S.Amdt. 2510
What it does: Adds SEC. 1082. COMPLIANCE AUTHORITY FOR CERTAIN REPORTING REQUIREMENTS at the end of subtitle H of title X
Sen. Mark Kirk (R-IL)What it changes
1 change to S. 1197 · shown in the bill's text
Adds SEC. 1082. COMPLIANCE AUTHORITY FOR CERTAIN REPORTING REQUIREMENTS at the end of subtitle H of title X
Adds a sectionIn S. 1197 · Placed on Calendar Senate
(e) Date for Submittal of Comptroller General of the United States Report.--Subsection (d) of such section is amended by striking "December 30, 2013" and inserting "December 31, 2014".
Inserted: SEC. 1082. COMPLIANCE AUTHORITY FOR CERTAIN REPORTING REQUIREMENTS.
Inserted: (a) Compliance With Reporting Requirements on Monetary Instrument Transactions.--Section 5318(a) of title 31, United States Code, is amended--
Inserted: (1) in paragraph (5), by striking "and" at the end;
Inserted: (2) by redesignating paragraph (6) as paragraph (7); and
Inserted: (3) by inserting after paragraph (5) the following:
Inserted: "(6) rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that, under the laws of the State--
Inserted: "(A) the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or
Inserted: "(B) the State supervisory agency is authorized to ensure that the category of financial institution complies with this subchapter and regulations prescribed under this subchapter; and".
Inserted: (b) Compliance With Reporting Requirements of Other Financial Institutions.--Section 128 of Public Law 91-508 (12 U.S.C. 1958) is amended--
Inserted: (1) by striking "this title" and inserting "this chapter and section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b)"; and
Inserted: (2) by inserting at the end the following: "The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that under the laws of the State, the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency is authorized to ensure that the category of financial institution complies with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act).".
Inserted: (c) Consultation With State Agencies.--In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91-508 (12 U.S.C. 1958), the Secretary of the Treasury shall consult with State supervisory agencies.
Original wording
At the end of subtitle H of title X, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2510. Mr. KIRK submitted an amendment intended to be proposed by him to the bill S. 1197, to authorize appropriations for fiscal year 2014 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle H of title X, add the following:
SEC. 1082. COMPLIANCE AUTHORITY FOR CERTAIN REPORTING REQUIREMENTS.
(a) Compliance With Reporting Requirements on Monetary Instrument Transactions.--Section 5318(a) of title 31, United States Code, is amended--
(1) in paragraph (5), by striking “and” at the end;
(2) by redesignating paragraph (6) as paragraph (7); and
(3) by inserting after paragraph (5) the following:
“(6) rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that, under the laws of the State--
“(A) the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or
“(B) the State supervisory agency is authorized to ensure that the category of financial institution complies with this subchapter and regulations prescribed under this subchapter; and”.
(b) Compliance With Reporting Requirements of Other Financial Institutions.--Section 128 of Public Law 91-508 (12 U.S.C. 1958) is amended--
(1) by striking “this title” and inserting “this chapter and section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b)”; and
(2) by inserting at the end the following: “The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that under the laws of the State, the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency is authorized to ensure that the category of financial institution complies with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act).”.
(c) Consultation With State Agencies.--In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91-508 (12 U.S.C. 1958), the Secretary of the Treasury shall consult with State supervisory agencies.
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Senate amendment submitted
November 21, 2013