Cooperate with Law Enforcement Agencies and Watch Act of 2019

Floor Speech

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Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 758) to provide a safe harbor for financial institutions that maintain a customer account or customer transaction at the request of a Federal or State law enforcement agency, as amended.

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Mr. Speaker, H.R. 758 would strengthen cooperation between financial institutions and law enforcement agencies to better detect, deter, and combat terrorism and financial crimes.

With respect to the Bank Secrecy Act anti-money laundering, referred to as BSA/AML, supervisory actions, this bill would carve out a narrow safe harbor for financial institutions to keep a customer's account open at the written request of a law enforcement agency, including those at the Federal, State, local, and Tribal levels.

This cooperation will enable law enforcement agencies to follow the money in the bank accounts of terrorists, human traffickers, corrupt officials, and those involved with organized crime.

Of equal importance, the legislation provides an assurance to financial institutions, clarifying that they will not be held liable for their cooperation and collaboration with law enforcement in helping to thwart illicit finance.

I will note that law enforcement agencies are currently expected to provide a written notice to financial institutions, requesting that the accounts of bad actors remain open to monitor transactions and build stronger criminal cases. However, this practice does not always happen and exposes financial institutions to enforcement actions from their banking regulators. Banks should not be put in a position to choose whether or not to help law enforcement out of concern about regulatory consequences.

We simply cannot allow bad actors to launder money and finance terror through our banks. H.R. 758 will encourage financial institutions to maintain a strong partnership with law enforcement.

In the 115th Congress, this bill was unanimously approved by the Financial Services Committee. The House passed the bill by a vote of 379-4.

I thank the gentleman from Arkansas (Mr. Hill) and the gentleman from Illinois (Mr. Foster) for introducing this bipartisan piece of legislation. This bill is one example of our committee's efforts to fight terrorism, corruption, and financial crime. I urge all Members to vote ``yes'' on H.R. 758.

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Ms. WATERS.

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Ms. WATERS. Mr. Speaker, I am pleased that Mr. Hill and Mr. Foster have brought this measure to the House on a bipartisan basis. It will help provide law enforcement more access to the critical information it needs and in a timely manner.

Mr. Speaker, I urge my colleagues to join me in supporting this important piece of legislation, and I yield back the balance of my time.

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Ms. WATERS. Mr. Speaker, on that I demand the yeas and nays.

The yeas and nays were ordered.

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