H.R.5036 - Financial Technology Protection Act115th Congress (2017-2018) |
|Sponsor:||Rep. Budd, Ted [R-NC-13] (Introduced 02/15/2018)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-984|
|Latest Action:||Senate - 09/27/2018 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Text: H.R.5036 — 115th Congress (2017-2018)All Information (Except Text)
Text available as:
Referred in Senate (09/27/2018)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To establish an Independent Financial Technology Task Force, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a FinTech Leadership in Innovation Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.
This Act may be cited as the “Financial Technology Protection Act”.
It is the sense of Congress that the Federal Government should prioritize the investigation of terrorist and illicit use of new financial technology, including digital currencies.
(1) the Secretary of the Treasury, who shall serve as the head of the Task Force;
(2) the Attorney General;
(3) the Director of the Central Intelligence Agency;
(4) the Director of the Financial Crimes Enforcement Network;
(5) the Director of the Secret Service;
(6) the Director of the Federal Bureau of Investigation; and
(7) 6 individuals appointed by the Secretary of the Treasury to represent the private sector (including the banking industry, nonprofit groups, and think tanks), with at least 1 of such individuals having experience in the Fintech industry.
(1) conduct independent research on terrorist and illicit use of new financial technologies, including digital currencies; and
(2) develop legislative and regulatory proposals to improve counter-terrorist and counter-illicit financing efforts.
(c) Annual congressional report.—Not later than 1 year after the date of the enactment of this Act, and annually thereafter, the Task Force shall issue a report to the Congress containing the findings and determinations made by the Task Force in the previous year and any legislative and regulatory proposals developed by the Task Force.
(a) In general.—The Secretary of the Treasury, in consultation with the Attorney General, shall establish a fund to pay a reward, not to exceed $450,000, to any person who provides information leading to the conviction of an individual involved with terrorist use of digital currencies.
(b) Use of fines and forfeitures.—With respect to fines and forfeitures related to the conviction of an individual involved with terrorist use of digital currencies, the Secretary of the Treasury shall, subject to the availability of appropriations made in advance—
(1) use such amounts to pay rewards under this section related to such conviction; and
(2) with respect to any such amounts remaining after payments are made under paragraphs (1) and (2), deposit such amounts in the FinTech Leadership in Innovation Program.
(a) Establishment.—There is established a program to be known as the “FinTech Leadership in Innovation Program”, which shall be funded as provided under section 4(b)(2).
(1) IN GENERAL.—The Secretary of the Treasury shall make grants for the development of tools and programs to detect terrorist and illicit use of digital currencies.
(2) ELIGIBLE RECIPIENTS.—The Secretary may make grants under this subsection to entities located in the United States, including academic institutions, companies, nonprofit institutions, individuals, and any other entities locating in the United States that the Secretary determines appropriate.
(3) ELIGIBLE PROJECTS.—With respect to tools and programs described under paragraph (1), in addition to grants for the development of such tools and programs, the Secretary may make grants under this subsection to carry out pilot programs using such tools, the development of test cases using such tools, and research related to such tools.
(A) technology that is nonproprietary or that is community commons-based;
(B) computer code that is developed and released on an open source basis;
(C) tools that are proactive (such as meeting regulatory requirements under “know your customer” and anti-money laundering requirements for any entity that has to comply with U.S. Government regulations) vs. reactive (such as aiding law enforcement organizations in catching illegal activity after the fact); and
(D) tools and incentives that are on decentralized platforms.
(A) USE OF EXISTING GLOBAL STANDARDS.—Any new technology developed with a grant made under this subsection shall be based on existing global standards, such as those developed by the Internet Engineering Task Force (IETF) and the World Wide Web Consortium (W3C).
(B) SUPPORTING EXISTING LAWS OR REGULATIONS.—Tools and programs developed with a grant made under this subsection shall be in support of existing laws or regulations, including the Bank Secrecy Act, and make efforts to balance privacy and anti-money laundering concerns.
(C) OPEN ACCESS REQUIREMENT.—Tools and programs developed with a grant made under this subsection shall be freely accessible and usable by the public. This requirement may be fulfilled by publicly availing application programming interfaces or software development kits.
For purposes of this Act:
(A) section 21 of the Federal Deposit Insurance Act;
(B) chapter 2 of title I of Public Law 91–508; and
(C) subchapter II of chapter 53 of title 31, United States Code.
(i) is used as a medium of exchange, unit of account, or store of value; and
(ii) is not established legal tender, whether or not denominated in established legal tender; and
(i) a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for legal tender, bank credit, or digital currency; or
(ii) a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.
(3) TERRORIST.—The term “terrorist” includes a person carrying out domestic terrorism or international terrorism (as such terms are defined, respectively, under section 2331 of title 18, United States Code).
Passed the House of Representatives September 26, 2018.
|Attest:||karen l. haas,|