H.R. 5606, Anti-terrorism Information Sharing is Strength Act

H.R. 5606

Anti-terrorism Information Sharing is Strength Act

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

Staff Contact
Robert Goad

Floor Situation

On Monday, July 11, 2016, the House will consider H.R. 5606, the Anti-terrorism Information Sharing is Strength Act, under suspension of the rules. H.R. 5606 was introduced on June 28, 2016, by Rep. Robert Pittenger (R-NC) and was referred to the Committee on Financial Services.

Bill Summary

H.R. 5606 enhances safe harbor provisions for information sharing among financial institutions and government agencies and broadens the range of suspected illegal activities. In addition, the bill requires the Secretary of the Treasury to submit a study to Congress that determines the appropriate level of information sharing with foreign subsidiaries within 120-days after enactment.


The PATRIOT Act created a safe harbor provision allowing for limited information sharing to combat money laundering and terrorist financing. However, some components of the safe harbor have not been widely used, and recent court decisions have called into question a banks’ liability for complying with reporting requirements related to money laundering, which has required Congress to clarify the laws intent.

Some court rulings have been interpreted to mean that banks must have a “good faith” understanding that a crime has been committed before filing the statutorily required Suspicious Activity Report (SAR) with the Treasury Financial Crimes Enforcement Network (FinCEN). According to the bill sponsor, the change proposed by this bill would ensure that financial institutions file SARs without fear of civil litigation simply for complying with federal law, and would facilitate the flow of critically-important suspicious activity reporting.



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.