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Bill114th CongressFiled Jun 28, 2016Finance and Financial Sector
H.R. 5607

Enhancing Treasury's Anti-Terror Tools Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Jul 11, 2016)

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.

What just happenedJul 12, 2016

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

Who’s behind it

Rep. Pittenger, Robert [R-NC-9](R-NC)Sponsor
11 cosponsors6 D5 R
Read on Congress.gov
11cosponsors6committees17actions1related bills18subjects
  1. Jul 12, 2016IntroReferral

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

    Banking, Housing, and Urban Affairs Committee
  2. Jul 11, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jul 11, 2016FloorH37300

    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)

  4. Jul 11, 2016Floor8000

    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)

  5. Jul 11, 2016FloorH30000

    Considered as unfinished business. (consideration: CR H4623-4624)

  6. Jul 11, 2016FloorH37220

    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.

  7. Jul 11, 2016FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 5607.

  8. Jul 11, 2016FloorH30000

    Considered under suspension of the rules. (consideration: CR H4588-4590)

  9. Jul 11, 2016FloorH30300

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

  10. Jun 28, 2016IntroReferralH11100

    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.

    Intelligence (Permanent Select) Committee
  11. Jun 28, 2016IntroReferralH11100

    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.

    Armed Services Committee
  12. Jun 28, 2016IntroReferralH11100

    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.

    Ways and Means Committee
  13. Jun 28, 2016IntroReferralH11100

    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.

    Foreign Affairs Committee
  14. Jun 28, 2016IntroReferralH11100-A

    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.

  15. Jun 28, 2016IntroReferralH11100

    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.

    Financial Services Committee
  16. Jun 28, 2016IntroReferralIntro-H

    Introduced in House

  17. Jun 28, 2016IntroReferral1000

    Introduced in House

Passed House amendedJul 11, 201636

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.

Introduced in HouseJun 28, 2016

Enhancing Treasury's Anti-Terror Tools Act

This bill directs the Department of the Treasury to report to certain congressional committees 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 money laundering and related illicit finance.

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.

Treasury shall study:

  • the advisability and implications of transforming the Office of Terrorism and Financial Intelligence into a standalone bureau,
  • 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
  • the potential impact of allowing money services businesses to share their state examinations with depository institutions and credit unions.

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

Treasury shall collect and make available electronically to federal agencies a unified stream of import and export data and similar currently collected information that would help federal detection and prevention of illicit finance.

The National Security Act of 1947 is amended to add the Secretary of the Treasury to the National Security Council.

Enhancing Treasury's Anti-Terror Tools Act — Informed