H.R. 5607, Enhancing Treasury's Anti-Terror Tools Act

H.R. 5607

Enhancing Treasury's Anti-Terror Tools Act

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

Staff Contact
John Huston

Floor Situation

On Monday, July 11, 2016, the House will consider H.R. 5607, the Enhancing Treasury’s Anti-Terror Tools Act, under suspension of the rules. H.R. 5607 was introduced on June 28, 2016, by Rep. Robert Pittenger (R-NC), and was referred to the Committee on Financial Services, and in addition, the Committees on Foreign Affairs, Way and Means, Armed Services, and the Permanent Select Committee on Intelligence.

Bill Summary

H.R.5607 enhances a number of the tools that the Treasury Department uses in its efforts to combat the financing of terror, money laundering and related illicit finance. Specifically, the bill requires the Treasury Department to investigate ways to incorporate U.S. Embassies into counter-terrorism financing efforts, assess ways to improve anti-terror finance monitoring of cross-border fund transfers, and implement a program to enhance intergovernmental efforts to combat terrorist financing. The bill also adds the Secretary of the Treasury to the National Security Council.

Background

U.S. and international efforts to combat terrorist financing abroad include a number of interdependent activities. These include targeted sanctions, intelligence and law enforcement, global guidance and regulatory standard-setting, as well as training and technical assistance to build the capabilities of national government anti-money laundering and combating the financing of terrorism efforts.

According to the bill sponsor, the bill “represent[s] an important step for our government in recognizing the various threats we face enabled through various terrorism financing efforts. Our objective is to enact federal policies to stop the flow of illicit dollars to criminal and terror organizations.”[1]

—————–
[1] See Rep. Robert Pittenger Press Release, “Congressman Pittenger Introduces Two Bipartisan Bills To Cut Off Terrorist Financing,” July 5, 2016.

Cost

A Congressional Budget Office (CBO) cost estimate is currently not available. However, CBO has provided the Committee with informal guidance on the cost of the bill, indicating that the bill does not affect direct spending or revenues.

Additional Information

For questions or further information please contact John Huston with the House Republican Policy Committee by email or at 6-5539.