under title III of the De-
fense Production Act of 1950 (50 U.S.C. 4531 et seq.) 
with respect to materials described in subsection (a), the 
President shall seek to ensure that support is provided to 
companies that comprise the supply chains for reagents, 
components, raw materials, and other materials and items 
necessary to produce or use the materials described in sub-
section (a) to the extent necessary for the national defense 
during a nationwide emergency declaration and subse-
quent major disaster declarations under sections 501 and 
401, respectively, of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 5191, 5170). 
(c) ENHANCED REPORTING DURING NATIONWIDE 
DISASTER DECLARATIONS.— 
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(1) REPORT
ON
EXERCISING
AUTHORITIES 
UNDER THE DEFENSE PRODUCTION ACT OF 1950.— 
(A) IN GENERAL.—Not later than 90 days 
after the date of the enactment of this Act, the 
President, in consultation with the Adminis-
trator of the Federal Emergency Management 
Agency, the Secretary of Defense, and the Sec-
retary of Health and Human Services, shall 
submit to the appropriate congressional com-
mittees a report on the exercise of authorities 
under titles I, III, and VII of the Defense Pro-
duction Act of 1950 (50 U.S.C. 4501 et seq.) 
prior to the date of such report for the purposes 
of the nationwide emergency declaration re-
sponse. 
(B) 
CONTENTS.—The 
report 
required 
under subparagraph (A) and the update re-
quired under subparagraph (C) shall include 
the following: 
(i) IN
GENERAL.—With respect to 
each exercise of such authority— 
(I) an explanation of the purpose 
of the applicable contract, purchase 
order, or other exercise of authority 
(including an allocation of materials, 
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services, and facilities under section 
101(a)(2) of the Defense Production 
Act of 1950 (50 U.S.C. 4511(a)(2)); 
(II) the cost of such exercise of 
authority; and 
(III) if applicable— 
(aa) the amount of goods 
that were purchased or allocated; 
(bb) an identification of the 
entity awarded a contract or pur-
chase order or that was the sub-
ject of the exercise of authority; 
and 
(cc) an identification of any 
entity that had shipments de-
layed by the exercise of any au-
thority under the Defense Pro-
duction Act of 1950 (50 U.S.C. 
4501 et seq.). 
(ii) CONSULTATIONS.—A description 
of any consultations conducted with rel-
evant stakeholders on the needs addressed 
by the exercise of the authorities described 
in subparagraph (A). 
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(C) UPDATE.—The President shall provide 
an additional briefing to the appropriate con-
gressional committees on the matters described 
under subparagraph (B) no later than four 
months after the submission of the report. 
(2) SUNSET.—The requirements of this section 
shall terminate at the end of the nationwide emer-
gency declaration period. 
SEC. 
5415. 
SPECIAL 
MEASURES 
TO 
FIGHT 
MODERN 
THREATS. 
(a) FINDINGS.—Congress finds the following: 
(1) The Financial Crimes Enforcement Net-
work (FinCEN) is the Financial Intelligence Unit of 
the United States tasked with safeguarding the fi-
nancial system from illicit use, combating money 
laundering and its related crimes including ter-
rorism, and promoting national security. 
(2) Per statute, FinCEN may require domestic 
financial institutions and financial agencies to take 
certain ‘‘special measures’’ against jurisdictions, in-
stitutions, classes of transactions, or types of ac-
counts determined to be of primary money laun-
dering concern, providing the Secretary with a range 
of options, such as enhanced record-keeping, that 
can be adapted to target specific money laundering 
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and terrorist financing and to bring pressure on 
those that pose money laundering threats. 
(3) This special-measures authority was grant-
ed in 2001, when most cross-border transactions oc-
curred through correspondent or payable-through ac-
counts held with large financial institutions which 
serve as intermediaries to facilitate financial trans-
actions on behalf of other banks. 
(4) Innovations in financial services have trans-
formed and expanded methods of cross-border trans-
actions that could not have been envisioned 20 years 
ago when FinCEN was given its special-measures 
authority. 
(5) These innovations, particularly through dig-
ital assets and informal value transfer systems, while 
useful to legitimate consumers and law enforcement, 
can be tools abused by bad actors like sanctions 
evaders, fraudsters, money launderers, and those 
who commit ransomware attacks on victimized U.S. 
companies and which abuse the financial system to 
move and obscure the proceeds of their crimes. 
(6) Ransomware attacks on U.S. companies re-
quiring payments in cryptocurrencies have increased 
in recent years, with the U.S. Treasury estimating 
that ransomware payments in the United States 
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reached $590 million in just the first half of 2021, 
compared to a total of $416 million in 2020. 
(7) As ransomware attacks organized by Chi-
nese and other foreign bad actors continue to grow 
in size and scope, modernizing FinCEN’s special 
measure authorities will empower FinCEN to adapt 
its existing tools, monitor and obstruct global finan-
cial threats, and meet the challenges of combating 
21st century financial crime. 
(b) PROHIBITIONS
OR CONDITIONS
ON CERTAIN 
TRANSMITTALS OF FUNDS.—Section 5318A of title 31, 
United States Code, is amended— 
(1) in subsection (a)(2)(C), by striking ‘‘sub-
section (b)(5)’’ and inserting ‘‘paragraphs (5) and 
(6) of subsection (b)’’; and 
(2) in subsection (b)— 
(A) in paragraph (5), by striking ‘‘for or 
on behalf of a foreign banking institution’’; and 
(B) by adding at the end the following: 
‘‘(6) PROHIBITIONS OR CONDITIONS ON CER-
TAIN TRANSMITTALS OF FUNDS.—If the Secretary 
finds a jurisdiction outside of the United States, 1 
or more financial institutions operating outside of 
the United States, 1 or more types of accounts with-
in, or involving, a jurisdiction outside of the United 
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States, or 1 or more classes of transactions within, 
or involving, a jurisdiction outside of the United 
States to be of primary money laundering concern, 
the Secretary, in consultation with the Secretary of 
State, the Attorney General, and the Chairman of 
the Board of Governors of the Federal Reserve Sys-
tem, may prohibit, or impose conditions upon certain 
transmittals of funds (as such term may be defined 
by the Secretary in a special measure issuance, by 
regulation, or as otherwise permitted by law), to or 
from any domestic financial institution or domestic 
financial agency if such transmittal of funds involves 
any such jurisdiction, institution, type of account, or 
class of transaction.’’. 
SEC. 5416. SUBMISSION OF DATA RELATING TO DIVERSITY. 
Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the 
following: 
‘‘(s) SUBMISSION OF DATA RELATING TO DIVER-
SITY.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘executive officer’ has the 
meaning given the term in section 230.501(f) of 
title 17, Code of Federal Regulations, as in ef-
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fect on the date of enactment of this subsection; 
and 
‘‘(B) the term ‘veteran’ has the meaning 
given the term in section 101 of title 38, United 
States Code. 
‘‘(2) 
SUBMISSION
OF
DISCLOSURE.—Each 
issuer required to file an annual report under sub-
section (a) shall disclose in any proxy statement and 
any information statement relating to the election of 
directors filed with the Commission the following: 
‘‘(A) Demographic data, based on vol-
untary self-identification, on the racial, ethnic, 
gender identity, and sexual orientation composi-
tion of— 
‘‘(i) the board of directors of the 
issuer; 
‘‘(ii) nominees for the board of direc-
tors of the issuer; and 
‘‘(iii) the executive officers of the 
issuer. 
‘‘(B) The status of any member of the 
board of directors of the issuer, any nominee 
for the board of directors of the issuer, or any 
executive officer of the issuer, based on vol-
untary self-identification, as a veteran. 
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‘‘(C) Whether the board of directors of the 
issuer, or any committee of that board of direc-
tors, has, as of the date on which the issuer 
makes a disclosure under this paragraph, 
adopted any policy, plan, or strategy to promote 
racial, ethnic, and gender diversity among— 
‘‘(i) the board of directors of the 
issuer; 
‘‘(ii) nominees for the board of direc-
tors of the issuer; or 
‘‘(iii) the executive officers of the 
issuer. 
‘‘(3) ALTERNATIVE
SUBMISSION.—In any 1- 
year period in which an issuer required to file an an-
nual report under subsection (a) does not file with 
the Commission a proxy statement or an information 
statement relating to the election of directors, the 
issuer shall disclose the information required under 
paragraph (2) in the first annual report of issuer 
that the issuer submits to the Commission after the 
end of that 1-year period. 
‘‘(4) ANNUAL
REPORT.—Not later than 18 
months after the date of enactment of this sub-
section, and annually thereafter, the Commission 
shall submit to the Committee on Banking, Housing, 
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and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representa-
tives, and publish on the website of the Commission, 
a report that analyzes the information disclosed 
under paragraphs (2) and (3) and identifies any 
trends with respect to such information. 
‘‘(5) BEST PRACTICES.— 
‘‘(A) IN GENERAL.—The Director of the 
Office of Minority and Women Inclusion of the 
Commission shall, not later than 3 years after 
the date of enactment of this subsection, and 
every 3 years thereafter, publish best practices 
for compliance with this subsection. 
‘‘(B) COMMENTS.—The Director of the Of-
fice of Minority and Women Inclusion of the 
Commission may, pursuant to subchapter II of 
chapter 5 of title 5, United States Code, solicit 
public comments related to the best practices 
published under subparagraph (A).’’. 
SEC. 5417. DIVERSITY ADVISORY GROUP. 
(a) DEFINITIONS.—For the purposes of this section: 
(1) ADVISORY
GROUP.—The term ‘‘Advisory 
Group’’ means the Diversity Advisory Group estab-
lished under subsection (b). 
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(2) COMMISSION.—The term ‘‘Commission’’ 
means the Securities and Exchange Commission. 
(3) ISSUER.—The term ‘‘issuer’’ has the mean-
ing given the term in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)). 
(b) ESTABLISHMENT.—The Commission shall estab-
lish a Diversity Advisory Group, which shall be composed 
of representatives from— 
(1) the Federal Government and State and local 
governments; 
(2) academia; and 
(3) the private sector. 
(c) STUDY AND RECOMMENDATIONS.—The Advisory 
Group shall— 
(1) carry out a study that identifies strategies 
that can be used to increase gender identity, racial, 
ethnic, and sexual orientation diversity among mem-
bers of boards of directors of issuers; and 
(2) not later than 270 days after the date on 
which the Advisory Group is established, submit to 
the Commission, the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate, and the Com-
mittee on Financial Services of the House of Rep-
resentatives a report that— 
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(A) describes any findings from the study 
conducted under paragraph (1); and 
(B) makes recommendations regarding 
strategies that issuers could use to increase 
gender identity, racial, ethnic, and sexual ori-
entation diversity among board members. 
(d) ANNUAL REPORT.—Not later than 1 year after 
the date on which the Advisory Group submits the report 
required under subsection (c)(2), and annually thereafter, 
the Commission shall submit to the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Rep-
resentatives a report that describes the status of gender 
identity, racial, ethnic, and sexual orientation diversity 
among members of the boards of directors of issuers. 
(e) PUBLIC AVAILABILITY OF REPORTS.—The Com-
mission shall make all reports of the Advisory Group avail-
able to issuers and the public, including on the website 
of the Commission. 
