Virginia Congressman Denver Riggleman of the 5th District is updating constituents about four bills he introduced last week. The Republican representative hosted a Facebook Live event on Tuesday morning which he says is part of his pledge to remain transparent while in office.
His first bill – H.R. 1036 or the Parity Act – would allow people to loan money to others so they can buy homes. Riggleman also said there are regulations in place to prevent people from doing this, so he’s trying to reduce regulations for people in rural areas that may not have access to banks.
"It means people can loan to other people to buy homes, especially in the manufactured housing sector," Riggleman said. "There are actually regulations on people loaning money to people and we're trying to reduce some of those regulations."
Riggleman's last bill - H.R. 1039 - would streamline requirements for currency transaction reports and suspicious activity reports.
“The exciting thing to me is you want to stop terrorism, you want to stop money laundering, you want to stop sex trafficking, we want to stop human trafficking, we want to do that, we want to make sure banks know how to do that and make it transparent,” Riggleman said.
The congressman says it’s important that he hits the ground running and starts working on legislation as soon as possible. He added that the 5th District elected him to work for them and this is one of his first major steps.
"I just wanted to fulfill a pledge to [the 5th District] and I'm really excited about these four bills," Riggleman said. "They might be in the weeds a little bit but I'm pretty excited to share this."
Riggleman says he is not sure if he can do have a Facebook Live event with all bills that come through every week, but wants to share his mindset and show what he’s trying to do in Washington since he’s now in the Financial Services Committee.