Money Remittances Improvement Act

Floor Speech

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Mr. DUFFY. Madam Speaker, I rise today in favor of H.R. 4386, the Money Remittance Improvement Act.

I want to thank my colleague Rep. Ellison for his hard work and leadership on this important issue.

Madam Speaker, I proudly come from a family of 13--10 brothers and sisters--and my wife Rachel comes from a family of six. Both of our families are spread across the United States and at times are spread across the world. It has always been a comfort to know that we can rely on each other in good and hard financial times, and that's a value Rachel and I hope to pass on to our six--soon to be seven--children.

Sadly, duplicative requirements under current law for money service businesses make it difficult to wire money outside the United States to certain countries. Congress enacted laws to restrict money being sent internationally for illegal or fraudulent activity, but they never required the Federal government to coordinate many of those protections with State financial regulators. In fact, current law actually restricts these parties from sharing much of that information.

Not only does this create inefficiencies, but it creates confusion as well. And this confusion often prevents the hardworking Hmong in my district from sending money to their loved ones, cutting off financial support. That is why they are supporting H.R. 4386, and I submit their letter of support.

Madam Speaker, by requiring the Federal government to better communicate with State financial regulators of Wisconsin and the United States, as H.R. 4386 does, families spread across the world will enjoy the same peace of mind that Rachel and I do.

This is a common sense piece of legislation that will not only protect everyone from unscrupulous financial activity but also improve the lives of all hardworking families throughout the world.

I urge all Members to support H.R. 4386.

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