(f) INAPPLICABILITY OF FEDERAL ADVISORY COM-
MITTEE ACT.—The Federal Advisory Committee Act (5 
U.S.C. App.) shall not apply with respect to the Advisory 
Group or the activities of the Advisory Group. 
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SEC. 5418. DISCOUNT ON MORTGAGE INSURANCE PREMIUM 
PAYMENTS FOR FIRST-TIME HOMEBUYERS 
WHO COMPLETE FINANCIAL LITERACY HOUS-
ING COUNSELING PROGRAMS. 
The second sentence of subparagraph (A) of section 
203(c)(2) of the National Housing Act (12 U.S.C. 
1709(c)(2)(A)) is amended— 
(1) by inserting before the comma the following: 
‘‘and such program is completed before the mort-
gagor has signed an application for a mortgage to 
be insured under this title or a sales agreement’’; 
and 
(2) by striking ‘‘not exceed 2.75 percent of the 
amount of the original insured principal obligation of 
the mortgage’’ and inserting ‘‘be 25 basis points 
lower than the premium payment amount estab-
lished by the Secretary under the first sentence of 
this subparagraph’’. 
SEC. 5419. CAPACITY BUILDING FOR COMMUNITY DEVEL-
OPMENT AND AFFORDABLE HOUSING. 
Section 4 of the HUD Demonstration Act of 1993 
(42 U.S.C. 9816 note) is amended— 
(1) in subsection (a), by striking ‘‘the National 
Community Development Initiative, Local Initiatives 
Support Corporation, The Enterprise Foundation, 
Habitat for Humanity, and Youthbuild USA’’ and 
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inserting ‘‘non-Federal entities, including nonprofit 
organizations that can provide technical assistance 
activities to community development corporations, 
community housing development organizations, com-
munity land trusts, nonprofit organizations in insu-
lar areas, and other mission-driven and nonprofit or-
ganizations that target services to low-income and 
socially disadvantaged populations, and provide serv-
ices in neighborhoods having high concentrations of 
minority, low-income, or socially disadvantaged pop-
ulations,’’; and 
(2) in subsection (b)(3), by striking ‘‘National 
Community Development Initiative, Local Initiatives 
Support Corporation, The Enterprise Foundation, 
Habitat for Humanity, and Youthbuild USA’’ and 
inserting ‘‘non-Federal entities through which assist-
ance is provided under this section,’’. 
SEC. 5420. AFFORDABLE HOUSING CONSTRUCTION AS ELI-
GIBLE ACTIVITY UNDER COMMUNITY DEVEL-
OPMENT BLOCK GRANT PROGRAM. 
(a) ELIGIBLE ACTIVITY.—Subsection (a) of section 
105 of the Housing and Community Development Act of 
1974 (42 U.S.C. 5305(a)) is amended— 
(1) in paragraph (25)(D), by striking ‘‘and’’ at 
the end; 
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(2) in paragraph (26), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(27) the new construction of affordable hous-
ing, within the meaning given such term under sec-
tion 215 of the Cranston-Gonzalez National Afford-
able Housing Act (42 U.S.C. 12745).’’. 
(b) LOW AND MODERATE INCOME REQUIREMENT.— 
Paragraph (3) of section 105(c) of the Housing and Com-
munity Development Act of 1974 (42 U.S.C. 5305(c)(3)) 
is amended by striking ‘‘or rehabilitation’’ and inserting 
‘‘, rehabilitation, or new construction’’. 
(c) APPLICABILITY.—The amendments made by this 
section shall apply with respect only to amounts appro-
priated after the date of the enactment of this Act. 
SEC. 5421. CONSIDERATION OF SMALL HOME MORTGAGE 
LENDING 
UNDER 
COMMUNITY 
REINVEST-
MENT ACT. 
(a) IN GENERAL.— Section 804 of the Community 
Reinvestment Act of 1977 (12 U.S.C. 2903) is amended 
by adding at the end the following: 
‘‘(e) CONSIDERATION OF SMALL HOME MORTGAGE 
LENDING.— 
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‘‘(1) IN GENERAL.—As part of assessing a fi-
nancial institution under subsection (a), the appro-
priate Federal financial supervisory agency shall 
evaluate the financial institution’s performance in 
facilitating home mortgage lending targeted to low- 
and moderate-income borrowers in a safe and sound 
manner, including— 
‘‘(A) mortgages of $100,000 or less in 
value that facilitate a home purchase or help a 
borrower to refinance an existing mortgage; 
‘‘(B) mortgages of $100,000 or less in 
value originated in cooperation with a minority 
depository institution, women’s depository insti-
tution, low-income credit union, or a community 
development financial institution certified by 
the Secretary of the Treasury (as defined under 
section 103 of the Riegle Community Develop-
ment and Regulatory Improvement Act of 
1994); 
‘‘(C) mortgages of $100,000 or less in 
value originated to purchase or refinance a 
home as part of a special purpose credit pro-
gram (as defined under section 1002.8(a) of 
title 12, Code of Federal Regulations). 
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‘‘(2) DATA
COLLECTION
AND
REPORTING
BY 
LARGE FINANCIAL INSTITUTIONS.— 
‘‘(A) IN GENERAL.—Each large financial 
institution shall collect, maintain, and report to 
the appropriate Federal financial supervisory 
agency— 
‘‘(i) mortgage loan data needed to cal-
culate retail lending volume and distribu-
tion metrics; 
‘‘(ii) information related to demo-
graphics of borrowers, including the in-
come, disability, gender identity, race, and 
ethnicity of mortgage applicants; 
‘‘(iii) the number of mortgage loans 
originated with a value of $100,000 or less 
as well as the demographics of borrowers, 
including income, race, gender, and eth-
nicity; and 
‘‘(iv) all mortgage loans for the pur-
pose of a home purchase and a refinance 
originated by the bank through a special 
purpose credit program, to focus on Black, 
Latinx, Native American, Asian American, 
Pacific Islander borrowers. 
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‘‘(B) TEMPLATE.—The appropriate Fed-
eral financial supervisory agencies shall, jointly, 
issue rules to establish a template that large fi-
nancial institutions shall use to collect informa-
tion required to be collected under this para-
graph. 
‘‘(C) LARGE FINANCIAL INSTITUTION DE-
FINED.—The appropriate Federal financial su-
pervisory agencies shall, jointly, define the term 
‘large financial institution’ for purposes of this 
paragraph.’’. 
(b) DISCRETIONARY SURPLUS FUND.— 
(1) IN GENERAL.—Subparagraph (A) of section 
7(a)(3) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by reducing the dollar fig-
ure described in such subparagraph by $3,000,000. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on September 30, 
2022. 
SEC. 5422. PROHIBITION ON CONSUMER REPORTS CON-
TAINING ADVERSE INFORMATION RELATED 
TO CERTAIN STUDENT LOANS. 
(a) CANCELED OR FORGIVEN FEDERAL STUDENT 
LOANS.—Section 605(a) of the Fair Credit Reporting Act 
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(15 U.S.C. 1681c(a)) is amended by adding at the end 
the following: 
‘‘(9) Any adverse information related to any 
portion of a loan made, insured, or guaranteed 
under part B or made under part D of the Higher 
Education Act of 1965, to the extent the loan was 
repaid, canceled, or otherwise forgiven by the Sec-
retary of Education.’’. 
(b) STUDENT LOANS RELATED TO CORINTHIAN COL-
LEGES.—Section 605(a) of the Fair Credit Reporting Act 
(15 U.S.C. 1681c(a)), as amended by subsection (a), is 
further amended by adding at the end the following: 
‘‘(10) Any adverse information related to a pri-
vate education loan (as defined under section 140(a) 
of the Truth in Lending Act) if such loan was pro-
vided to cover expenses related to attending a school 
owned by Corinthian Colleges, Inc.’’. 
SEC. 5423. EXTENSION OF THE CENTRAL LIQUIDITY FACIL-
ITY. 
(a) IN GENERAL.—Section 4016(b) of the CARES 
Act (12 U.S.C. 1795a note) is amended by adding at the 
end the following: 
‘‘(3) EXTENSION.—During the period beginning 
on the date of enactment of this Act and ending on 
December 31, 2023, the provisions of law amended 
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by this subsection shall be applied as such provisions 
were in effect on the day before the effective date 
described under paragraph (2).’’. 
(b) CLF BORROWING AUTHORITY.—Effective on the 
date 
of 
enactment 
of 
the 
CARES 
Act, 
section 
307(a)(4)(A) of the Federal Credit Union Act (12 U.S.C. 
1795f(a)(4)(A)) is amended by striking ‘‘twelve times the 
subscribed capital stock and surplus of the Facility, pro-
vided that, the total face value of such obligations shall 
not exceed 16 times the subscribed capital stock and sur-
plus of the Facility for the period beginning on the date 
of enactment of the Coronavirus Economic Stabilization 
Act of 2020 and ending on December 31, 2021’’ and in-
serting ‘‘16 times the subscribed capital stock and surplus 
of the Facility’’. 
SEC. 5424. PROMOTING CAPITAL RAISING OPTIONS FOR 
TRADITIONALLY 
UNDERREPRESENTED 
SMALL BUSINESSES. 
Section 4(j)(4) of the Securities Exchange Act of 
1934 (15 U.S.C. 78d(j)(4)) is amended— 
(1) in subparagraph (G), by striking ‘‘and’’ at 
the end; 
(2) in subparagraph (H), by striking the period 
at the end and insert a semicolon; and 
(3) by adding at the end the following: 
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‘‘(I) provide educational resources and host 
events to raise awareness of capital raising op-
tions for— 
‘‘(i) 
underrepresented 
small 
busi-
nesses, including women-owned and minor-
ity-owned small businesses; 
‘‘(ii) businesses located in rural areas; 
and 
‘‘(iii) small businesses affected by hur-
ricanes or other natural disasters; and 
‘‘(J) at least annually, meet with rep-
resentatives of State securities commissions to 
discuss opportunities for collaboration and co-
ordination with respect to efforts to assist small 
businesses and small business investors.’’. 
SEC. 5425. IMPROVEMENTS BY COUNTRIES IN COMBATING 
NARCOTICS-RELATED MONEY LAUNDERING. 
Section 489(a)(7) of the Foreign Assistance Act of 
1961 (22 U.S.C. 2291h(a)(7)) is amended— 
(1) in the matter before subparagraph (A), by 
striking ‘‘paragraph (3)(D)’’ and inserting ‘‘para-
graph (3)(C)’’; and 
(2) by inserting after subparagraph (C) the fol-
lowing: 
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‘‘(D) Where the information is available, 
examples of improvements in each country re-
lated to the findings described in each of 
clauses (i) through (viii) of subparagraph (C), 
such as— 
‘‘(i) actions taken by the country due 
to each country’s adoption of law and reg-
ulations considered essential to prevent 
narcotics-related money laundering; 
‘‘(ii) enhanced enforcement actions 
taken by the country, such as regulatory 
penalties, criminal prosecutions and convic-
tions, and asset seizures and forfeitures; 
‘‘(iii) status changes in international 
financial crime-related evaluations; 
‘‘(iv) other descriptions that are rep-
resentative of efforts to enhance the pre-
vention of narcotics-related money laun-
dering; and 
‘‘(v) if applicable, bilateral, multilat-
eral, and regional initiatives which have 
been undertaken to prevent narcotics-re-
lated money laundering.’’. 
