I like to quote from the President of the Organization of Police Chiefs of the United States. He says this amendment will have a significant detrimental impact on the ability of law enforcement agencies nationwide to effectively investigate and prosecute cases involving money laundering, fraud, and other financial crimes. If this amendment had been in effect in 1997, it would have stopped 2,536 Federal investigations resulting in convictions for financial institution fraud matters. And finally, what does the FBI say about this? A vote for this amendment will send a signal to criminal organizations worldwide that the U.S. is a money laundering haven. Clearly this is a no vote.
Editor's note · Context
Addressing concerns over the Barr/Paul/Campbell Amendment to H.R. 10, the Financial Services Act.
Share
More from Spencer Bachus
But in fact in 4 it says, documents sufficient to identify payment processors or merchants or clients that experienced a return rate of 3 percent or greater in any 1-month period.
Wouldn't it be a better approach to say, 'Take all that out, and then send it to us?'
The intent of Operation Choke Point may have carried a purpose that we would all agree with, and that is to prevent financial fraud.
I thank the gentleman from Virginia. They actually called for us to have this procedure. And that part of Dodd-Frank--I have sometimes said ``the good, the bad, and the ugly''-- that was a good part. We needed to structure bankruptcy where…





