Political Quotes

“I rise to express my serious concerns over two sections of H.R. 3235. Let me first commend the chairman for his efforts to combat money laundering. The legislation before us today will reduce the number of currency transaction reports banks are required to file, while making the process more effective at identifying suspicious customer transactions. However, I have serious reservations regarding sections 9 and 10 of the legislation. One effect of sections 9 and 10 will be to eliminate the Treasury Secretary's discretion to provide exemptions from Federal currency transaction reporting regulations, even in cases where existing State law already meet Federal standards. Since the revision of Federal laws in the 1980's, Nevada has had State laws matching or surprising the Federal reporting requirements. The Treasury Department has agreed that this is the case and, as a result, has provided Nevada with an exception from Federal reporting regulations. Eliminating the Treasury Secretary's discretion to grant an exemption will require creation of a new currency transaction reporting system that parallels the existing State reporting system in Nevada. This will result in significant new costs to my State's most important industry. It will not improve currency transaction reporting to the Federal Government. There is no need to force Nevada to change the way it meets the requirements of title 31 of the Federal code.”