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SEC. 5426. STUDY ON THE ROLE OF ONLINE PLATFORMS 
AND TENANT SCREENING COMPANIES IN THE 
HOUSING MARKET. 
(a) STUDY.—The Secretary of Housing and Urban 
Development and the Director of the Bureau of Consumer 
Financial Protection shall, jointly, carry out a study to— 
(1) assess the role of online platforms and ten-
ant screening companies in the housing market, in-
cluding purchasing homes and providing housing-re-
lated services to landlords and consumers, including 
tenants, homeowners, and prospective homebuyers; 
(2) assess how such entities currently comply 
with fair housing, fair lending, and consumer finan-
cial protection laws and regulations (including the 
Fair Housing Act, the Equal Credit Opportunity 
Act, the Fair Credit Reporting Act, and other rel-
evant statutes and regulations determined relevant 
by the Secretary and the Director), including in 
their digital advertising, digital listing, and tenant 
screening practices; 
(3) assess how such entities are currently using 
artificial intelligence, including machine learning, in 
their services, and how these technologies are being 
assessed for compliance with appropriate fair hous-
ing and fair lending laws; and 
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(4) assess the impact of how such entities and 
their use of artificial intelligence technologies, in-
cluding machine learning, affect low- and moderate- 
income communities and communities of color in 
particular, including any impediments to fair hous-
ing and fair lending. 
(b) REPORTS.— 
(1) IN GENERAL.—The Secretary and the Di-
rector shall, jointly, issue an initial report to the 
Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate not later 
than 1 year after the date of enactment of this Act, 
and issue a final report to such committees not later 
than 2 years after the date of enactment of this Act, 
containing— 
(A) all findings and determinations made 
in carrying out the study required under sub-
section (a); and 
(B) any recommendations on how to im-
prove entities’, as described under subsection 
(a)(1), compliance with fair housing, fair lend-
ing, and consumer financial protection laws and 
regulations, including to affirmatively further 
fair housing, to prevent algorithmic bias, and to 
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promote greater transparency, explainability, 
privacy, and fairness in the development and 
implementation of artificial intelligence tech-
nologies, including machine learning, with re-
spect to the products and services they offer. 
(2) ADDITIONAL REPORTS.—The Secretary and 
the Director may, either individually or jointly, issue 
updates to the final report described under para-
graph (1), as the Secretary or the Director deter-
mines necessary. 
SEC. 5427. UNITED STATES OPPOSITION TO MULTILATERAL 
DEVELOPMENT BANK PROJECTS THAT PRO-
VIDE A PUBLIC SUBSIDY TO A PRIVATE SEC-
TOR FIRM UNLESS THE SUBSIDY IS AWARDED 
USING AN OPEN, COMPETITIVE PROCESS OR 
ON AN OPEN-ACCESS BASIS. 
Title XV of the International Financial Institutions 
Act (22 U.S.C. 262o-262o-4) is amended by adding at the 
end the following: 
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‘‘SEC. 1506. UNITED STATES OPPOSITION TO MULTILAT-
ERAL DEVELOPMENT BANK PROJECTS THAT 
PROVIDE A PUBLIC SUBSIDY TO A PRIVATE 
SECTOR 
FIRM 
UNLESS 
THE 
SUBSIDY 
IS 
AWARDED USING AN OPEN, COMPETITIVE 
PROCESS OR ON AN OPEN-ACCESS BASIS. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at each 
multilateral development bank— 
‘‘(1) to use voice, vote, and influence of the 
United States to ensure that private sector subsidies 
provided by the respective bank, including through 
the Private Sector Window of the International De-
velopment Association, are provided in accordance 
with the World Bank guidelines; and 
‘‘(2) to vote against any project at the respec-
tive bank, including through the Private Sector Win-
dow of the International Development Association, 
that provides a public subsidy to a private sector 
firm unless— 
‘‘(A) the subsidy is awarded using an open, 
competitive process; 
‘‘(B) the subsidy is awarded on an open 
access basis; or 
‘‘(C) the United States Executive Director 
at the respective bank determines that the sub-
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sidy falls within an exception provided in the 
World Bank guidelines for the use of direct 
contracting. 
‘‘(b) PUBLICATION OF DETERMINATION.—Within 60 
days after the United States Executive Director at any 
multilateral development bank makes a determination de-
scribed in subsection (a)(2)(C), the Secretary of the 
Treasury shall cause to be posted on the website of the 
Department of the Treasury a justification for the deter-
mination. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) MULTILATERAL
DEVELOPMENT
BANK.— 
The term ‘multilateral development bank’ has the 
meaning given in section 1701(c)(4). 
‘‘(2) WORLD
BANK
GUIDELINES.—The term 
‘World Bank Guidelines’ means the July 2014 re-
vised edition of the document, entitled ‘Procurement 
of Goods, Works, and Non-Consulting Services 
under IBRD Loans and IDA Credits & Grants by 
World Bank Borrowers’, published by the World 
Bank Group.’’. 
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SEC. 5428. UNITED STATES CONTRIBUTION TO THE CATAS-
TROPHE CONTAINMENT AND RELIEF TRUST 
AT THE INTERNATIONAL MONETARY FUND. 
(a) CONTRIBUTION AUTHORITY.—The Secretary of 
the Treasury may contribute $200,000,000 on behalf of 
the United States to the Catastrophe Containment and 
Relief Trust of the International Monetary Fund. 
(b) LIMITATIONS
ON AUTHORIZATION
OF APPRO-
PRIATIONS.—For the contribution authorized by sub-
section (a), there are authorized to be appropriated, with-
out fiscal year limitation, $200,000,000 for payment by 
the Secretary of the Treasury. 
SEC. 5429. PUBLIC REPORTING OF UNITED STATES VOTES 
TO SUPPORT, OR ABSTENTION FROM VOTING 
ON, MULTILATERAL DEVELOPMENT BANK 
PROJECTS UNDER THE GUIDANCE ON FOSSIL 
FUEL ENERGY AT THE MULTILATERAL DE-
VELOPMENT BANKS ISSUED BY THE DEPART-
MENT OF THE TREASURY ON AUGUST 16, 2021. 
Title XIII of the International Financial Institutions 
Act (22 U.S.C. 262m-262m-8) is amended by adding at 
the end the following: 
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‘‘SEC. 1309. PUBLIC REPORTING OF UNITED STATES VOTES 
TO SUPPORT, OR ABSTENTION FROM VOTING 
ON, MULTILATERAL DEVELOPMENT BANK 
PROJECTS UNDER THE GUIDANCE ON FOSSIL 
FUEL ENERGY AT THE MULTILATERAL DE-
VELOPMENT BANKS ISSUED BY THE DEPART-
MENT OF THE TREASURY ON AUGUST 16, 2021. 
‘‘Within 60 days after the United States votes to sup-
port, or abstains from voting on, a multilateral develop-
ment bank (as defined in section 1701(c)(4)) project 
under the Guidance on Fossil Fuel Energy at the Multilat-
eral Development Banks issued by the Department of the 
Treasury on August 16, 2021, the Secretary of Treasury 
shall cause to be posted on the website of the Department 
of the Treasury a detailed justification for the vote or ab-
stention.’’. 
SEC. 5430. UNITED STATES POLICY ON INTERNATIONAL FI-
NANCE CORPORATION DISCLOSURE OF HIGH 
AND SUBSTANTIAL RISK SUB-PROJECTS OF 
FINANCIAL INTERMEDIARY CLIENTS. 
Title XVI of the International Financial Institutions 
Act (22 U.S.C. 262p et seq.) is amended by adding at 
the end the following: 
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‘‘SEC. 1632. UNITED STATES POLICY ON INTERNATIONAL FI-
NANCE CORPORATION DISCLOSURE OF HIGH 
AND SUBSTANTIAL RISK SUB-PROJECTS OF 
FINANCIAL INTERMEDIARY CLIENTS. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at the 
International Finance Corporation to use the voice, vote, 
and influence of the United States to seek the adoption 
at the institution of a policy to require each financial inter-
mediary client to publicly disclose on the website of the 
International Finance Corporation, in searchable form, 
and updated annually, the following information about the 
Category A and B sub-projects of the client, within 6 
months after the date of the enactment of this section for 
existing clients and, for new clients, within 6 months after 
the date of Board approval for new investments: 
‘‘(1) The name, city, and sector for all sub- 
projects. 
‘‘(2) The environmental and social risk assess-
ments and mitigation plans that have been com-
pleted for each sub-project. 
‘‘(3) A summary of the Environmental and So-
cial Management System of the client including a 
detailed description of policies to appropriately iden-
tify, categorize, assess, and address the environ-
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mental and social risks relevant to the activities the 
client is financing. 
‘‘(4) A link to the full Environmental and So-
cial Management System policy on the website of the 
client. 
‘‘(b) REPORTING REQUIREMENT.—Within 6 months 
after the date of the enactment of this section, the Sec-
retary of the Treasury shall submit a report to the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Foreign Relations of the Sen-
ate containing— 
‘‘(1) a description of the efforts by the Sec-
retary to achieve the policy outlined in subsection 
(a); and 
‘‘(2) a description of any opposition from man-
agement, shareholders, and clients to the adoption of 
the policy.’’. 
SEC. 5431. UNITED STATES POLICY ON MULTILATERAL DE-
VELOPMENT BANK DISCLOSURE OF BENE-
FICIAL OWNERSHIP INFORMATION. 
Title XV of the International Financial Institutions 
Act (22 U.S.C. 262o-262o-4) is further amended by add-
ing at the end the following: 
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‘‘SEC. 1507. UNITED STATES POLICY ON MULTILATERAL DE-
VELOPMENT BANK DISCLOSURE OF BENE-
FICIAL OWNERSHIP INFORMATION. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at each 
multilateral development bank— 
‘‘(1) to use voice and vote of the United States 
to advocate for the adoption of a policy at the re-
spective institution to collect, verify and publish ben-
eficial ownership information for any corporation or 
limited liability company, other than a publicly listed 
company, that receives any assistance from the 
bank; and 
‘‘(2) to vote against the provision of any assist-
ance by the bank to any corporation or limited liabil-
ity company, other than a publicly listed company, 
unless the bank collects, verifies, and publishes bene-
ficial ownership information for the entity. 
‘‘(b) DEFINITIONS.—In this section: 
‘‘(1) MULTILATERAL
DEVELOPMENT
BANK.— 
The term ‘multilateral development bank’ has the 
meaning given in section 1701(c)(4). 
‘‘(2) BENEFICIAL
OWNER.—The term ‘bene-
ficial owner’ has the meaning given in section 
5336(3) of title 31, United States Code.’’. 
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SEC. 5432. STRENGTHENING THE SEC’S WHISTLEBLOWER 
FUND. 
