House Proceeding 07-22-08 on Jul 22nd, 2008 :: 2:47:21 to 2:49:08
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2:44:10 to 2:47:21( Edit History Discussion )
Speech By: Brian Higgins

2:47:07 to 2:47:21( Edit History Discussion )

Brian Higgins: a series of regulatory actions in which banks were fined millions of dollars in connection with the accounts they offered m.s.b.'s, most banks felt they had to make a choice, either do their own

2:47:21 to 2:47:33( Edit History Discussion )

Tom Davis: onsite investigation of an m.s.b.'s anti-money laundering program or live with the liability of not knowing how go or bad that particular program is. madam speaker, banks are not regulators

2:47:21 to 2:49:08( Edit History Discussion )
Speech By: Tom Davis

2:47:33 to 2:47:48( Edit History Discussion )

Tom Davis: and we should not expect them to act like regulators for a different industry. no one disagrees that banks and the m.s.b.'s should comply with all applicable anti-money laundering guidance. nonetheless,

2:47:48 to 2:48:02( Edit History Discussion )

Tom Davis: terminating account services to an entire industry could end up forcing its customers into the underground financial system. that, in itself, creates a significant money laundering risk.

2:48:02 to 2:48:13( Edit History Discussion )

Tom Davis: the measure before us drafted with a great deal of bipartisan cooperation by the gentlelady from new york, ms. maloney, one of the stars of this institution, and the gentleman from alabama,

2:48:13 to 2:48:26( Edit History Discussion )

Tom Davis: mr. bachus, would set up a system in which the treasury secretary posts a set of guidelines m.s.b.'s would need to meet to satisfy any money laundering requirement. when they comply, m.s.b.'s would

2:48:26 to 2:48:41( Edit History Discussion )

Tom Davis: self-certify their compliance to their bank. this self-certification function is balanced by strict penalties for those m.s.b.'s that misrepresent their compliance and would not excuse any banks

2:48:41 to 2:48:54( Edit History Discussion )

Tom Davis: from reporting suspicious activity, but it would relieve banks of the requirement to be the defacto regulator of m.s.b.'s, which is not the bank's job or obligation. in revealing this

2:48:54 to 2:49:08( Edit History Discussion )

Tom Davis: bill, the department of justice has raised a good point that i would like to emphasize. the bill requires the m.s.b.'s to certify to the satisfaction of the treasury secretary that they

2:49:08 to 2:49:23( Edit History Discussion )

Barbara Lee: are in good compliance, but only requires them to file their certification with their banks. mr. speaker, i think that among the regulations the treasury secretary, the secretary should require the m.s.b.'s

2:49:08 to 2:56:35( Edit History Discussion )
Speech By: Barbara Lee