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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
  • The house Passed June 25th, 2018
    Roll Call Vote 379 Yea / 4 Nay
      house Committees
      House Committee on Financial Services
    IntroducedMay 11th, 2018

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What is it?

This bill ― the Cooperate with Law Enforcement Agencies and Watch Act ― would provide a safe harbor for financial institutions that maintain a customer account at the request of a federal or state law enforcement agency. Currently, under the Bank Secrecy Act and anti-money laundering regulations, banks face strict rules for managing accounts so that they cannot facilitate money laundering, terrorism financing, drug running, and other illegal activities.

Impact

Financial institutions; and law enforcement.

Cost

A CBO estimate is unavailable.

More Information

In-DepthIntroduced by Rep. French Hill (R-AR), this bill seeks to strengthen protections for financial institutions that are called upon by law enforcement for help during criminal investigations.

“As a former community banker, I have dealt with the conflict of wanting to help law enforcement agencies when receiving a ‘Keep Open Letter,’ while not being able to because of the need to comply with the requirements set forth by a regulator. That is why I am pleased to introduce this commonsense bill, which enables partnerships without repercussions between law enforcement agencies and our local financial institutions by allowing law enforcement to monitor cash flows associated with criminal investigations at a financial institution... This is another way Congress is giving our law enforcement the tools they need to prosecute bad actors wanting to use the American financial system for their criminal acts and to keep Americans safer.

This bill passed the House Committee on Financial Services on a 55-0 vote and has the support of one cosponsor, Rep. Bill Foster (D-IL).


Media:

Summary by Lucas McConnell

(Photo Credit: Chalabala/iStock)

AKA

Cooperate with Law Enforcement Agencies and Watch Act of 2018

Official Title

To provide a safe harbor for financial institutions that maintain a customer account at the request of a Federal or State law enforcement agency.

    Considering how dangerous it is to not "comply" with law enforcement "requests" these days, yes we ALL need a safe harbor...
    Like (18)
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    Somehow I think this bill would open the door to let the federal government have access to anybody’s accounts.
    Like (29)
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    There are already laws in place to allow law enforcement access to bank accounts when they go through the proper channels and get a warrant to search. Passing this Bill would give anybody in any branch of the Justice Dept. full access to your bank account information. There is already too much information being "shared" without our knowledge and I see this leading to nothing but problems for innocent people.
    Like (21)
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    All bank accounts leave paper trails. Any investigative practices can be done without this. Remember, humans are subjective. This country is currently having a problem identifying truth and justice. Criminals also wear badges. They often hide within the law enabling them to commit larger crimes. This is also where a large portion of organized crime sits. I say no.
    Like (18)
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    Seems very logical to me that a business helping LE at the request of LE should not be held accountable for laws broken or monies lost.
    Like (4)
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    Could this be a form of entrapment? Could a law-abiding citizen be caught up in this. Surely the closed account transactions should be enough evidence when the law is broken.
    Like (4)
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    This bill is really just common sense. Law enforcement and regulators shouldn’t be at odds with one another. If a bank needs to keep an account open at the request of the police then they shouldn’t be penalized by regulators.
    Like (3)
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    Right now I want to know why congress hasn’t started impeachment proceeding on Trump and Pence and why congress hasn’t stepped in and demanded complete Transparency of the facilities where their holding the children? Why can’t our senators and our press corps tour of the complete facilities every room everywhere to make sure the children are being cared for properly. What are they doing with the children that they don’t want us to see? Why haven’t you done this Steve Knight?
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    No. But when you have a #gop Representative who continuously is Trump's suppository a constituent cant expect to have their opinions honored. Yet Abraham wants to be Governor? What a job? He's done nothing to deserve that title.
    Like (1)
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    This is a win-win situation that would help put these criminald away faster.
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    This bill would help stop crime by allowing financial institutions to more easily, and without repercussion, help law enforcement.
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    No
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    Oh no, too big to fail banks are having trouble complying with regulation? Put the bastard CEOs in jail, then talk to me about how “law enforcement” needs this change.
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    Yes, of course!!!
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    Thank you Kay Granger
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    If they are only being asked, this would mean they have insufficient evidence to make an arrest. The bank would be complicit in unethical law enforcement procedure. If the bank is interested in steering clear, they should wait for a court order.
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    As long a this isn't used to spy on private citizens, this seems like a good idea. However, I'm sure the government will find a way to use it to "prove" a person is laundering money or committing some crime that have nothing to do with in least.
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    This would cause a constitutional problem. I can’t imagine any representative would be dumb enough to to vote for this.
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    AYE!!!
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    Open, no. But I do feel that banks should keep a detail about what goes on with the accounts.
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