Section 21F(g)(3)(A) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78u-6(g)(3)(A)) is amended— 
(1) in clause (i), by striking ‘‘$300,000,000’’ 
and inserting ‘‘$600,000,000 (as such amount is in-
dexed for inflation every 5 years by the Commission 
to reflect the change in the Consumer Price Index 
for All Urban Consumers published by the Bureau 
of Labor Statistics)’’; and 
(2) in clause (ii)— 
(A) by striking ‘‘$200,000,000’’ and in-
serting ‘‘$600,000,000 (as such amount is in-
dexed for inflation every 5 years by the Com-
mission to reflect the change in the Consumer 
Price Index for All Urban Consumers published 
by the Bureau of Labor Statistics)’’; 
(B) by striking ‘‘Fund’’ and inserting 
‘‘fund’’; and 
(C) 
by 
striking 
‘‘balance 
of 
the 
disgorgement fund’’ and inserting ‘‘balance of 
the Fund’’. 
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SEC. 5433. UNITED STATES POLICY ON WORLD BANK 
GROUP AND ASIAN DEVELOPMENT BANK AS-
SISTANCE TO THE PEOPLE’S REPUBLIC OF 
CHINA. 
(a) IN GENERAL.—Title XVI of the International Fi-
nancial Institutions Act (22 U.S.C. 262p et seq.) is 
amended by adding at the end the following: 
‘‘SEC. 1632. UNITED STATES POLICY ON WORLD BANK 
GROUP AND ASIAN DEVELOPMENT BANK AS-
SISTANCE TO THE PEOPLE’S REPUBLIC OF 
CHINA. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at each 
international financial institution of the World Bank 
Group and at the Asian Development Bank to use the 
voice and vote of the United States at the respective insti-
tution to vote against the provision of any loan, extension 
of financial assistance, or technical assistance to the Peo-
ple’s Republic of China unless the Secretary of the Treas-
ury has certified to the appropriate congressional commit-
tees that— 
‘‘(1) the Government of the People’s Republic 
of China and any lender owned or controlled by the 
Government of the People’s Republic of China have 
demonstrated a commitment— 
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‘‘(A) to the rules and principles of the 
Paris Club, or of other similar coordinated mul-
tilateral initiatives on debt relief and debt re-
structuring in which the United States partici-
pates, including with respect to debt trans-
parency and appropriate burden-sharing among 
all creditors; 
‘‘(B) to the practice of presumptive public 
disclosure of the terms and conditions on which 
they extend credit to other governments (with-
out regard to the form of any such extension of 
credit); 
‘‘(C) not to enforce any agreement terms 
that may impair their own or the borrowers’ ca-
pacity fully to implement any commitment de-
scribed in subparagraph (A) or (B); and 
‘‘(D) not to enter into any agreement con-
taining terms that may impair their own or the 
borrowers’ capacity fully to implement any com-
mitment described in subparagraph (A) or (B); 
or 
‘‘(2) the loan or assistance is important to the 
national interest of the United States, as described 
in a detailed explanation by the Secretary to accom-
pany the certification. 
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‘‘(b) DEFINITIONS.—In this section: 
‘‘(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘appropriate congressional com-
mittees’ means the Committee on Financial Services 
of the House of Representatives and the Committee 
on Foreign Relations of the Senate. 
‘‘(2) WORLD
BANK
GROUP
DEFINED.—The 
term ‘World Bank Group’ means the International 
Bank for Reconstruction and Development, the 
International Development Association, the Inter-
national Finance Corporation, and the Multilateral 
Investment Guarantee Agency.’’. 
(b) SUNSET.—The amendment made by subsection 
(a) is repealed effective on the date that is 7 years after 
the effective date of this section. 
SEC. 5434. ADDITION OF UNITED KINGDOM AND AUSTRALIA 
AS DPA DOMESTIC SOURCES. 
Section 702(7)(A) of the Defense Production Act of 
1950 (50 U.S.C. 4552(7)(A)) is amended by striking 
‘‘United States or Canada’’ and inserting ‘‘United States, 
the United Kingdom of Great Britain and Northern Ire-
land, Australia, or Canada’’. 
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SEC. 5435. SERVICEMEMBER PROTECTIONS FOR MEDICAL 
DEBT COLLECTIONS. 
(a) AMENDMENTS TO THE FAIR DEBT COLLECTION 
PRACTICES ACT.— 
(1) DEFINITION.—Section 803 of the Fair Debt 
Collection Practices Act (15 U.S.C. 1692a) is 
amended by adding at the end the following: 
‘‘(9) The term ‘medical debt’ means a debt 
arising from the receipt of medical services, 
products, or devices.’’. 
(2) UNFAIR
PRACTICES.—Section 808 of the 
Fair Debt Collection Practices Act (15 U.S.C. 
1692f) is amended by adding at the end the fol-
lowing: 
‘‘(9) Engaging in activities to collect or at-
tempting to collect a medical debt owed or due 
or asserted to be owed or due by a consumer 
who was a member of the Armed Forces at the 
time such debt was incurred, before the end of 
the 2-year period beginning on the date that 
the first payment with respect to such medical 
debt is due.’’. 
(b) PROHIBITION ON CONSUMER REPORTING AGEN-
CIES REPORTING CERTAIN MEDICAL DEBT WITH RE-
SPECT TO MEMBERS OF THE ARMED FORCES.— 
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(1) DEFINITION.—Section 603 of the Fair 
Credit Reporting Act (15 U.S.C. 1681a) is amended 
by adding at the end the following: 
‘‘(bb) MEDICAL DEBT.—The term ‘medical debt’ 
means a debt arising from the receipt of medical services, 
products, or devices. 
‘‘(cc) MEDICALLY NECESSARY PROCEDURE.—The 
term ‘medically necessary procedure’ means— 
‘‘(1) health care services or supplies needed to 
diagnose or treat an illness, injury, condition, dis-
ease, or its symptoms and that meet accepted stand-
ards of medicine; and 
‘‘(2) health care to prevent illness or detect ill-
ness at an early stage, when treatment is likely to 
work best (including preventive services such as pap 
tests, flu shots, and screening mammograms).’’. 
(2) IN GENERAL.—Section 605(a) of the Fair 
Credit Reporting Act (15 U.S.C. 1681c(a)) is 
amended— 
(A) in paragraph (7), by adding at the end 
the following: ‘‘This paragraph shall not be sub-
ject to section 625(b)(1)(E).’’; 
(B) in paragraph (8), by adding at the end 
the following: ‘‘This paragraph shall not be sub-
ject to section 625(b)(1)(E).’’; and 
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(C) by adding at the end the following new 
paragraphs: 
‘‘(9) Any information related to a debt arising 
from a medically necessary procedure that occurred 
when the consumer was a member of the Armed 
Forces. This paragraph shall not be subject to sec-
tion 625(b)(1)(E). 
‘‘(10) Any information related to a medical debt 
of a consumer that was incurred when the consumer 
was a member of the Armed Forces, if the date on 
which such debt was placed for collection, charged to 
profit or loss, or subjected to any similar action 
antedates the report by less than 365 calendar days. 
This paragraph shall not be subject to section 
625(b)(1)(E).’’. 
(c) REQUIREMENTS FOR FURNISHERS OF MEDICAL 
DEBT INFORMATION WITH RESPECT TO MEMBERS OF 
THE ARMED FORCES.— 
(1) ADDITIONAL NOTICE REQUIREMENTS FOR 
MEDICAL
DEBT
OF
MEMBERS
OF
THE
ARMED 
FORCES.—Section 623 of the Fair Credit Reporting 
Act (15 U.S.C. 1681s–2) is amended by adding at 
the end the following: 
‘‘(f) ADDITIONAL NOTICE REQUIREMENTS FOR MED-
ICAL DEBT OF MEMBERS OF THE ARMED FORCES.—Be-
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fore furnishing information regarding a medical debt of 
a consumer that was incurred when the consumer was a 
member of the Armed Forces to a consumer reporting 
agency, the person furnishing the information shall send 
a statement to the consumer that includes the following: 
‘‘(1) A notification that the medical debt— 
‘‘(A) may not be included on a consumer 
report made by a consumer reporting agency 
until the later of the date that is 365 days 
after— 
‘‘(i) the date on which the person 
sends the statement; 
‘‘(ii) with respect to the medical debt 
of a borrower demonstrating hardship, a 
date determined by the Director of the Bu-
reau; or 
‘‘(iii) the date described under section 
605(a)(10); and 
‘‘(B) may not ever be included on a con-
sumer report made by a consumer reporting 
agency, if the medical debt arises from a medi-
cally necessary procedure. 
‘‘(2) A notification that, if the debt is settled or 
paid by the consumer or an insurance company be-
fore the end of the period described under paragraph 
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(1)(A), the debt may not be reported to a consumer 
reporting agency. 
‘‘(3) A notification that the consumer may— 
‘‘(A) communicate with an insurance com-
pany to determine coverage for the debt; or 
‘‘(B) apply for financial assistance.’’. 
(2) FURNISHING OF MEDICAL DEBT INFORMA-
TION WITH RESPECT TO MEMBERS OF THE ARMED 
FORCES.—Section 623 of the Fair Credit Reporting 
Act (15 U.S.C. 1681s–2), as amended by paragraph 
(1), is further amended by adding at the end the fol-
lowing: 
‘‘(g) FURNISHING OF MEDICAL DEBT INFORMATION 
WITH RESPECT TO MEMBERS OF THE ARMED FORCES.— 
‘‘(1) PROHIBITION
ON
REPORTING
DEBT
RE-
LATED TO MEDICALLY NECESSARY PROCEDURES.— 
No person shall furnish any information to a con-
sumer reporting agency regarding a debt arising 
from a medically necessary procedure that occurred 
when the consumer was a member of the Armed 
Forces. 
‘‘(2) TREATMENT OF OTHER MEDICAL DEBT IN-
FORMATION.—With respect to a medical debt of a 
consumer that was incurred when the consumer was 
a member of the Armed Forces and that is not de-
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scribed under paragraph (1), no person shall furnish 
any information to a consumer reporting agency re-
garding such debt before the end of the 365-day pe-
riod beginning on the later of— 
‘‘(A) the date on which the person sends 
the statement described under subsection (f) to 
the consumer; 
‘‘(B) with respect to the medical debt of a 
borrower demonstrating hardship, a date deter-
mined by the Director of the Bureau; or 
‘‘(C) 
the 
date 
described 
in 
section 
605(a)(10). 
‘‘(3) TREATMENT OF SETTLED OR PAID MED-
ICAL DEBT.—With respect to a medical debt of a 
consumer that was incurred when the consumer was 
a member of the Armed Forces and that is not de-
scribed under paragraph (1), no person shall furnish 
any information to a consumer reporting agency re-
garding such debt if the debt is settled or paid by 
the consumer or an insurance company before the 
end of the 365-day period described under para-
graph (2). 
‘‘(4) BORROWER
DEMONSTRATING
HARDSHIP 
DEFINED.—In this subsection, and with respect to a 
medical debt, the term ‘borrower demonstrating 
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hardship’ means a borrower or a class of borrowers 
who, as determined by the Director of the Bureau, 
is facing or has experienced unusual extenuating life 
circumstances or events that result in severe finan-
cial or personal barriers such that the borrower or 
class of borrowers does not have the capacity to 
repay the medical debt.’’. 
(d) EFFECTIVE DATE.—Except as otherwise pro-
vided under subsection (e), this section and the amend-
ments made by this section shall take effect on the date 
that is 180 days after the date of enactment of this Act. 
