Like Countable?

Install the App
TRY NOW

house Bill H.R. 1037

Should the Treasury Report to Congress on Banking Services Provided to State Sponsors of Terrorism & Sanctioned Persons?

Argument in favor

The use of international banking infrastructure to move money for funding terrorism makes the world less safe for everyone. Ensuring that Congress knows when state sponsors of terrorism or specific sanctioned persons are able to use international banks will help combat this problem.

SneakyPete's Opinion
路路路
05/14/2019
馃憤馃徎馃憤馃徎H.R. 1037 鈥淏anking Transparency for Sanctioned Persons Act馃憤馃徎馃憤馃徎 I agree and recommend that H.R. 1037 AKA the 鈥淏anking Transparency for Sanctioned Persons Act of 2019鈥漵hould be passed, which would require the Treasury Dept. to report semiannually on financial services provided to benefit a state sponsor of terrorism or specified sanctioned persons. Treasury may8 waive these reporting requirements for a foreign financial institution if: 1). The institution credibly assures Treasury that it will cease conducting transactions for such persons, or 2) The waiver is important to the national interest. The use of international banking 37infrastructure to move money for funding terrorism makes the world less safe for everyone. Ensuring that Congress knows when state sponsors of terrorism or specific sanctioned persons are able to use international banks will help combat this problem. SneakyPete..... 馃憤馃徎馃憤馃徎HR-1037馃憤馃徎馃憤馃徎. 5.13.19.....
Like (11)
Follow
Share
Jerrey's Opinion
路路路
05/12/2019
I support the bill but It must identify rigorous criteria which must be met to waive the reporting and scrutiny. There is too much favoritism these days and I am suspect of waivers granted by the current administration.
Like (7)
Follow
Share
Frances's Opinion
路路路
05/13/2019
THIS BILL SHOULD REQUIRETHAT THE SAME HOLD TRUE FOR US CITIZENS WHO DO BANKING AND BUSINESS WITH FOREIGN COUNTRIES, LIKE RUSSIA AND BANKS LIKE DUETSCHE BANK! HMMM--THAT WOULD REQUIRE US TO GET THE PRESIDENT'S TAX RETURNS TO CHECK INTO HIS FOEIGN BUSINESS, WOULDN'T IT??
Like (6)
Follow
Share

Argument opposed

The Treasury Dept. is already empowered to fight international terrorists鈥 and state sponsors of terrorisms鈥 uses of the international banking system. If anything, the U.S. is already being too aggressive about prosecuting these cases, potentially offending allies in the campaign against terrorism.

Kodiwodi's Opinion
路路路
05/13/2019
Unnecessary. Just another politically motivated, get myself re-elected bill. No more transparency than we already have.
Like (13)
Follow
Share
Terry's Opinion
路路路
05/14/2019
The Dept. was set up to do a job so do it ! The inept Congress can鈥檛 do its job now so don鈥檛 give it anything else to screw up.
Like (3)
Follow
Share
Tooluser1's Opinion
路路路
05/13/2019
Congress's overweening arrogance is out of control.
Like (1)
Follow
Share

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house has not voted
      house Committees
      Committee on Financial Services
    IntroducedFebruary 7th, 2019

What is House Bill H.R. 1037?

This bill 鈥 the Banking Transparency for Sanctioned Persons Act of 2019 鈥 would require the Treasury Dept. to report semiannually on financial services provided to benefit a state sponsor of terrorism or specified sanctioned persons. Treasury may waive these reporting requirements for a foreign financial institution if: 1) the institution credibly assures Treasury that it will cease conducting transactions for such persons, or 2) the waiver is important to the national interest.

Impact

Treasury Dept.; foreign banks and financial institutions; state sponsors of terrorism; and specified sanctioned persons.

Cost of House Bill H.R. 1037

$0.00
When this bill was introduced in the 115th Congress, the CBO estimated that implementing it wouldn鈥檛 impose a significant administrative burden, and thus wouldn鈥檛 have a significant cost.

