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Bill116th CongressFiled May 3, 2019Finance and Financial Sector
H.R. 2514

COUNTER Act of 2019

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
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Law

What it doesSummary passed house (Oct 28, 2019)

Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019

This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.

Among other things, the bill

  • establishes new offices within financial regulatory agencies related to privacy and civil liberties;
  • creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws;
  • allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and
  • revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN).

The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.

Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.

What just happenedOct 29, 2019

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

Who’s behind it

Rep. Cleaver, Emanuel [D-MO-5](D-MO)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors3committees17actions4related bills49subjects
  1. Oct 29, 2019IntroReferral

    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. Oct 28, 2019FloorH38310

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

  3. Oct 28, 2019FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8494-8501)

  4. Oct 28, 2019Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8494-8501)

  5. Oct 28, 2019FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2514.

  6. Oct 28, 2019FloorH30000

    Considered under suspension of the rules. (consideration: CR H8494-8503)

  7. Oct 28, 2019FloorH30300

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

  8. Oct 21, 2019CalendarsH12410

    Placed on the Union Calendar, Calendar No. 195.

  9. Oct 21, 2019DischargeH12300

    Committee on Ways and Means discharged.

    Ways and Means Committee
  10. Oct 21, 2019Committee5500

    Committee on Ways and Means discharged.

    Ways and Means Committee
  11. Oct 21, 2019CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 116-245, Part I.

    Financial Services Committee
  12. Oct 21, 2019Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 116-245, Part I.

    Financial Services Committee
  13. May 3, 2019Committee

    Referred to the Subcommittee on Trade.

    Trade Subcommittee
  14. May 3, 2019IntroReferralH11100

    Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, 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
  15. May 3, 2019IntroReferralH11100

    Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, 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. May 3, 2019IntroReferralIntro-H

    Introduced in House

  17. May 3, 2019IntroReferral1000

    Introduced in House

Passed HouseOct 28, 201953

Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019

This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.

Among other things, the bill

  • establishes new offices within financial regulatory agencies related to privacy and civil liberties;
  • creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws;
  • allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and
  • revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN).

The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.

Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.

Reported to House, Part IOct 21, 20198

Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019

This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.

Among other things, the bill

  • establishes new offices within financial regulatory agencies related to privacy and civil liberties;
  • creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws;
  • allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and
  • revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN).

The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.

Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.

Introduced in HouseMay 3, 2019

Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019

This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.

Among other things, the bill

  • establishes new offices within financial regulatory agencies related to privacy and civil liberties;
  • creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws;
  • allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and
  • revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN).

The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities and art dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.

COUNTER Act of 2019 — Informed