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Limiting Money Transfer Fees: Protecting Against Illicit Flows

This new act aims to limit additional taxes and fees on money transmitting businesses. The goal is to prevent an increase in illegal money transfers, which can be used for money laundering or terrorist financing. This means citizens using legitimate money transfer services may avoid higher costs, while also supporting the fight against financial crime.
Key points
The federal government cannot impose new excise taxes or fees on money transmitting businesses unless it's certified that such fees won't increase money laundering or financial crime risks.
The act seeks to protect legitimate remittance channels, so citizens are not forced to use unregulated systems more susceptible to criminal exploitation.
The changes aim to reduce financial burdens on money transmitting businesses, potentially leading to lower costs for individuals sending money internationally.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_4274
Sponsor: Rep. Liccardo, Sam T. [D-CA-16]
Process start date: 2025-07-02
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Remittance Expense Minimization and Integrity for Transfers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4274.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-07-02.

What are the main provisions?

Key points include:

  • The federal government cannot impose new excise taxes or fees on money transmitting businesses unless it's certified that such fees won't increase money laundering or financial crime risks.
  • The act seeks to protect legitimate remittance channels, so citizens are not forced to use unregulated systems more susceptible to criminal exploitation.
  • The changes aim to reduce financial burdens on money transmitting businesses, potentially leading to lower costs for individuals sending money internationally.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Liccardo, Sam T. [D-CA-16].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Economy Security