Money Remittances Improvement Act of 2014

Floor Speech

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Mr. ELLISON. Madam Speaker, I would like to start out by thanking Chairman Hensarling and Ranking Member Waters. I would also like to thank the people who I have worked closely with on the bill, including my own staff, who did a fine job, but also Congressman Paulsen, who has been my friend of many years; Congressman Duffy, who is away tending to family affairs with a newborn baby; and also Congressman Hinojosa and many others.

The fact is that this is a commonsense good piece of legislation. It is the kind of thing that it would be great if we worked on more of. Both Federal and State regulators have a responsibility to provide oversight over nonbank financial institutions like money services businesses, jewelry merchants, and mortgage brokers. However, Federal regulators have not been able to rely on the information that comes from the State exams for their oversight purposes. This bill changes that. In so doing, it reduces duplicative exams and increases efficiency.

Madam Speaker, I urge support of this bill because it reduces duplication in exams between State agencies and the IRS and makes the system more efficient. One reason I introduced the bill is because I want to see more money service businesses have access to bank accounts. Financial institutions will feel more assured in providing bank accounts because more nonbank financial institutions will now be formally examined.

Groups ranging from Oxfam America to Dahabshiil agree. New Americans know that their ability to send money back to their families in Somalia and elsewhere is literally a matter of life and death. For many Americans, remittances are a lifeline, providing food, shelter, education, and economic development.

This bill is an example of how robust oversight can reduce risk, resulting in greater beneficial activity. This bill received a great deal of support from a wide range of supporters.

Again, I would like to thank my cosponsors for the bill. I would also like to thank the Senate leads on the bill, Senators KIRK and KLOBUCHAR, and finally, again, Chairman Hensarling and Ranking Member Waters for prioritizing the need to improve regulatory oversight, which also meet humanitarian needs.

I urge my colleagues to support the Money Remittances Improvement Act, H.R. 4386.

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