Political Quotes

“last September, William Fox, at that time head of FinCEN, made this statement at a hearing before the Financial Services Committee. He said: ``The Congress has in the past recognized the need to reduce the number of currency transaction reports that may not have a high degree of usefulness to law enforcement and ordered us to find a way to do so.'' As a result of that hearing, Chairman Oxley, the chairman of the full committee, made as a priority the committee working in a bipartisan way to find a way, working with law enforcement, to reduce the number of CTRs. It was a result of that hearing and numerous statements by both law enforcement, by financial regulators, by financial institutions, and by Members of Congress in both bodies to work out a solution to this long-existing problem. So I would like to commend Chairman Oxley. As a result of those hearings, there was introduced 3505, the Financial Services Regulatory Relief Act, by Congressman Renzi and Mrs. Maloney, who of course just spoke on this bill. They included a provision that was specifically drafted by Mr. Frank, Mrs. Maloney, Mr. Hensarling and Mr. Moore, which included a seasoned customer exemption. We passed 3505 out of this body by a vote of 415-2 back in March. More recently, the bill before us, 5341, which has 22 bipartisan supporters on the Financial Services Committee, passed the Financial Services Committee on a unanimous vote, and H.R.…”