House advances two McHenry bills within NDAA

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Two bills sponsored by Rep. Patrick McHenry (R-NC) were included in the fiscal year 2022 National Defense Authorization Act (NDAA), which was approved by the House of Representatives passed.

Rep. Patrick McHenry

The McHenry-sponsored bills included in the NDAA by the House are the Eliminate Barriers to Innovation Act and the Debt Bondage Repair Act.

“The NDAA is one of the most important pieces of legislation Congress works on each year,” McHenry, the House Financial Services Committee’s lead Republican, said. “It protects our national security and ensures our troops have the resources they need. I’m proud to lead two critical, bipartisan provisions in this year’s package, alongside several Financial Services Committee Republican initiatives.”

The Eliminate Barriers to Innovation Act promotes international competitiveness by preventing jobs in the digital asset industry from being pushed overseas by a lack of domestic regulatory clarity here at home, while the Debt Bondage Repair Act aids victims of trafficking in regaining financial freedom and rebuilding their lives.

Per the legislation, the Eliminate Barriers to Innovation Act requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a joint working group on digital assets.

“These provisions show what Congress can achieve when we come together to find targeted, bipartisan solutions to important issues facing the American people,” McHenry said.

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