Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of my bill, H.R. 5524, the Foreign Affiliates Sharing Pilot Program Extension Act. In January 2021, Congress successfully overrode Trump's veto to pass the National Defense Authorization Act, also known as NDAA, which is our Nation's annual Defense bill. This included the enactment of the Anti-Money Laundering Act of 2020, the first significant change to America's anti- money laundering and financial-based terrorism policy since 9/11. Our bipartisan goal in passing the Anti-Money Laundering Act of 2020 was to improve the deterrence and detection of financial crime by promoting innovation, regulatory reform, and industry engagement. In doing so, the U.S. anti-money laundering and financial counterterrorism efforts would be strengthened, modernized, and streamlined. One provision of the act established the Foreign Affiliates Sharing Pilot Program, which would permit U.S.-regulated financial institutions to share selected Bank Secrecy Act information with foreign branches and affiliates to help detect and deter illicit finance. Currently, the sharing of these suspicious activity reports information with foreign branches of U.S. institution is not permitted because they are not subject to our Nation's Bank Secrecy Act regulations.…”