Press Release: Congressman Riggleman gives Facebook live update on first bills
WASHINGTON— Congressman Denver Riggleman (VA-05) gave a Facebook live update on the bills he introduced last week. These four bills were the first bills Congressman Riggleman introduced as a member of Congress. The bills are numbered as follows:
H.R. 1036 The Preserving Access to Rural Installment Transaction for Years Act (PARITY)
H. R. 1037 The Banking Transparency for Sanctioned Persons Act
H. R. 1038 Requires Treasury take a more prominent role in coordinating AML / CFT policy and examinations and for other purposes
H.R. 1039 Streamlines requirements for SAR/CTR reporting
In an effort to continue to be a transparent representative of the 5th district, the Congressman took to Facebook live to explain what each of these bills would do and why they are important for the 5th district.
Watch the Facebook live video here:
Good morning, 5th district!
I wanted to talk to you this morning about 4 bills that we introduced last week. This is really to fulfill my pledge to be transparent and to tell everybody in the 5th district what we’re trying to do. Now I don’t know with all the bills coming up if we’ll be able to do this every week but I wanted to show you my mindset on these bills now that I am on the Financial Services committee. I just want to fulfill that pledge to you and I’m excited about these four bills. They might be in the weeds a bit but I’m very excited to share them with you.
The first one we introduced was H.R. 1036 its called the PARITY that breaks out to Preserving Access to Rural Installment Transaction for Years Act and what does this do? Well, banks have been exiting rural areas based on over-regulation and multiple factors over the past 10 years. So what we want to do here-especially for the 5th district-is improve access to safe and affordable housing by doing something a little different. And that’s by allowing Safe Seller Financial Transactions. What does that mean? It means that people can lend to other people to buy homes, especially in the manufactured housing sector. And the reason that we do this, and I know that this sounds pretty interesting and a little bit odd, but there are actually regulations on people loaning money to other people and we’re trying to reduce some of those regulations so it’s easier to gain access to financing for people to gain access to financing for homes in rural areas, which is something that is very near and dear to my heart.
I also did H. R. 1037 now this is where it gets a little bit wonky, so I’ll try to be specific and try and make this understandable. It’s called The Banking Transparency for Sanctioned Persons Act and I think the Treasury Secretary to submit a semi-annual report regarding financial services for state sponsors of terrorism and what this does is it puts banks on alert that Congress will be watching which banks are dealing with sanctioned entities. This is something again that I dealt with in my counterterrorism and ‘follow the money’ background. So, while we are trying to reduce regulations for banks and allow easier lending, we do need to have a very specific idea on who the human rights abusers are and if we’re doing business with them.
The next one is H. R. 1038 I get excited about this wonky technical stuff because I love it. This requires Treasury take a more prominent role in coordinating AML (Anti Money Laundering) / CFT (Criminal Financing of Terrorism) and taking that policy and to take a permanent role in what AML and CFT is doing. And really what we’re asking is the Department of the Treasury to establish and make public its priorities for money laundering and anti-terrorism. Why do we want to do this? Because we want to create a more efficient system and make law enforcement and national security experts more involved in supervising anti-money laundering and criminal financing of terrorism. This is something that, again, is all about transparency, and we think the Department of Treasury needs to take a more active role.
And the last one is H.R. 1039 this Streamlines requirement for SAR/CTR reporting: SAR is Suspicious activity report and CTR is a Criminal Transaction Report. And what these are, specific deposits that go into banks can be tracked, without warrants. And what I want to do with this actual bill, is for the Secretary of Treasury to propose changes that help law enforcement and the financial institutions to combat money laundering and create a more transparent compliance system.
So you can see that these bills are about transparency and it’s about allowing banks and giving them guidelines they have to meet to fight money laundering activities, with the bank secrecy act. But it’s also about giving people the opportunity to own homes in rural areas and to take banking regulations out of some of those transactions. I’m really excited to put forth these four bills is an honor, for me, as a representative of the 5th district. I appreciate you guys, I know it’s wonky and technical today. This isn’t the most exciting thing. The exciting thing to me is that we want to stop terrorism, we want to stop money laundering, we want to stop sex trafficking, we want to stop human trafficking. We want to make sure that banks know how to do that, and that this is transparent. We want to make sure people in rural areas are able to get housing when banks aren't available. Thank you very much, if you have any questions please call our office, I’m right here in Longworth 1022. You can reach our office at 202-225-4711. Thank you, and have a great day.