More Information

In-DepthRep. Denver Riggleman (R-VA) reintroduced this bill from the 115th Congress as part of a package of four bills to address the issues of money laundering and criminal financing of terrorism. When he introduced these bills, Rep. Riggleman said:

鈥淚t is important for me to hit the ground running and start working on legislation that can attack some of the very real problems of terrorist financing and criminal money laundering.  These four bills are serious measures designed to remedy real issues in our financial system and make an immediate impact.鈥

Last Congress, Rep. Mia Love (R-UT) introduced this bill as the Banking Transparency for Sanctioned Persons Act of 2018 (H.R. 6751). At that time, Rep. Love explained that even though U.S. banks are prohibited from doing business with a sanctioned person, banks in other countries can do business with them without penalty. Thus, she introduced this bill to put foreign banks on alert that Congress will be watching their dealings with human rights abusers and corrupt officials. Rep. Love said:

鈥淪haring this kind of information with Congress should be automatic, as licenses represent exemptions to our sanctions programs. Congressional oversight of sanctions is limited without visibility into the transactions Treasury is authorizing.鈥

This bill doesn鈥檛 have any cosponsors in the 116th Congress. Last Congress, this bill was sponsored by Rep. Mia Love (R-UT) without any cosponsors and passed the House by voice vote but didn鈥檛 receive a Senate committee vote.


Of NoteAfter 9/11, the U.S. and its allies launched an all-out effort to disrupt the international financial infrastructure supporting terrorists and international criminals. This campaign focused on international banks, which are the gateways of the global financial system, and relied on a handful of new authorities granted to U.S. agents in the days after 9/11. Those new authorities, signed into law by President George W. Bush, included giving Treasury Dept. officials far-reaching authority to freeze the assets and financial transactions of individuals and other entities suspected of supporting terrorism (E.O. 13224) and giving the Treasury Dept. broad powers to designate foreign jurisdictions and financial institutions as 鈥榩rimary money laundering concerns鈥 (under Section 311 of the PATRIOT Act).

Experts say these measures fundamentally reshaped the financial regulatory environment, sharply raising the risks for banks and other institutions engaged in suspicious activity, even unwittingly. This is due to the fact that penalties for sanctions violations can be huge in terms of fines, lost business, and reputational damage. Since 2009, U.S. federal and state authorities have been particularly rigorous in prosecuting banks, setting at least fifteen cases with fines over $100 million.

In a record settlement in 2014, France鈥檚 largest lender, BNP Paribas, pled guilty to processing billions of dollars for blacklisted Cuban, Iranian, and Sudanese entities and was fined nearly $9 billion (by far the largest such penalty in history) and lost the right to convert foreign currency into dollars for certain types of transactions for one year. In another case, in September 2005, Treasury officials labeled Banco Delta Asia a primary money laundering concern, alleging that the Macau-based bank was a 鈥willing pawn for the North Korean government.鈥 Within a week of Treasury鈥檚 allegation, Banco Delta Asia customers withdrew $133 million, representing 34% of the bank鈥檚 deposits, and other international banks severed ties with Pyongyang.

In recent years, the reach of U.S. sanctions has drawn criticism from some allies. French leadership criticized the U.S. prosecution of BNP Paribas as 鈥渦nfair鈥 and indicated there鈥檇 be 鈥渘egative consequences鈥 on bilateral, as well as U.S.-E.U., relations. At the time, French Finance Minister Michel Sapin said, 鈥淭he extraterritoriality of American standards, linked to the use of the dollar, should drive Europe to mobilize itself to advance the use of the euro as a currency for international trade.鈥


Media:

Summary by Lorelei Yang

(Photo Credit: iStockphoto.com / pfongabe33)

AKA

Banking Transparency for Sanctioned Persons Act of 2019

Official Title

To increase transparency with respect to financial services benefitting state sponsors of terrorism, human rights abusers, and corrupt officials, and for other purposes.

