Congress 114 - HR 5607 - Enhancing Treasury's Anti-Terror Tools Act

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Africa Bank accounts, deposits, capital Banking and financial institutions regulation Business records Congressional oversight Criminal investigation, prosecution, interrogation Currency Department of the Treasury Diplomacy, foreign officials, Americans abroad Executive agency funding and structure Executive Office of the President Finance and Financial Sector Fraud offenses and financial crimes Government information and archives Government studies and investigations Intelligence activities, surveillance, classified information International organizations and cooperation Somalia Terrorism

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Summary

Enhancing Treasury's Anti-Terror Tools Act

(Sec. 2) This bill instructs the Department of the Treasury to report to Congress on the employment by U.S. embassies of full-time and temporary Treasury attaches and their role in advancing U.S. anti-terrorism financing interests, including concerning:

how Treasury's interests relating to anti-terror finance, money laundering, and related illicit finance issues are handled at other embassies;
issues identified by Treasury attaches concerning anti-terror finance, money laundering, and related illicit finance;
recommendations to improve coordination between Treasury and foreign financial ministries of efforts to block the financing of terror, money laundering, and related illicit finance; and
whether Treasury's interests relating to anti-terror finance, money laundering, or related illicit finance issues are thought to be underrepresented in some embassies or regions.

(Sec. 3) The bill revises Treasury's authority to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe). Such an order may include all funds, not just U.S. coins or currency, involved in such transactions.

(Sec. 4) Treasury shall study:

the advisability and implications of transforming the Office of Terrorism and Financial Intelligence into a stand-alone bureau of Treasury,
the potential efficacy of requiring banking regulators to establish a pilot technical assistance program for depository institutions and credit unions that furnish account services to money services businesses serving individuals in Somalia and whether it could improve the ability of Americans to legitimately send funds through transparent and easily monitored channels, and
the potential impact of allowing money services businesses to share their state examinations with depository institutions and credit unions.

(Sec. 6) The bill expresses the sense of Congress that Treasury should work with finance ministry counterparts worldwide to spur the development of entities similar to its Office of Intelligence and Analysis to integrate the intelligence community with anti-money laundering and counter-terrorist financing efforts.

Actions

Jul 12, 2016

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 11, 2016

Motion to reconsider laid on the table Agreed to without objection.
Jul 11, 2016

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 362 - 45 (Roll no. 402). (text: CR H4588)
Jul 11, 2016

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 362 - 45 (Roll no. 402).(text: CR H4588)
Jul 11, 2016

Considered as unfinished business. (consideration: CR H4623-4624)
Jul 11, 2016

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Jul 11, 2016

DEBATE - The House proceeded with forty minutes of debate on H.R. 5607.
Jul 11, 2016

Considered under suspension of the rules. (consideration: CR H4588-4590)
Jul 11, 2016

Mr. Fitzpatrick moved to suspend the rules and pass the bill, as amended.
Jun 28, 2016

Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, Ways and Means, Armed Services, and Intelligence (Permanent Select), 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.
Jun 28, 2016

Introduced in House

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