Consumer Transaction Account Protection Act of 2022 This bill specifies that consumer transaction account deposits of an insured depository institution are not funds obtained through a deposit broker. In general, current law prohibits an insured depository institution that is not well capitalized from accepting for deposit funds obtained through a deposit broker.
Asset Growth Restriction Act of 2022 This bill repeals restrictions related to brokered deposits and provides for asset growth restrictions applicable to insured depository institutions. Brokered deposits are deposits made to an insured institution, such as a bank, through a third-party broker for investment purposes. Currently, only well-capitalized banks are allowed to solicit and accept brokered deposits, while institutions that are adequately capitalized may accept if granted a waiver. Undercapitalized banks are prohibited from accepting these deposits. The bill repeals these brokered deposit restrictions and directs the Federal Deposit Insurance Corporation to establish limits on growth of average total assets for less than well-capitalized institutions to maintain their safety and soundness.
Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022 This bill excludes affiliates and subsidiaries of an insured depository institution from certain limitations applicable to brokered deposits. (Brokered deposits are a type of deposit accepted by an institution from a third-party deposit broker for investment purposes. Institutions that accept brokered deposits are subject to additional regulatory requirements, including those related to liquidity.) The bill also expands the definition of an employee of an insured depository institution, thereby exempting these individuals from treatment as a deposit broker. Specifically, the bill includes as an employee (1) an individual who receives compensation in any form from an insured depository institution or from an affiliate or subsidiary, and (2) a registered representative of a broker or dealer that is an affiliate or subsidiary of an insured depository institution.
Expanding the Voluntary Opportunities for Translations in Elections Act or the Expanding the VOTE Act This bill expands access to voting materials for individuals with limited proficiency in the English language, including by establishing incentive grants for states and political subdivisions to provide translated voting materials. Additionally, the bill directs the Government Accountability Office to study the impact of (1) reducing the threshold requirement under Section 203 of the Voting Rights Act of 1965, and (2) expanding the definition of language minorities to include native speakers of additional languages.
National Task Force on the COVID-19 Pandemic Act This bill establishes a legislative branch task force to investigate the facts and circumstances of the COVID-19 pandemic, including preparedness for and responses to the pandemic.
Network Equipment Transparency Act or the NET Act This bill requires the Federal Communications Commission (FCC) to determine (subject to available data) whether the lack of network equipment significantly impacted the deployment of broadband and other advanced telecommunications capability. The FCC must include this determination in its biennial report on the state of the communications marketplace.
Fair and Open Skies Act This bill prohibits the Department of Transportation (DOT) from issuing a foreign air carrier permit or an exemption from certain air carrier certificate requirements under the United States-European Union Air Transport Agreement of April 2007, unless DOT finds that issuing the permit or exemption would be consistent with Article 17 bis of the agreement, which provides that opportunities created by the agreement do not undermine labor standards or the labor-related rights and principles contained in the laws of the respective parties to the agreement; and imposes conditions on the permit or exemption necessary to ensure compliance with Article 17 bis . The bill modifies policy considerations relating to air carrier certificates to require DOT to consider preventing entry into U.S. markets by flag of convenience carriers (i.e., foreign air carriers established in a country other the home country of their majority owner in order to avoid regulations of the home country) and preventing the undermining of labor standards. In carrying out such air carrier certificate requirements, DOT must consider preventing entry of flag of convenience carriers into U.S. markets as being in the public interest and consistent with public convenience and necessity for safety in air transportation and air commerce. In formulating U.S. international air transportation policy relating to the elimination of discrimination and unfair competition, the Department of State and DOT must include in their considerations the undermining of labor standards.
Cooper Davis Act This bill establishes requirements for electronic communication service providers and remote computing service providers to report knowledge of various drug-related offenses (e.g., unlawful distribution of a controlled substance or a counterfeit substance) to the Drug Enforcement Administration.
Startup Act This bill provides conditional visas to certain immigrants with advanced educational credentials. It also establishes a grant program to promote innovation and imposes requirements on certain rulemaking activities. The Department of Homeland Security (DHS) may provide conditional permanent resident status to up to 50,000 aliens with advanced science, technology, engineering, or math (STEM) degrees. Such aliens may remain in the country for up to one year after the expiration of a student visa to find employment, or indefinitely if already engaged in a STEM field. DHS may issue conditional immigrant visas for up to 75,000 qualified alien entrepreneurs. The bill imposes various requirements on such entrepreneurs, such as creating a number of full-time jobs for a period of time, after which the alien shall receive permanent resident status. The bill increases the per-country cap on family-based immigrant visas from 7% of the total number of such visas available that year to 15%, and eliminates the 7% cap for employment-based immigrant visas. It also removes an offset that reduced the number of visas for individuals from China. The bill establishes a grant program to support the commercialization of federally-funded research. It also requires the Small Business Administration to award grants regionally to interconnected businesses within an industry sector. This bill requires federal agencies, before proposing a rule that may have a significant economic effect, to publish an analysis of the rule, including the problem the rule intends to address and a cost-benefit analysis.
Digital Asset Anti-Money Laundering Act of 2022 This bill directs specified federal financial agencies to establish rules regarding digital assets. The Financial Crimes Enforcement Network (FinCEN) must establish a rule classifying digital asset wallet providers, cryptocurrency miners, validators, and others as money service businesses. In addition, FinCEN must require U.S. persons to report cryptocurrency transactions through foreign accounts of over $10,000. FinCEN must also require digital asset kiosk owners and administrators to submit and update every three months the physical addresses of the kiosks. The Department of the Treasury must prohibit financial institutions from handling, using, or transacting business with (1) digital asset mixers, privacy coins, and other anonymity-enhancing technologies; and (2) digital assets that have been anonymized by these technologies. Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission must establish risk examination and review processes for anti-money laundering requirements for their respective regulated entities.
Focus on the Mission Act of 2022 This bill prohibits the Department of Defense from requiring the recipient of a federal contract to provide a greenhouse gas inventory or to provide any other report on greenhouse gas emissions.
Continuity for Operators with Necessary Training Required for ATC Contract Towers Act of 2021 or the CONTRACT Act of 2021 This bill exempts certain air traffic controllers from a required reduction in their retirement annuity payment on account of earnings from certain work performed while entitled to such annuity. Under current law, retired Federal Aviation Administration air traffic controllers receive an annuity payment during the period between the mandatory retirement age of 56 and the Social Security minimum age of 62. Such annuity payment is required to be reduced by a certain percentage of any excess earnings during this period. The bill exempts from such reduction in annuity payments an air traffic controller who participates in the Air Traffic Control Contract Program (a public-private partnership for air traffic control services) following mandatory retirement.