    馃憤馃徎馃憤馃徎H.R. 1037 鈥淏anking Transparency for Sanctioned Persons Act馃憤馃徎馃憤馃徎 I agree and recommend that H.R. 1037 AKA the 鈥淏anking Transparency for Sanctioned Persons Act of 2019鈥漵hould be passed, which would require the Treasury Dept. to report semiannually on financial services provided to benefit a state sponsor of terrorism or specified sanctioned persons. Treasury may8 waive these reporting requirements for a foreign financial institution if: 1). The institution credibly assures Treasury that it will cease conducting transactions for such persons, or 2) The waiver is important to the national interest. The use of international banking 37infrastructure to move money for funding terrorism makes the world less safe for everyone. Ensuring that Congress knows when state sponsors of terrorism or specific sanctioned persons are able to use international banks will help combat this problem. SneakyPete..... 馃憤馃徎馃憤馃徎HR-1037馃憤馃徎馃憤馃徎. 5.13.19.....
    Like (11)
    Follow
    Share
    Unnecessary. Just another politically motivated, get myself re-elected bill. No more transparency than we already have.
    Like (13)
    Follow
    Share
    I support the bill but It must identify rigorous criteria which must be met to waive the reporting and scrutiny. There is too much favoritism these days and I am suspect of waivers granted by the current administration.
    Like (7)
    Follow
    Share
    THIS BILL SHOULD REQUIRETHAT THE SAME HOLD TRUE FOR US CITIZENS WHO DO BANKING AND BUSINESS WITH FOREIGN COUNTRIES, LIKE RUSSIA AND BANKS LIKE DUETSCHE BANK! HMMM--THAT WOULD REQUIRE US TO GET THE PRESIDENT'S TAX RETURNS TO CHECK INTO HIS FOEIGN BUSINESS, WOULDN'T IT??
    Like (6)
    Follow
    Share
    The Dept. was set up to do a job so do it ! The inept Congress can鈥檛 do its job now so don鈥檛 give it anything else to screw up.
    Like (3)
    Follow
    Share
    We must demand transparency.
    Like (3)
    Follow
    Share
    The use of international banking infrastructure to move money for funding terrorism makes the world less safe for everyone. Ensuring that Congress knows when state sponsors of terrorism or specific sanctioned persons are able to use international banks will help combat this problem.
    Like (3)
    Follow
    Share
    Sure. Why not. Makes sense. I wish I knew what actual value and benefit my 鈥渞epresentatives鈥 (lol) were performing. I can tell they are enriching the Democratic Party and their fat cat elite special interests. But what are they doing for their constituents? My guess: nada
    Like (2)
    Follow
    Share
    The Democratic Party needs investigating
    Like (2)
    Follow
    Share
    And that list must be shared with the entire federal government
    Like (2)
    Follow
    Share
    Terrorism is real and well funded. America and Congress needs to know what is happening before it happens.
    Like (1)
    Follow
    Share
    Why are we providing anything to terrorist organizations? Yes absolutely we should have transparency.
    Like (1)
    Follow
    Share
    If that use it for what what its intended for!! but I think they will use it to continue to go after truth tellers like the tec companies and fake book are now we鈥檒l see there鈥檚 a lot of people goin to jail soon ! one only hopes that Thea鈥檚 big companies will be part of the group!! tick tock the dems are bout to get there just rewords!! I鈥檝e got front row tickets!! I only hope it makes the party extinct!! That way we save the country!! MAGA make the constitution the rule of law again stop the one world morons .. stop the communist push and the gun Grabbers . Stop the civil war that will come if this poison is not stoped the dems to a candidate wish to take our freedom and our guns nether will fly we will fight and die if it comes down to that.. And the weapons of war line pushed by the morons on the left is a fat lie The us army has sold surpluses weapons to the public for all the years of our history and amo you still can buy 1000 round amo cans !! it鈥檚 all a lie it鈥檚 not for hunting its four times like this when we need to take the government back from tyrants on the left pray for peace be ready to stand and fight
    Like (1)
    Follow
    Share
    I think the Dept. Can do it鈥檚 job without Congress getting involved beside Congress has enough it needs to focus on.
    Like (1)
    Follow
    Share
    Of course Congress should know what banks might be doing to support terrorism.
    Like (1)
    Follow
    Share
    Also, impeach Trump
    Like (1)
    Follow
    Share
    Absolutely I鈥檓 just waiting for us to turn into Europe. Stupid Muslims believe in a false God amazing what they find when they blow their selves up and die where they go. At all cost we need to stop them
    Like (1)
    Follow
    Share
    Of course. The funding mechanisms, and persons, funding of terrorism is definitely our congress鈥 business. If the treasury knows something, it needs to be shared to the House and Senate Intelligence Committees and Banking and Finance Committees.
    Like (1)
    Follow
    Share
    The Treasury already does this, so the bill is not needed.
    Like (1)
    Follow
    Share
    Congress's overweening arrogance is out of control.
    Like (1)
    Follow
    Share
    MORE