(e) DISCRETIONARY SURPLUS FUNDS.— 
(1) IN GENERAL.—The dollar amount specified 
under section 7(a)(3)(A) of the Federal Reserve Act 
(12 U.S.C. 289(a)(3)(A)) is reduced by $1,000,000. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on September 30, 
2032. 
SEC. 5436. PROTECTIONS FOR ACTIVE DUTY UNIFORMED 
CONSUMER. 
(a) DEFINITIONS.—Section 603 of the Fair Credit 
Reporting Act (15 U.S.C. 1681a) is amended— 
(1) in subsection (q), by amending paragraph 
(1) to read as follows: 
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‘‘(1) UNIFORMED CONSUMER.—The term ‘uni-
formed consumer’ means a consumer who is— 
‘‘(A) a member of the— 
‘‘(i) uniformed services (as such term 
is defined in section 101(a)(5) of title 10, 
United States Code); or 
‘‘(ii) National Guard (as such term is 
defined in section 101(c)(1) of title 10, 
United States Code); and 
‘‘(B) in active service (as such term is de-
fined in section 101(d)(3) of title 10, United 
States Code), including full-time duty in the 
commissioned corps of the Public Health Serv-
ice or the National Oceanic and Atmospheric 
Administration.’’; and 
(2) by adding at the end the following: 
‘‘(bb) DEPLOYED
UNIFORMED
CONSUMER.—The 
term ‘deployed uniformed consumer’ means an uniformed 
consumer who— 
‘‘(1) serves— 
‘‘(A) in a combat zone (as such term is de-
fined in section 112(c)(2) of title 26, United 
States Code); or 
‘‘(B) aboard a United States combatant, 
support, or auxiliary vessel (as such terms are 
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defined in section 231(f) of title 10, United 
States Code); or 
‘‘(C) in a deployment (as such term is de-
fined in section 991(b) of title 10, United 
States Code); and 
‘‘(2) is on active duty (as such term is defined 
in section 101(d)(2) of title 10, United States Code) 
for not less than 30 days during the type of service 
described in paragraph (1).’’. 
(b) PROHIBITION ON INCLUDING CERTAIN ADVERSE 
INFORMATION IN CONSUMER REPORTS.—Section 605 of 
the Fair Credit Reporting Act (15 U.S.C. 1681c) is 
amended— 
(1) in subsection (a), by adding at the end the 
following: 
‘‘(9) Any item of adverse information about a 
uniformed consumer, if the action or inaction that 
gave rise to the item occurred while the consumer 
was a deployed uniformed consumer.’’; and 
(2) by adding at the end the following: 
‘‘(i) NOTICE OF STATUS AS A UNIFORMED CON-
SUMER.—With respect to an item of adverse information 
about a consumer, if the action or inaction that gave rise 
to the item occurred while the consumer was a uniformed 
consumer, the consumer may provide appropriate proof, 
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including official orders, to a consumer reporting agency 
that the consumer was a deployed uniformed consumer at 
the time such action or inaction occurred. The consumer 
reporting agency shall promptly delete that item of ad-
verse information from the file of the uniformed consumer 
and notify the consumer and the furnisher of the informa-
tion of the deletion.’’. 
(c) COMMUNICATIONS BETWEEN
THE CONSUMER 
AND CONSUMER REPORTING AGENCIES.—Section 605A 
of the Fair Credit Reporting Act (15 U.S.C. 1681c–1) is 
amended— 
(1) in subsection (c)— 
(A) by striking ‘‘Upon’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—Upon’’; 
(B) by redesignating paragraphs (1), (2), 
and (3) as subparagraphs (A), (B), and (C), 
and moving such redesignated subparagraphs 2 
ems to the right; and 
(C) by adding at the end the following: 
‘‘(2) NEGATIVE
INFORMATION
ALERT.—Any 
time a consumer reporting agency receives an item 
of adverse information about a consumer, if the con-
sumer has provided appropriate proof that the con-
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sumer is a uniformed consumer, the consumer re-
porting agency shall promptly notify the consumer— 
‘‘(A) that the agency has received such 
item of adverse information, along with a de-
scription of the item; and 
‘‘(B) the method by which the consumer 
can dispute the validity of the item. 
‘‘(3) CONTACT INFORMATION FOR UNIFORMED 
CONSUMERS.—With respect to any consumer that 
has provided appropriate proof to a consumer re-
porting agency that the consumer is a deployed uni-
formed consumer, if the consumer provides the con-
sumer reporting agency with separate contact infor-
mation to be used when communicating with the 
consumer while the consumer is a deployed uni-
formed consumer, the consumer reporting agency 
shall use such contact information for all commu-
nications while the consumer is a deployed uni-
formed consumer.’’; and 
(2) in subsection (e), by amending paragraph 
(3) to read as follows: 
‘‘(3) subparagraphs (A) and (B) of subsection 
(c)(1), in the case of a referral under subsection 
(c)(1)(C).’’. 
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(d) CONFORMING AMENDMENT.—The Fair Credit 
Reporting Act (15 U.S.C. 1681 et seq.) is amended by 
striking ‘‘active duty military’’ each place such term ap-
pears and inserting ‘‘uniformed consumer’’. 
(e) SENSE OF CONGRESS.—It is the sense of Con-
gress that any person making use of a consumer report 
containing an item of adverse information should, if the 
action or inaction that gave rise to the item occurred while 
the consumer was a uniformed consumer, take such fact 
into account when evaluating the creditworthiness of the 
consumer. 
SEC. 5437. FAIR DEBT COLLECTION PRACTICES FOR 
SERVICEMEMBERS. 
(a) ENHANCED PROTECTION AGAINST DEBT COL-
LECTOR HARASSMENT OF SERVICEMEMBERS.— 
(1) COMMUNICATION
IN
CONNECTION
WITH 
DEBT COLLECTION.—Section 805 of the Fair Debt 
Collection Practices Act (15 U.S.C. 1692c) is 
amended by adding at the end the following: 
‘‘(e) COMMUNICATIONS CONCERNING SERVICEMEM-
BER DEBTS.— 
‘‘(1) DEFINITION.—In this subsection, the term 
‘covered member’ means— 
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‘‘(A) a covered member or a dependent as 
defined in section 987(i) of title 10, United 
States Code; and 
‘‘(B)(i) an individual who was separated, 
discharged, or released from duty described in 
such section 987(i)(1), but only during the 365- 
day period beginning on the date of separation, 
discharge, or release; or 
‘‘(ii) a person, with respect to an individual 
described in clause (i), described in subpara-
graph (A), (D), (E), or (I) of section 1072(2) 
of title 10, United States Code. 
‘‘(2) PROHIBITIONS.—A debt collector may not, 
in connection with the collection of any debt of a 
covered member— 
‘‘(A) threaten to have the covered member 
reduced in rank; 
‘‘(B) threaten to have the covered mem-
ber’s security clearance revoked; or 
‘‘(C) threaten to have the covered member 
prosecuted under chapter 47 of title 10, United 
States Code (the Uniform Code of Military Jus-
tice).’’. 
(2) UNFAIR
PRACTICES.—Section 808 of the 
Fair Debt Collection Practices Act (15 U.S.C. 
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1692f) is amended by adding at the end the fol-
lowing: 
‘‘(9) The representation to any covered member 
(as defined under section 805(e)(1)) that failure to 
cooperate with a debt collector will result in— 
‘‘(A) a reduction in rank of the covered 
member; 
‘‘(B) a revocation of the covered member’s 
security clearance; or 
‘‘(C) prosecution under chapter 47 of title 
10, United States Code (the Uniform Code of 
Military Justice).’’. 
(b) GAO STUDY.—The Comptroller General of the 
United States shall conduct a study and submit a report 
to Congress on the impact of this section on— 
(1) the timely delivery of information to a cov-
ered member (as defined in section 805(e) of the 
Fair Debt Collection Practices Act, as added by this 
section); 
(2) military readiness; and 
(3) national security, including the extent to 
which covered members with security clearances 
would be impacted by uncollected debt. 
(c) DETERMINATION
OF BUDGETARY EFFECTS.— 
The budgetary effects of this section, for the purpose of 
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complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
section, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, 
provided that such statement has been submitted prior to 
the vote on passage. 
SEC. 5438. FAIR HIRING IN BANKING. 
(a) FEDERAL DEPOSIT INSURANCE ACT.—Section 
19 of the Federal Deposit Insurance Act (12 U.S.C. 1829) 
is amended— 
(1) by inserting after subsection (b) the fol-
lowing: 
‘‘(c) EXCEPTIONS.— 
‘‘(1) CERTAIN OLDER OFFENSES.— 
‘‘(A) IN GENERAL.—With respect to an in-
dividual, subsection (a) shall not apply to an of-
fense if— 
‘‘(i) it has been 7 years or more since 
the offense occurred; or 
‘‘(ii) the individual was incarcerated 
with respect to the offense and it has been 
5 years or more since the individual was 
released from incarceration. 
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‘‘(B) OFFENSES COMMITTED BY INDIVID-
UALS
OR
YOUNGER.—For individuals who 
committed an offense when they were 21 years 
of age or younger, subsection (a) shall not 
apply to the offense if it has been more than 30 
months since the sentencing occurred. 
‘‘(C) LIMITATION.—This paragraph shall 
not apply to an offense described under sub-
section (a)(2). 
‘‘(2) EXPUNGEMENT AND SEALING.—With re-
spect to an individual, subsection (a) shall not apply 
to an offense if— 
‘‘(A) there is an order of expungement, 
sealing, or dismissal that has been issued in re-
gard to the conviction in connection with such 
offense; and 
‘‘(B) it is intended by the language in the 
order itself, or in the legislative provisions 
under which the order was issued, that the con-
viction shall be destroyed or sealed from the in-
dividual’s State or Federal record, even if ex-
ceptions allow the record to be considered for 
certain character and fitness evaluation pur-
poses. 
‘‘(3) DE MINIMIS EXEMPTION.— 
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‘‘(A) IN
GENERAL.—Subsection (a) shall 
not apply to such de minimis offenses as the 
Corporation determines, by rule. 
‘‘(B) CONFINEMENT CRITERIA.—In issuing 
rules under subparagraph (A), the Corporation 
shall include a requirement that the offense was 
punishable by a term of three years or less con-
fined in a correctional facility, where such con-
finement— 
‘‘(i) is calculated based on the time an 
individual spent incarcerated as a punish-
ment or a sanction, not as pretrial deten-
tion; and 
‘‘(ii) does not include probation or pa-
role where an individual was restricted to 
a particular jurisdiction or was required to 
report occasionally to an individual or a 
specific location. 
‘‘(C) BAD
CHECK
CRITERIA.—In setting 
the criteria for de minimis offenses under sub-
paragraph (A), if the Corporation establishes 
criteria with respect to insufficient funds 
checks, the Corporation shall require that the 
aggregate total face value of all insufficient 
funds checks across all convictions or program 
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entries related to insufficient funds checks is 
$2,000 or less. 
