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Perlmutter Participates In Bipartisan Defense Conference Committee

Press Release

Location: Washington, DC

Today, U.S. Rep. Ed Perlmutter (CO-07), was appointed to serve on the Conference Committee for the National Defense Authorization Act from the House Financial Services Committee. This bipartisan conference committee is meeting to craft a final agreement to authorize defense and national security programs for fiscal year 2013.

Perlmutter is responsible for ensuring there are strong consumer protections for our service members and their families against predatory lending abuses as well as measures to help prevent homelessness among our veterans. Additionally, Perlmutter will fight to impose rigorous financial sanctions against Iran and those associated with the M23 rebel Congo group. He also will urge adoption of his Firefighter Fatality Reduction Act which was incorporated into the Senate bill.

"Let's work together to stand up and support our men and women in uniform and veterans who stand strong for us every day. By working in a bipartisan way, I know we will craft a plan to protect our nation and our citizens from those regimes who would do us harm. I will work hard to ensure the strongest possible financial sanctions against Iran and those associated with the M23 rebels in Congo. In addition, I will urge adoption of an amendment improving firefighter safety, a bill I originally helped author," said Perlmutter. "This Act will strengthen our national security and improve economic opportunities and safety for our communities."

Perlmutter also will use his position on this important panel to make the entire bill as strong as possible, including but not limited to other Colorado sponsored measures to improve the Troops to Teachers program and allowing the Pentagon to buy renewable energy.

Below is more information about specific financial services-related provisions contained within the NDAA:

Authorizes a 5-year pilot program, administered by HUD, to provide grants to qualified non-profits for the rehabilitation of primary residences owned by disabled and/or low-income veterans.

Enhancement of protections on consumer credit for members of the Armed Forces and their dependents. The provision requires vehicle title loans and payday loans, regardless of duration or whether they are open or closed end, to be included within the definition of "consumer credit" contained in regulations promulgated by the Secretary of Defense.

Establishes civil liability in United States district court for violations of consumer protections for service members and their dependents.

Provision would block the U.S. assets of, and impose a visa ban on, any person that the President determines provides significant financial, material, or technological support to Congo rebel group M23.

Provision would bar all transactions with Iran's energy, shipping and shipbuilding sectors and its ports, and would ban the sale to Iran of certain materials, including graphite, aluminum, steel and metallurgical coal used in those sectors and for other industrial processes. In addition, the amendment prohibits foreign financial institutions from facilitating financial transactions on behalf of persons designated by the Treasury Department's Office of Foreign Assets Control (OFAC), and would bar the provision of underwriting services, insurance, or reinsurance for activities or for persons that are subject to sanctions.

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