H.R. 5594, National Strategy for Combating Terrorist, Underground, and Other Illicit Financing Act

H.R. 5594

National Strategy for Combating Terrorist, Underground, and Other Illicit Financing Act

Date
July 11, 2016 (114th Congress, 2nd Session)

Staff Contact
Robert Goad

Floor Situation

On Monday, July 11, 2016, the House will consider H.R. 5594, the National Strategy for Combating Terrorist, Underground, and Other Illicit Financing Act, under suspension of the rules. H.R. 5594 was introduced on June 28, 2016, by Rep. Michael Fitzpatrick (R-PA) and was referred to the Committee on Financial Services.

 

Bill Summary

H.R. 5594 requires the President, acting through the Treasury Secretary, to develop and publish an annual government strategy to combat money laundering and terrorist financing.

Background

After the terrorist attacks of Sept. 11, 2001, the US government put a lot of resources into various efforts to combat money laundering. However, fewer resources were used to combat terrorism financing and a number of “silos” within the government prevented information sharing. The House Financial Services Task Force to Investigate Terrorism Financing heard repeated testimony that federal information-sharing is inefficient and inter-agency coordination needs improvement.

This legislation seeks to improve efforts to combat terrorism financing by requiring the President to publish an updated strategy annually.

 

Cost

A CBO cost estimate is currently unavailable.

Additional Information

For questions or further information please contact Robert Goad with the House Republican Policy Committee by email or at 6-1831.