American Financial Markets Integrity and Security Act

1/11/2023, 1:46 PM

Summary of Bill HR 1562

The American Financial Markets Integrity and Security Act, also known as Bill 117 HR 1562, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to enhance the integrity and security of the American financial markets.

One key provision of the bill is the establishment of stricter regulations for financial institutions and market participants. This includes requirements for increased transparency and accountability in trading practices, as well as measures to prevent market manipulation and fraud.

Another important aspect of the bill is the creation of a new regulatory body, the Financial Markets Integrity and Security Commission. This commission would be responsible for overseeing and enforcing the regulations outlined in the bill, as well as conducting investigations into potential violations of market integrity. Additionally, the bill includes provisions aimed at improving cybersecurity in the financial sector. This includes requirements for financial institutions to implement stronger data protection measures and protocols to prevent cyber attacks. Overall, the American Financial Markets Integrity and Security Act seeks to strengthen the integrity and security of the US financial markets through increased regulation, oversight, and cybersecurity measures. It is currently being debated in Congress, with supporters arguing that it is necessary to protect investors and maintain the stability of the financial system.

Congressional Summary of HR 1562

American Financial Markets Integrity and Security Act

This bill generally prohibits investments in certain Chinese military companies and entities reasonably believed to be involved in activities contrary to the national security or foreign policy interests of the United States. These entities may not sell securities to U.S. markets. Investment companies, insurance companies, and retirement plans are prohibited from investing in these entities. The bill also prohibits the use of federal funds to enter into or renew a contract with these entities.

Furthermore, the Department of Commerce and the Office of the Director of National Intelligence—in addition to the Department of Defense as under current law—are allowed to add entities to the list of Chinese military companies.

Current Status of Bill HR 1562

Bill HR 1562 is currently in the status of Bill Introduced since March 3, 2021. Bill HR 1562 was introduced during Congress 117 and was introduced to the House on March 3, 2021.  Bill HR 1562's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, Ways and Means, Armed Services, Education and Labor, Intelligence (Permanent Select), and Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of March 3, 2021

Bipartisan Support of Bill HR 1562

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
4
Democrat Cosponsors
0
Republican Cosponsors
4
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1562

Primary Policy Focus

Finance and Financial Sector
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Comments

Sponsors and Cosponsors of HR 1562

R
Mike Gallagher
Wisconsin(Republican)
R
Chris Stewart
Utah(Republican)
R
Liz Cheney
Wyoming(Republican)

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