Isolate Russian Government Officials Act of 2022
Floor Speech
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Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6891) to exclude government officials of the Russian Federation from certain international meetings, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 6891
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``Isolate Russian Government Officials Act of 2022''. SEC. 2. EXCLUSION OF GOVERNMENT OFFICIALS OF THE RUSSIAN FEDERATION.
(a) Policy of the United States.--It is the policy of the United States to seek to exclude government officials of the Russian Federation, to the maximum extent practicable, from participation in meetings, proceedings, and other activities of the following organizations:
(1) Group of 20.
(2) Bank for International Settlements.
(3) Basel Committee for Banking Standards.
(4) Financial Stability Board.
(5) International Association of Insurance Supervisors.
(6) International Organization of Securities Commissions.
(b) Implementation.--The Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission, as the case may be, shall take all necessary steps to advance the policy set forth in subsection (a).
(c) Termination.--This section shall have no force or effect on the earlier of--
(1) the date that is 5 years after the date of enactment of this Act; or
(2) 30 days after the date that the President reports to Congress that the government of the Russian Federation has ceased its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.
(d) Waiver.--The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.
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Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, I rise in support of H.R. 6891, the Isolate Russian Government Officials Act, sponsored by the Congresswoman from Missouri (Mrs. Wagner). I commend her for her work on this bill, and I appreciate that she worked with Chairwoman Waters to improve the bill.
The Russian Government participates, along with the U.S., in a wide range of international organizations that are intended to promote collaboration and harmonize global standards on critical issues like financial stability. However, Russia shattered any notion of international harmony by violating the sovereignty of Ukraine and its people with Putin's unlawful invasion.
As such, Russia should no longer have a seat at a table of meetings of a wide range of important bodies, including the Basel Committee and the International Organization of Securities Commissions.
I applaud the Biden administration for securing the suspension of Russia from the Bank for International Settlements and the Financial Stability Board. It is time to kick the Kremlin out of every other room and pass H.R. 6891.
House of Representatives, Committee on Foreign Affairs, Washington, DC, May 9, 2022. Hon. Maxine Waters, Committee on Financial Services, House of Representatives, Washington, DC.
Dear Chair Waters: In an effort to work cooperatively and to expedite consideration of H.R. 6891, Isolate Russian Government Officials Act of 2022, the Committee on Foreign Affairs agrees to waive formal consideration of the bill as to the provisions that fall within the Rule X jurisdiction of the Committee on Foreign Affairs.
The Committee on Foreign Affairs takes this action with the mutual understanding that the Committee does not waive any jurisdiction over the subject matter contained in H.R. 6891 or similar legislation, and the Committee will be appropriately consulted and involved as the bill or similar legislation moves forward. The Committee also reserves the right to seek appointment of Committee on Foreign Affairs conferees during any House-Senate conference convened for this legislation with your support for any such request.
Finally, I would appreciate your response to this letter confirming this understanding and ask that a copy of our exchange of letters on this matter be included in the Congressional Record during Floor consideration of H.R. 6891. Sincerely, Gregory W. Meeks, Chair. ____ House of Representatives, Committee on Financial Services, Washington, DC, May 9, 2022. Hon. Gregory Meeks, Chairman, House Committee on Foreign Affairs, Washington, DC.
Dear Mister Chairman: I am writing to acknowledge your letter dated May 9, 2022, regarding the waiver by the Committee on Foreign Affairs of any Rule X jurisdiction claims over the matters contained in H.R. 6891, ``Isolate Russian Government Officials Act of 2022.'' The Committee on Financial Services confirms our mutual understanding that your Committee does not waive any jurisdiction over the subject matter contained in this or similar legislation, and your Committee will be appropriately consulted and involved as this bill or similar legislation moves forward so that we may address any remaining issues within your jurisdiction.
The Committee on Financial Services further recognizes your interest in appointment of outside conferees from the Committee on Agriculture should this bill or similar language be considered in a conference with the Senate.
Pursuant to your request, I will ensure that this exchange of letters is included in the Congressional Record during Floor consideration of the bill. I appreciate your cooperation regarding this legislation and look forward to continuing to work with you as this measure moves through the legislative process. Sincerely, Maxine Waters, Chairwoman.
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Mr. GARCIA of Illinois. Madam Speaker, I yield 2 minutes to the gentleman from Virginia (Mr. Connolly), who is a member of the Committee on Foreign Affairs.
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Mr. GARCIA of Illinois. Madam Speaker, I yield myself the balance of my time.
I, again, thank Representative Wagner, her staff, as well as Ranking Member McHenry and his staff for working with us on this legislation.
I urge my colleagues on both sides of the aisle to join me in supporting H.R. 6891, and I yield back the balance of my time.
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