Urging Congress and the Trump Administration to stop federal regulators from pressuring banks to unjustly debank customers.
Impact
If adopted, SCR44 signals a legislative intent to advocate for the modernization of anti-money laundering laws to focus more effectively on genuine financial crime issues while easing concerns related to compliance risk for banks. The resolution aims to encourage a nuanced approach to regulation that would allow banks to engage with law-abiding customers without fear of severe penalties or loss of business due to unfounded risks imposed by regulatory expectations.
Summary
SCR44 is a concurrent resolution urging Congress and the Trump Administration to act against federal regulators' practice of pressuring banks to debank customers, specifically targeting individuals and businesses perceived as risky. This resolution underscores the balance that must be struck between enforcing anti-money laundering laws and ensuring that innocent clients can maintain access to financial services without undue burden. It highlights the damaging impacts of regulatory environments on banking practices, particularly referencing historical instances such as Operation Choke Point, where specific industries were unjustly targeted by regulatory pressure.
Contention
Notably, the bill reflects contention in the ongoing debate over regulatory authority and its implications. Proponents argue that excessive regulatory pressure harms legitimate businesses and individuals, making it difficult for them to access necessary financial services. Conversely, opponents may highlight the importance of stringent regulations to combat serious crimes such as human trafficking and drug-related activities, stressing that the financial system must remain fortified against misuse while navigating the concerns raised by this resolution.
Urging Congress to amend federal law to allow states to provide for the consolidation of federally funded workforce development services with federally funded social safety net services.
Declaring an invasion of the State of Texas by transnational cartel terrorists; urging the Governor to accelerate construction of a wall along the southern border; urging the U.S. Congress to deploy military forces.
Declaring an invasion of the State of Texas by transnational cartel terrorists, urging the governor to accelerate the construction of a wall along the Southern Border, and urging Congress to deploy military forces to combat transnational cartels.
Declaring an invasion of the State of Texas by transnational cartel terrorists, urging the governor to accelerate the construction of a wall along the Southern Border, and demanding that Congress deploy military forces to combat transnational cartels.