‘‘(D) DESIGNATED
LESSER
OFFENSES.— 
Subsection (a) shall not apply to certain lesser 
offenses (including the use of a fake ID, shop-
lifting, trespass, fare evasion, driving with an 
expired license or tag, and such other low-risk 
offenses as the Corporation may designate) if 1 
year or more has passed since the applicable 
conviction or program entry.’’; and 
(2) by adding at the end the following: 
‘‘(f) CONSENT APPLICATIONS.— 
‘‘(1) IN GENERAL.—The Corporation shall ac-
cept consent applications from an individual and 
from an insured depository institution or depository 
institution holding company on behalf of an indi-
vidual that are filed separately or contemporaneously 
with a regional office of the Corporation. 
‘‘(2) SPONSORED
APPLICATIONS
FILED
WITH 
REGIONAL OFFICES.—Consent applications filed at a 
regional office of the Corporation by an insured de-
pository institution or depository institution holding 
company on behalf of an individual— 
‘‘(A) shall be reviewed by such office; 
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‘‘(B) may be approved or denied by such 
office, if such authority has been delegated to 
such office by the Corporation; and 
‘‘(C) may only be denied by such office if 
the general counsel of the Corporation (or a 
designee) certifies that the denial is consistent 
with this section. 
‘‘(3) INDIVIDUAL
APPLICATIONS
FILED
WITH 
REGIONAL OFFICES.—Consent applications filed at a 
regional office by an individual— 
‘‘(A) shall be reviewed by such office; and 
‘‘(B) may be approved or denied by such 
office, if such authority has been delegated to 
such office by the Corporation, except with re-
spect to— 
‘‘(i) cases involving an offense de-
scribed under subsection (a)(2); and 
‘‘(ii) such other high-level security 
cases as may be designated by the Cor-
poration. 
‘‘(4) NATIONAL OFFICE REVIEW.—The national 
office of the Corporation shall— 
‘‘(A) review any consent application with 
respect to which a regional office is not author-
ized to approve or deny the application; and 
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‘‘(B) review any consent application that is 
denied by a regional office, if the individual re-
quests a review by the national office. 
‘‘(5) FORMS AND INSTRUCTIONS.— 
‘‘(A) 
AVAILABILITY.—The 
Corporation 
shall make all forms and instructions related to 
consent applications available to the public, in-
cluding on the website of the Corporation. 
‘‘(B) CONTENTS.—The forms and instruc-
tions described under subparagraph (A) shall 
provide a sample cover letter and a comprehen-
sive list of items that may accompany the appli-
cation, including clear guidance on evidence 
that may support a finding of rehabilitation. 
‘‘(6) CONSIDERATION OF CRIMINAL HISTORY.— 
‘‘(A) 
REGIONAL
OFFICE
CONSIDER-
ATION.—In reviewing a consent application, a 
regional office shall— 
‘‘(i) primarily rely on the criminal his-
tory record of the Federal Bureau of In-
vestigation; and 
‘‘(ii) provide such record to the appli-
cant to review for accuracy. 
‘‘(B) CERTIFIED
COPIES.—The Corpora-
tion may not require an applicant to provide 
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certified copies of criminal history records un-
less the Corporation determines that there is a 
clear and compelling justification to require ad-
ditional information to verify the accuracy of 
the criminal history record of the Federal Bu-
reau of Investigation. 
‘‘(7) CONSIDERATION
OF
REHABILITATION.— 
Consistent with title VII of the Civil Rights Act of 
1964 (42 U.S.C. 2000e et seq.), the Corporation 
shall— 
‘‘(A) conduct an individualized assessment 
when evaluating consent applications that takes 
into account evidence of rehabilitation, the ap-
plicant’s age at the time of the conviction or 
program entry, the time that has elapsed since 
conviction or program entry, and the relation-
ship of individual’s offense to the responsibil-
ities of the applicable position; 
‘‘(B) consider the individual’s employment 
history, letters of recommendation, certificates 
documenting participation in substance abuse 
programs, successful participating in job prepa-
ration and educational programs, and other rel-
evant mitigating evidence; and 
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‘‘(C) consider any additional information 
the Corporation determines necessary for safety 
and soundness. 
‘‘(8) SCOPE OF EMPLOYMENT.—With respect to 
an approved consent application filed by an insured 
depository institution or depository institution hold-
ing company on behalf of an individual, if the Cor-
poration determines it appropriate, such approved 
consent application shall allow the individual to work 
for the same employer (without restrictions on the 
location) and across positions, except that the prior 
consent of the Corporation (which may require a 
new application) shall be required for any proposed 
significant changes in the individual’s security-re-
lated duties or responsibilities, such as promotion to 
an officer or other positions that the employer deter-
mines will require higher security screening creden-
tials. 
‘‘(9) COORDINATION WITH THE NCUA.—In car-
rying out this section, the Corporation shall consult 
and coordinate with the National Credit Union Ad-
ministration as needed to promote consistent imple-
mentation where appropriate. 
‘‘(g) DEFINITIONS.—In this section: 
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‘‘(1) CONSENT APPLICATION.—The term ‘con-
sent application’ means an application filed with 
Corporation by an individual (or by an insured de-
pository institution or depository institution holding 
company on behalf of an individual) seeking the 
written consent of the Corporation under subsection 
(a)(1). 
‘‘(2) CRIMINAL OFFENSE INVOLVING DISHON-
ESTY.—The term ‘criminal offense involving dishon-
esty’— 
‘‘(A) means an offense under which an in-
dividual, directly or indirectly— 
‘‘(i) cheats or defrauds; or 
‘‘(ii) wrongfully takes property belong-
ing to another in violation of a criminal 
statute; 
‘‘(B) includes an offense that Federal, 
State, or local law defines as dishonest, or for 
which dishonesty is an element of the offense; 
and 
‘‘(C) does not include— 
‘‘(i) a misdemeanor criminal offense 
committed more than one year before the 
date on which an individual files a consent 
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application, excluding any period of incar-
ceration; or 
‘‘(ii) an offense involving the posses-
sion of controlled substances. 
‘‘(3) PRETRIAL
DIVERSION
OR
SIMILAR
PRO-
GRAM.—The term ‘pretrial diversion or similar pro-
gram’ means a program characterized by a suspen-
sion or eventual dismissal or reversal of charges or 
criminal prosecution upon agreement by the accused 
to restitution, drug or alcohol rehabilitation, anger 
management, or community service.’’. 
(b) FEDERAL CREDIT UNION ACT.—Section 205(d) 
of the Federal Credit Union Act (12 U.S.C. 1785(d)) is 
amended by adding at the end the following: 
‘‘(4) EXCEPTIONS.— 
‘‘(A) CERTAIN OLDER OFFENSES.— 
‘‘(i) IN GENERAL.—With respect to an 
individual, paragraph (1) shall not apply to 
an offense if— 
‘‘(I) it has been 7 years or more 
since the offense occurred; or 
‘‘(II) the individual was incarcer-
ated with respect to the offense and it 
has been 5 years or more since the in-
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dividual was released from incarcer-
ation. 
‘‘(ii) OFFENSES COMMITTED BY INDI-
VIDUALS 21 OR YOUNGER.—For individuals 
who committed an offense when they were 
21 years of age or younger, paragraph (1) 
shall not apply to the offense if it has been 
more than 30 months since the sentencing 
occurred. 
‘‘(iii) 
LIMITATION.—This 
subpara-
graph shall not apply to an offense de-
scribed under paragraph (1)(B). 
‘‘(B) EXPUNGEMENT AND SEALING.—With 
respect to an individual, paragraph (1) shall not 
apply to an offense if— 
‘‘(i) there is an order of expungement, 
sealing, or dismissal that has been issued 
in regard to the conviction in connection 
with such offense; and 
‘‘(ii) it is intended by the language in 
the order itself, or in the legislative provi-
sions under which the order was issued, 
that the conviction shall be destroyed or 
sealed from the individual’s State or Fed-
eral record, even if exceptions allow the 
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record to be considered for certain char-
acter and fitness evaluation purposes. 
‘‘(C) DE MINIMIS EXEMPTION.— 
‘‘(i) IN
GENERAL.—Paragraph (1) 
shall not apply to such de minimis offenses 
as the Board determines, by rule. 
‘‘(ii) CONFINEMENT
CRITERIA.—In 
issuing rules under clause (i), the Board 
shall include a requirement that the of-
fense was punishable by a term of three 
years or less confined in a correctional fa-
cility, where such confinement— 
‘‘(I) is calculated based on the 
time an individual spent incarcerated 
as a punishment or a sanction, not as 
pretrial detention; and 
‘‘(II) does not include probation 
or parole where an individual was re-
stricted to a particular jurisdiction or 
was required to report occasionally to 
an individual or a specific location. 
‘‘(iii) BAD CHECK CRITERIA.—In set-
ting the criteria for de minimis offenses 
under clause (i), if the Board establishes 
criteria with respect to insufficient funds 
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checks, the Board shall require that the 
aggregate total face value of all insufficient 
funds checks across all convictions or pro-
gram entries related to insufficient funds 
checks is $2,000 or less. 
‘‘(iv) 
DESIGNATED
LESSER
OF-
FENSES.—Paragraph (1) shall not apply to 
certain lesser offenses (including the use of 
a fake ID, shoplifting, trespass, fare eva-
sion, driving with an expired license or tag, 
and such other low-risk offenses as the 
Board may designate) if 1 year or more 
has passed since the applicable conviction 
or program entry. 
‘‘(5) CONSENT APPLICATIONS.— 
‘‘(A) IN GENERAL.—The Board shall ac-
cept consent applications from an individual 
and from an insured credit union on behalf of 
an individual that are filed separately or con-
temporaneously with a regional office of the 
Board. 
‘‘(B) SPONSORED
APPLICATIONS
FILED 
WITH
REGIONAL
OFFICES.—Consent applica-
tions filed at a regional office of the Board by 
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an insured credit union on behalf of an indi-
vidual— 
‘‘(i) shall be reviewed by such office; 
‘‘(ii) may be approved or denied by 
such office, if such authority has been dele-
gated to such office by the Board; and 
‘‘(iii) may only be denied by such of-
fice if the general counsel of the Board (or 
a designee) certifies that the denial is con-
sistent with this section. 
‘‘(C) INDIVIDUAL
APPLICATIONS
FILED 
WITH
REGIONAL
OFFICES.—Consent applica-
tions filed at a regional office by an indi-
vidual— 
‘‘(i) shall be reviewed by such office; 
and 
‘‘(ii) may be approved or denied by 
such office, if such authority has been dele-
gated to such office by the Board, except 
with respect to— 
‘‘(I) cases involving an offense 
described under paragraph (1)(B); 
and 
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‘‘(II) such other high-level secu-
rity cases as may be designated by the 
Board. 
‘‘(D) NATIONAL
OFFICE
REVIEW.—The 
national office of the Board shall— 
‘‘(i) review any consent application 
with respect to which a regional office is 
not authorized to approve or deny the ap-
plication; and 
‘‘(ii) review any consent application 
that is denied by a regional office, if the 
individual requests a review by the national 
office. 
‘‘(E) FORMS AND INSTRUCTIONS.— 
‘‘(i) AVAILABILITY.—The Board shall 
make all forms and instructions related to 
consent applications available to the public, 
including on the website of the Board. 
‘‘(ii) CONTENTS.—The forms and in-
structions described under clause (i) shall 
provide a sample cover letter and a com-
prehensive list of items that may accom-
pany the application, including clear guid-
ance on evidence that may support a find-
ing of rehabilitation. 
