must-pass amendment
Sen. Mark Warner (D, VA) and his co-sponsors Sens. Mike Rounds (R, MT), Jack Reed (D, RI) and Mitt Romney (R, UT) appear to be trying to add at least a part of their “Terrorism Financing Prevention Act” (S.3441) to a “must-pass” bill [H.R.815] “RELIEVE Act” which supports the Veterans Community Care program and is sponsored by Rep. Cathy McMorris Rodgers (R, WA), Chair of the House Energy and Commerce Committee,
Warner first introduced his bill in December which aims at sanctioning any firm that is facilitating payments to “Foreign Terrorist Organizations” rather than the current limits of the law which focuses on Hezbollah. The legislation also includes a piece of Sen. Reed’s CANSEE Act which gives “FinCEN authority to restrict transactions with ‘primary money laundering concerns’ that do not involve a U.S. correspondent bank account.” Senator Warner’s December press release explains, “This provision will provide FinCEN with appropriate tools to address threats involving digital assets and non-traditional finance networks, just as they currently can where correspondent accounts are involved.”
Congress.gov notes that the amendment was submitted this past Friday and currently includes nearly all of the original text of S.3441. Warner is trying to attach his amendment to the Senate amendment [S.Amdt.1388].
what you should know: Warner’s bill received a lukewarm reception from Secretary Yellen during a Q&A with the Senator at last week’s FSOC hearing.