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house Bill H.R. 5783

Should Banks Get Safe Harbor From Regulators When Law Enforcement Asks Them to Keep a Suspected Criminal’s Account Open?

Argument in favor

This bill would help stop crime by allowing financial institutions to more easily, and without repercussion, help law enforcement.

Tooluser1's Opinion
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06/25/2018
Considering how dangerous it is to not "comply" with law enforcement "requests" these days, yes we ALL need a safe harbor...
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OldTimer's Opinion
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06/26/2018
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.
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IllWill's Opinion
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06/25/2018
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.
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Argument opposed

Financial institutions shouldn’t keep an account open at the request of law enforcement if the customer is engaged in illegal activity.

Deirdre 's Opinion
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06/25/2018
Somehow I think this bill would open the door to let the federal government have access to anybody’s accounts.
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Larry's Opinion
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06/26/2018
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.
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Dani's Opinion
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06/26/2018
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.
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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 Passed June 25th, 2018
    Roll Call Vote 379 Yea / 4 Nay
      house Committees
      Committee on Financial Services
    IntroducedMay 11th, 2018

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What is House Bill H.R. 5783?

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 of House Bill H.R. 5783

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)
    Follow
    Share
    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)
    Follow
    Share
    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.
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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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    This is a win-win situation that would help put these criminald away faster.
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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.
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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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    AYE!!!
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    Why would you not! It is a shame that Big Pharma, Oil, bank's deregulation Dodd-Frank, a President that is 1) violating the Emouluments Clause. And aledged to have threatened tariffs and big Pharma made out like fat rats! The GOP TAX SCAM has given life time tax breaks and families making $80,000 a year is only covered under this scam. As well as POTUS putting a sunset on the earned-tax credit. And the GOP plans on Privatization of Social Security . and all the work Obama did is being undone. We are now in debt $1.5TRILLION. Obama had us up $1.5TRILLION. Impeach Trump
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    Corruption seems always finding ways to hide when exemptions are enacted
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    Yes banks should not be held accountable when a client breaks the law.
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    Makes sense to protect someone obeying what law officers want.
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    Highly helpful
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    Sure, it only makes sense that if the "government" asks someone to do something, then the "government" should not punish someone for doing what is asked. Having said that, do you ever read these opinions? I read three for the bill and three against, and 5 out of the 6 I read didn't know the first thing about this bill. The three against said something to the effect of "this gives the gub'ment access to your bank account" (I'm paraphrasing, of course). Two of those for the bill said something goofy about something completely unrelated to this bill. Is this a forum for discussing specific issues and bills or is it a place for crazies to go jibber-jabbering? I left Face-palm-book because of stupidity...
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    Committing a crime to catch a criminal is still a crime.
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    Wall Street runs this country and its politicisns. How many of our civil liberties are we going surrender to them?
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