A bill to amend title 31, United States Code, to strengthen certain currency reporting requirements, and for other purposes.

Summary

Amends Federal recordkeeping and reporting requirements for monetary instruments transactions to: (1) include within the definition of a "financial institution" any foreign subsidiary or affiliate of such an institution; (2) include as a "monetary instrument" any transfer of funds, as the Secretary of the Treasury may prescribe; and (3) require the Secretary to review each exemption from such requirements at least once each year and within 30 days after any change in management or control of an exempted institution occurs. Amends the Federal Deposit Insurance Act and the National Housing Act to allow the appropriate Federal regulatory agency to extend the period for disapproving a change in control of a federally-insured bank or savings and loan association beyond 90 days if additional time is needed to assure that all persons involved will comply with such recordkeeping and reporting requirements. Makes the proceeds of monetary instruments and depository institution accounts forfeited to, or seized by, the United States for an unlawful act available to the Secretary to enforce such requirements.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 10 December 1985

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

2. 10 December 1985

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

3. 10 December 1985

   Introduced

   Introduced in House

   Source: IntroReferral

4. 10 December 1985

   Introduced

   Introduced in House

   Source: IntroReferral

5. 16 April 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 17 April 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 23 April 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

8. 14 May 1986

   Committee

   Subcommittee Hearings Held.

   Source: Committee

9. 31 July 1986

   Committee

   See H.R.5176.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 10 December 1985

  Open at official source

Sponsors

• Rep. Wortley, George C. [R-NY-27] · R · Sponsor
• · hsba00 · Standing

Related records

• related to ← Comprehensive Money Laundering Prevention Act