Stephen Neal: “Mr. Speaker, I just want to respond to the comments by the gentleman from Nevada [Mr. Bilbray] and thank him for his…”

“Mr. Speaker, I just want to respond to the comments by the gentleman from Nevada [Mr. Bilbray] and thank him for his concern. He is a very dedicated Member of Congress, always looking out for the interest of his State, and I appreciate his thoughts on the subject. Mr. Speaker, a the gentleman said, the other body has passed a similar money laundering bill, but without section 10. I anticipate that this matter will be resolved in conference in a manner which retains the section's authority to grant exemptions as appropriate, especially to States which have effective laws and enforcement to combat money laundering. I am a firm believer in Federal-State cooperation and want to assure the gentleman that I will work to resolve the differences between the two bills in a manner that balances the needs of Federal law enforcement with minimizing regulatory burdens. The gentleman from Nevada [Mr. Bilbray] is probably aware that the Treasury Department has not requested this change. They think that they have adequate enforcement capability with their discretionary authority, so we will certainly keep that in mind as we go to the conference.”