Enhancing Treasury's Anti-Terror Tools Act

Bill: 114-hr-5607
Sponsor: Rep. Pittenger, Robert [R-NC-9]
Introduced: 2016-06-28 in the House
Policy area: Finance and Financial Sector
Subjects: 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 Office of the President
Executive agency funding and structure
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Intelligence activities, surveillance, classified information
International organizations and cooperation
Somalia
Terrorism

Summary:
action_date: 2016-06-28
text: 

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.

action_date: 2016-07-11
text: 

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. 


Legislative actions:
action_date: 2016-07-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-07-11
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-07-11
text: 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)
action_date: 2016-07-11
text: 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)
action_date: 2016-07-11
text: Considered as unfinished business. (consideration: CR H4623-4624)
action_date: 2016-07-11
text: 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.
action_date: 2016-07-11
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5607.
action_date: 2016-07-11
text: Considered under suspension of the rules. (consideration: CR H4588-4590)
action_date: 2016-07-11
text: Mr. Fitzpatrick moved to suspend the rules and pass the bill, as amended.
action_date: 2016-06-28
text: 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.
action_date: 2016-06-28
text: 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.
action_date: 2016-06-28
text: 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.
action_date: 2016-06-28
text: 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.
action_date: 2016-06-28
text: 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.
action_date: 2016-06-28
text: 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.
action_date: 2016-06-28
text: Introduced in House
action_date: 2016-06-28
text: Introduced in House