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Money Remittances Improvement Act

Floor Speech

Date: May 6, 2014
Location: Washington, DC
Issues: Business and Consumers Finance and Banking Federal, State and Local Relations

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Mrs. CAPITO. Madam Speaker, I yield myself such time as I may consume.

I would like to thank Mr. Ellison and Mr. Paulsen from the Financial Services Committee for drafting the legislation before us today. I know that many of their constituents rely on money transfer services--as many do across this country--to remit money to family members living abroad.

One of the current challenges facing the money service business and the regulatory agencies that enforce the law is a lack of information-sharing between the State and Federal entities. The end result is these entities are examined for compliance both at the State and Federal level.

H.R. 4386 seeks to reduce the compliance burden for these businesses by allowing for greater information sharing between State and Federal agencies. This legislation will make it easier for consumers seeking money transfers to access these services.

I commend the authors of this legislation for identifying the duplication between State and Federal compliance and putting forth a proposal to streamline the regulatory framework for these businesses.

Consumers will have greater access to the financial services they need and want, while at the same time making it easier for these businesses--and the financial institutions they partner with--to make sure they are in compliance with the law. I urge adoption of this bipartisan legislation.

I reserve the balance of my time.

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