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‘‘(F) CONSIDERATION
OF
CRIMINAL
HIS-
TORY.— 
‘‘(i) REGIONAL
OFFICE
CONSIDER-
ATION.—In reviewing a consent applica-
tion, a regional office shall— 
‘‘(I) primarily rely on the crimi-
nal history record of the Federal Bu-
reau of Investigation; and 
‘‘(II) provide such record to the 
applicant to review for accuracy. 
‘‘(ii) CERTIFIED COPIES.—The Board 
may not require an applicant to provide 
certified copies of criminal history records 
unless the Board determines that there is 
a clear and compelling justification to re-
quire additional information to verify the 
accuracy of the criminal history record of 
the Federal Bureau of Investigation. 
‘‘(G) CONSIDERATION
OF
REHABILITA-
TION.—Consistent with title VII of the Civil 
Rights Act of 1964 (42 U.S.C. 2000e et seq.), 
the Board shall— 
‘‘(i) conduct an individualized assess-
ment when evaluating consent applications 
that takes into account evidence of reha-
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bilitation, the applicant’s age at the time 
of the conviction or program entry, the 
time that has elapsed since conviction or 
program entry, and the relationship of in-
dividual’s offense to the responsibilities of 
the applicable position; 
‘‘(ii) consider the individual’s employ-
ment history, letters of recommendation, 
certificates documenting participation in 
substance abuse programs, successful par-
ticipating in job preparation and edu-
cational programs, and other relevant miti-
gating evidence; and 
‘‘(iii) consider any additional informa-
tion the Board determines necessary for 
safety and soundness. 
‘‘(H) SCOPE OF EMPLOYMENT.—With re-
spect to an approved consent application filed 
by an insured credit union on behalf of an indi-
vidual, if the Board determines it appropriate, 
such approved consent application shall allow 
the individual to work for the same employer 
(without restrictions on the location) and across 
positions, except that the prior consent of the 
Board (which may require a new application) 
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shall be required for any proposed significant 
changes in the individual’s security-related du-
ties or responsibilities, such as promotion to an 
officer or other positions that the employer de-
termines will require higher security screening 
credentials. 
‘‘(I) COORDINATION WITH FDIC.—In car-
rying out this subsection, the Board shall con-
sult and coordinate with the Federal Deposit 
Insurance Corporation as needed to promote 
consistent implementation where appropriate. 
‘‘(6) DEFINITIONS.—In this subsection: 
‘‘(A) CONSENT
APPLICATION.—The term 
‘consent application’ means an application filed 
with Board by an individual (or by an insured 
credit union on behalf of an individual) seeking 
the written consent of the Board under para-
graph (1)(A). 
‘‘(B) CRIMINAL OFFENSE INVOLVING DIS-
HONESTY.—The term ‘criminal offense involv-
ing dishonesty’— 
‘‘(i) means an offense under which an 
individual, directly or indirectly— 
‘‘(I) cheats or defrauds; or 
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‘‘(II) wrongfully takes property 
belonging to another in violation of a 
criminal statute; 
‘‘(ii) includes an offense that Federal, 
State, or local law defines as dishonest, or 
for which dishonesty is an element of the 
offense; and 
‘‘(iii) does not include— 
‘‘(I) a misdemeanor criminal of-
fense committed more than one year 
before the date on which an individual 
files a consent application, excluding 
any period of incarceration; or 
‘‘(II) an offense involving the 
possession of controlled substances. 
‘‘(C) PRETRIAL
DIVERSION
OR
SIMILAR 
PROGRAM.—The term ‘pretrial diversion or 
similar program’ means a program character-
ized by a suspension or eventual dismissal or 
reversal of charges or criminal prosecution upon 
agreement by the accused to restitution, drug 
or alcohol rehabilitation, anger management, or 
community service.’’. 
(c) REVIEW AND REPORT TO CONGRESS.—Not later 
than the end of the 2-year period beginning on the date 
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of enactment of this Act, the Federal Deposit Insurance 
Corporation and the National Credit Union Administra-
tion shall— 
(1) review the rules issued to carry out this Act 
and the amendments made by this Act on— 
(A) the application of section 19 of the 
Federal Deposit Insurance Act (12 U.S.C. 
1829) and section 205(d) of the Federal Credit 
Union Act (12 U.S.C. 1785(d)); 
(B) the number of applications for consent 
applications under such sections; and 
(C) the rates of approval and denial for 
consent applications under such sections; 
(2) make the results of the review required 
under paragraph (1) available to the public; and 
(3) issue a report to Congress containing any 
legislative or regulatory recommendations for ex-
panding employment opportunities for those with a 
previous minor criminal offense. 
(d) DISCRETIONARY SURPLUS FUND.— 
(1) IN GENERAL.—Subparagraph (A) of section 
7(a)(3) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by reducing the dollar fig-
ure described in such subparagraph by $1,500,000. 
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(2) EFFECTIVE DATE.—The amendment made 
by subsection (a) shall take effect on September 30, 
2032. 
SEC. 5439. BANKING TRANSPARENCY FOR SANCTIONED 
PERSONS. 
Not later than 180 days after the date of the enact-
ment of this Act, and every 180 days thereafter, the Sec-
retary of the Treasury shall issue a report to the Commit-
tees on Financial Services and Foreign Affairs of the 
House of Representatives and the Committees on Bank-
ing, Housing, and Urban Affairs and Foreign Relations 
of the Senate that includes a copy of any license issued 
by the Secretary in the preceding 180 days that authorizes 
a United States financial institution (as defined under sec-
tion 561.309 of title 31, Code of Federal Regulations) to 
provide financial services benefitting— 
(1) a state sponsor of terrorism; or 
(2) a person sanctioned pursuant to any of the 
following: 
(A) Section 404 of the Russia and Moldova 
Jackson-Vanik Repeal and Sergei Magnitsky 
Rule of Law Accountability Act of 2012 (Public 
Law 112–208). 
(B) Subtitle F of title XII of the National 
Defense Authorization Act for Fiscal Year 2017 
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(Public Law 114–328, the Global Magnitsky 
Human Rights Accountability Act). 
(C) Executive Order No. 13818. 
SEC. 5440. UKRAINE DEBT PAYMENT RELIEF. 
(a) SUSPENSION
OF MULTILATERAL DEBT PAY-
MENTS OF UKRAINE.— 
(1) UNITED STATES POSITION IN THE INTER-
NATIONAL
FINANCIAL
INSTITUTIONS.—The Sec-
retary of the Treasury shall instruct the United 
States Executive Director at each international fi-
nancial institution (as defined in section 1701(c)(2) 
of the International Financial Institutions Act) to 
use the voice, vote, and influence of the United 
States to advocate that the respective institution im-
mediately suspend all debt service payments owed to 
the institution by Ukraine. 
(2) OFFICIAL
BILATERAL
AND
COMMERCIAL 
DEBT SERVICE PAYMENT RELIEF.—The Secretary of 
the Treasury, working in coordination with the Sec-
retary of State, shall commence immediate efforts 
with other governments and commercial creditor 
groups, through the Paris Club of Official Creditors 
and other bilateral and multilateral frameworks, 
both formal and informal, to pursue comprehensive 
debt payment relief for Ukraine. 
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(3) MULTILATERAL FINANCIAL SUPPORT FOR 
UKRAINE.—The Secretary of the Treasury shall di-
rect the United States Executive Director at each 
international financial institution (as defined in sec-
tion 1701(c)(2) of the International Financial Insti-
tutions Act) to use the voice and vote of the United 
States to support, to the maximum extent prac-
ticable, the provision of concessional financial assist-
ance for Ukraine. 
(4) MULTILATERAL FINANCIAL SUPPORT FOR 
REFUGEES.—The Secretary of the Treasury shall di-
rect the United States Executive Director at each 
international financial institution (as defined in sec-
tion 1701(c)(2) of the International Financial Insti-
tutions Act) to use the voice and vote of the United 
States to seek to provide economic support for refu-
gees from Ukraine, including refugees of African de-
scent, and for countries receiving refugees from 
Ukraine. 
(b) REPORT TO THE CONGRESS.—Not later than De-
cember 31 of each year, the President shall— 
(1) submit to the Committees on Financial 
Services, on Appropriations, and on Foreign Affairs 
of the House of Representatives and the Committees 
on Foreign Relations and on Appropriations of the 
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Senate, a report on the activities undertaken under 
this section; and 
(2) make public a copy of the report. 
(c) WAIVER AND TERMINATION.— 
(1) WAIVER.—The President may waive the 
preceding provisions of this section if the President 
determines that a waiver is in the national interest 
of the United States and reports to the Congress an 
explanation of the reasons therefor. 
(2) TERMINATION.—The preceding provisions 
of this section shall have no force or effect on or 
after the date that is 7 years after the date of the 
enactment of this Act. 
SEC. 5441. GRANT PROGRAM FOR GRANDFAMILY HOUSING. 
(a) IN GENERAL.—Title II of the LEGACY Act of 
2003 (12 U.S.C. 1790q note) is amended by adding at 
the end the following: 
‘‘SEC. 206. GRANT PROGRAM. 
‘‘(a) IN GENERAL.—The Secretary shall, not later 
than 180 days after the date of the enactment of this sec-
tion, establish a program to provide grants to owners of 
intergenerational dwelling units. 
‘‘(b) APPLICATION.—To be eligible to receive a grant 
under this section, an owner of an intergenerational dwell-
ing unit shall submit an application to the Secretary at 
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such time, in such manner, and containing such informa-
tion as the Secretary may reasonably require. 
‘‘(c) USE OF GRANT AMOUNTS.—An owner of an in-
tergenerational dwelling unit that receives a grant under 
this section shall use amounts provided to cover costs asso-
ciated with— 
‘‘(1) employing a service coordinator to— 
‘‘(A) offer onsite services to intergenera-
tional families, including tutoring, health care 
services, afterschool care, and activities that are 
age appropriate for children of various ages of 
development; and 
‘‘(B) coordinate with any local kinship nav-
igator 
program 
(as 
described 
in 
section 
474(a)(7) of the Social Security Act (42 U.S.C. 
674(a)(7)); 
‘‘(2) facilitating outreach to intergenerational 
families as described in subsection (d); 
‘‘(3) planning and offering services to intergen-
erational families; and 
‘‘(4) retrofitting and maintaining existing 
spaces within the property that contains the inter-
generational dwelling unit for the services and pro-
grams provided to intergenerational families. 
‘‘(d) OUTREACH.— 
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‘‘(1) IN GENERAL.—An owner of an intergen-
erational dwelling unit that receives a grant under 
this section shall engage with intergenerational fami-
lies in the community surrounding the property that 
contains the grandfamily housing owned by the 
grant recipient by— 
‘‘(A) performing periodic informational 
outreach; and 
‘‘(B) planning and executing events for in-
tergenerational families. 
‘‘(2) COORDINATION.—Outreach under this 
subsection shall, where possible, be in coordination 
with a local kinship navigator program (as described 
in section 474(a)(7) of the Social Security Act (42 
U.S.C. 674(a)(7)) or a comparable program or enti-
ty in the State in which the intergenerational dwell-
ing unit is located. 
