Political Quotes

“I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: Strike sections 1 through 5 and insert the following: SECTION 1. TERMINATION OF CDD RULE. The final rule of the Department of the Treasury titled ``Customer Due Diligence Requirements for Financial Institutions'' (published May 11, 2016; 81 Fed. Reg. 29397) shall have no force or effect. SEC. 2. FINCEN STUDY. (a) Study.--FinCEN shall carry out a study that shall include-- (1) a review of all existing data collected by the Department of the Treasury (including the Internal Revenue Service), by State Secretaries of State, by financial institutions due to current statutory and regulatory mandates (excluding the CDD rule), or by other Federal Government entities, that in whole or in part would allow FinCEN to discern the beneficial owners of companies operating in the United States financial system; (2) recommendations for the sharing of information described under paragraph (1) with FinCEN along with proposed safeguards for protecting personally identifiable information from unauthorized access, including by Federal intelligence and law enforcement officials, as well as internal risk control mechanisms for prevention of unauthorized access through a cyber breach; and (3) an estimation of the cost of the compliance burden for the CDD rule.…”