S.Amdt. 2257

Mr. Reed submitted amendment SA 2257 to the bill S. 1582, which provides for the regulation of payment stablecoins and other purposes. Common sense tells us we need to keep a close eye on how money moves around, and this amendment gives the government more tools to do just that.

Here is what the amendment aims to change and add:

• It updates section 5318A of title 31, United States Code.

• It removes the phrase for or on behalf of a foreign banking institution from an existing paragraph.

• It adds a brand new rule allowing the Secretary to take action if they find certain foreign jurisdictions, foreign financial institutions, foreign accounts, or classes of foreign transactions to be of primary money laundering concern.

• If the Secretary finds a primary money laundering concern, they can prohibit or put conditions on certain transmittals of funds to or from any domestic financial institution or domestic financial agency, as long as the Secretary consults with the Secretary of State, the Attorney General, and the Chairman of the Board of Governors of the Federal Reserve System.