‘‘(e) AUTHORIZATION OF APPROPRIATIONS.—There 
are authorized to be appropriated to the Secretary to carry 
out this section $50,000,000 for each of fiscal years 2023 
and 2024. 
‘‘(f) NONDISCRIMINATION.—The program established 
under this section shall be implemented by the Secretary 
in a manner that is consistent with the Fair Housing 
Act.’’. 
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(b) VAWA PROTECTIONS.—Section 41411(a)(3) of 
the Violence Against Women Act of 1994 (34 U.S.C. 
12491(a)(3)) is amended— 
(1) by redesignating subparagraphs (O) and 
(P) as subparagraphs (P) and (Q), respectively; and 
(2) by inserting after paragraph (N) the fol-
lowing: 
‘‘(O) the program established under the 
Grandfamily Housing Act of 2022;’’. 
(c) REPORT.—Not later than 2 years after the date 
of enactment of this section, the Secretary of Housing and 
Urban Development shall submit to the Congress a report 
that— 
(1) describes the effectiveness of the grant pro-
gram established under section 206 of the LEGACY 
Act of 2003, as added by subsection (a); and 
(2) makes recommendations for legislative 
changes that could allow for the grant program to 
be more effective. 
SEC. 5442. FLEXIBILITY IN ADDRESSING RURAL HOMELESS-
NESS. 
Subsection (a) of section 423 of subtitle C of title 
IV of the McKinney-Vento Homeless Assistance Act (42 
U.S.C. 11383(a)) is amended by adding at the end the 
following: 
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‘‘(13) Projects in rural areas that consist of one 
or more of the following activities: 
‘‘(A) Payment of short-term emergency 
lodging, including in motels or shelters, directly 
or through vouchers. 
‘‘(B) Repairs to units— 
‘‘(i) in which homeless individuals and 
families will be housed; or 
‘‘(ii) which are currently not fit for 
human habitation. 
‘‘(C) Staff training, professional develop-
ment, skill development, and staff retention ac-
tivities.’’. 
SEC. 5443. PROMOTING DIVERSITY AND INCLUSION IN THE 
APPRAISAL PROFESSION. 
(a) IN GENERAL.—The Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 is amend-
ed— 
(1) in section 1103(a) (12 U.S.C. 3332(a))— 
(A) in paragraph (3), by striking ‘‘and’’ at 
the end; 
(B) in paragraph (4), by striking the pe-
riod at the end and inserting a semicolon; 
(C) in paragraph (5), by striking the pe-
riod at the end and inserting a semicolon; 
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(D) in paragraph (6), by striking the pe-
riod at the end and inserting ‘‘a semicolon; 
and’’; and 
(E) by adding at the end the following new 
paragraph: 
‘‘(7) administer the grant program under sec-
tion 1122(j).’’; 
(2) in section 1106 (12 U.S.C. 3335)— 
(A) by inserting ‘‘(a) IN GENERAL.—’’ be-
fore ‘‘The Appraisal Subcommittee’’; 
(B) by striking the comma after ‘‘com-
ment’’; 
(C) by inserting before ‘‘Any regulations’’ 
the following: 
‘‘(b) REGULATIONS.—’’; and 
(D) in subsection (a) (as so designated by 
subparagraph (A) of this paragraph), by adding 
at the end the following: ‘‘The Appraisal Sub-
committee may coordinate, and enter into 
agreements, with private industry stakeholders 
(including appraisal management companies 
and industry associations) to facilitate activities 
and practices that ensure diversity among indi-
viduals newly hired as appraisers in their first 
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employment positions in the appraisal indus-
try.’’; and 
(3) in section 1122 (12 U.S.C. 3351), by add-
ing at the end the following new subsection: 
‘‘(j) GRANT PROGRAM TO PROMOTE DIVERSITY AND 
INCLUSION IN THE APPRAISAL PROFESSION.— 
‘‘(1) 
IN
GENERAL.—The 
Appraisal 
Sub-
committee shall carry out a program under this sub-
section to makes grants to State agencies, nonprofit 
organizations, and institutions of higher education to 
promote diversity and inclusion in the appraisal pro-
fession. 
‘‘(2) ELIGIBLE ACTIVITIES.—Activities carried 
out with amounts from a grant under this Act shall 
be designed to promote diversity and inclusion in the 
appraisal profession, and may include— 
‘‘(A) funding scholarships; 
‘‘(B) providing training and education; 
‘‘(C) providing implicit bias training for 
appraisers; and 
‘‘(D) other activities as determined appro-
priate to further the purposes of this grant pro-
gram by the Appraisal Subcommittee. 
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‘‘(3) ALLOCATION
OF
FUNDS.—In making 
grants under this subsection, the Appraisal Sub-
committee shall— 
‘‘(A) allocate 50 percent of the funds made 
available to part B institutions (as such term is 
defined in section 322 of the Higher Education 
Act of 1965 (20 U.S.C. 1061)) or universities 
with degree programs approved by the Ap-
praiser Qualifications Board or a relevant State 
regulatory agency for— 
‘‘(i) scholarships for students of color 
who want to pursue a career in real estate 
appraisal; and 
‘‘(ii) subsidizing living expenses for 
those students while in training; and 
‘‘(B) allocate 20 percent of the funds to 
cover the cost of fulfilling the experience re-
quirements or other applicable requirements 
that the students described under subparagraph 
(A) will need to complete in order to become 
appraisers. 
‘‘(4) ADMINISTRATIVE COSTS.—The Appraisal 
Subcommittee may use 1 percent of amounts appro-
priated pursuant to paragraph (6) to cover the ad-
ministrative costs of carrying out this subsection. 
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‘‘(5) REPORTS.—For each fiscal year during 
which grants are made under the program under 
this subsection, the Appraisal Subcommittee shall 
submit a report to the Congress regarding imple-
mentation of the program and describing the grants 
made, activities conducted using grant amounts, and 
the number of individuals served by such grants, 
disaggregated by race, ethnicity, age, and gender.’’. 
(b) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Appraisal Sub-
committee for carrying out the amendments made by this 
section, including for making grants authorized by such 
amendments, $50,000,000 for each of fiscal years 2023 
through 2027. 
SEC. 
5444. 
COMBATING 
TRADE-BASED 
MONEY 
LAUN-
DERING. 
(a) FINDINGS.—Congress finds the following: 
(1) Trade-based money laundering is among the 
most widely used and least understood forms of 
money laundering, disguising proceeds of crime by 
moving value through international trade trans-
actions in an attempt to legitimize illicit origins of 
money or products. 
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(2) The transnational nature and complexity of 
trade-based money laundering make detection and 
investigation exceedingly difficult. 
(3) Drug trafficking organizations, terrorist or-
ganizations, and other transnational criminal organi-
zations have succeeded at trade-based money laun-
dering despite the best efforts of United States law 
enforcement. 
(4) Trade-based money laundering includes 
other offenses such as tax evasion, disruption of 
markets, profit loss for businesses, and corruption of 
government officials, and constitutes a persistent 
threat to the economy and security of the United 
States. 
(5) Trade-based money laundering can result in 
the decreased collection of customs duties as a result 
of the undervaluation of imports and fraudulent 
cargo manifests. 
(6) Trade-based money laundering can decrease 
tax revenue collected as a result of the sale of under-
priced goods in the marketplace. 
(7) Trade-based money laundering is one mech-
anism by which counterfeiters infiltrate supply 
chains, threatening the quality and safety of con-
sumer, industrial, and military products. 
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(8) Drug trafficking organizations collaborate 
with Chinese criminal networks to launder profits 
from drug trafficking through Chinese messaging 
applications. 
(9) On March 16, 2021, the Commander of the 
United States Southern Command, Admiral Faller, 
testified to the Committee on Armed Services of the 
Senate that transnational criminal organizations 
‘‘market in drugs and people and guns and illegal 
mining, and one of the prime sources that under-
writes their efforts is Chinese money-laundering’’. 
(10) The deaths and violence associated with 
drug traffickers, the financing of terrorist organiza-
tions and other violent non-state actors, and the 
adulteration of supply chains with counterfeit goods 
showcase the danger trade-based money laundering 
poses to the United States. 
(11) Trade-based money laundering undermines 
national security and the rule of law in countries 
where it takes place. 
(12) Illicit profits for transnational criminal or-
ganizations and other criminal organizations can 
lead to instability globally. 
(13) The United States is facing a drug use 
and overdose epidemic, as well as an increase in con-
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sumption of synthetic drugs, such as methamphet-
amine and fentanyl, which is often enabled by Chi-
nese money laundering organizations operating in 
coordination with drug-trafficking organizations and 
transnational criminal organizations in the Western 
Hemisphere that use trade-based money laundering 
to disguise the proceeds of drug trafficking. 
(14) The presence of drug traffickers in the 
United States and their intrinsic connection to inter-
national threat networks, as well as the use of licit 
trade to further their motives, is a national security 
concern. 
(15) Drug-trafficking organizations frequently 
use the trade-based money laundering scheme known 
as the ‘‘Black Market Peso Exchange’’ to move their 
ill-gotten gains out of the United States and into 
Central and South America. 
(16) United States ports and U.S. Customs and 
Border Protection do not have the capacity to prop-
erly examine the 60,000,000 shipping containers 
that pass through United States ports annually, with 
only 2 to 5 percent of that cargo actively inspected. 
(17) Trade-based money laundering can only be 
combated effectively if the intelligence community, 
law enforcement agencies, the Department of State, 
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(2) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
given that term under section 561.308 of title 31, 
Code of Federal Regulations. 
(3) KNOWINGLY.—The term ‘‘knowingly’’ with 
respect to conduct, a circumstance, or a result, 
means that a person has actual knowledge, or should 
have known, of the conduct, the circumstance, or the 
result. 
(4) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ has 
the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of 
Federal Regulations. 
(d) SUNSET.—The reporting requirement under this 
section shall terminate on the date that is the end of the 
7-year period beginning on the date of the enactment of 
this Act. 
SEC. 5450. BUREAU SERVICEMEMBER AND VETERAN CRED-
IT REPORTING OMBUDSPERSON. 
(a) IN GENERAL.—Section 611(a) of the Fair Credit 
Reporting Act (15 U.S.C. 1681i(a)) is amended by adding 
at the end the following: 
‘‘(9) BUREAU SERVICEMEMBER AND VETERAN 
CREDIT REPORTING OMBUDSPERSON.— 
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(B) establishing a coordinated plan to fa-
cilitate transportation of large power trans-
formers, generator step-up transformers, power 
conversion equipment, and other critical electric 
grid equipment; and 
(2) an evaluation of the benefits of establishing 
such a strategic transformer reserve, including the 
benefits of purchasing critical electric grid equip-
ment that is made of iron and steel products pro-
duced in the United States. 
(b) TRANSFORMER
RESILIENCE.—The Secretary 
shall— 
(1) improve large power transformers, gener-
ator step-up transformers, power conversion equip-
ment, and other critical electric grid equipment by 
reducing their vulnerabilities; 
(2) develop, test, and deploy innovative equip-
ment designs that are more flexible and offer greater 
resiliency of electric grid functions; 
(3) coordinate with industry and manufacturers 
to standardize large power transformers, generator 
step-up transformers, power conversion equipment, 
and other critical electric grid equipment; 
(4) monitor and test large power transformers, 
generator step-up transformers, power conversion 
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