[Congressional Record Volume 164, Number 135 (Wednesday, August 15, 2018)]
[Senate]
[Page S5659]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3696. Mr. COTTON submitted an amendment intended to be proposed by 
him to the bill S. 3045, to amend title 31, United States Code, to 
establish a safe harbor with respect to keep open letters; which was 
referred to the Committee on Banking, Housing, and Urban Affairs; as 
follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Cooperate with Law 
     Enforcement Agencies and Watch Act of 2018''.

     SEC. 2. SAFE HARBOR WITH RESPECT TO KEEP OPEN LETTERS.

       (a) In General.--Subchapter II of chapter 53 of title 31, 
     United States Code, is amended by adding at the end the 
     following:

     ``Sec. 5333. Safe harbor with respect to keep open letters

       ``(a) In General.--With respect to a customer account or 
     customer transaction of a financial institution, if a 
     Federal, State, Tribal, or local law enforcement agency 
     requests, in writing, the financial institution to keep such 
     account or transaction open--
       ``(1) the financial institution shall not be liable under 
     this subchapter for maintaining such account or transaction 
     consistent with the parameters of the request; and
       ``(2) no Federal or State department or agency may take any 
     adverse supervisory action under this subchapter with respect 
     to the financial institution for maintaining such account or 
     transaction consistent with the parameters of the request.
       ``(b) Rule of Construction.--Nothing in this section may be 
     construed--
       ``(1) from preventing a Federal or State department or 
     agency from verifying the validity of a written request 
     described under subsection (a) with the Federal, State, 
     Tribal, or local law enforcement agency making the written 
     request; or
       ``(2) to relieve a financial institution from complying 
     with any reporting requirements, including the reporting of 
     suspicious transactions under section 5318(g).
       ``(c) Letter Termination Date.--For purposes of this 
     section, any written request described under subsection (a) 
     shall include a termination date after which such request 
     shall no longer apply.''.
       (b) Clerical Amendment.--The table of contents for 
     subchapter II of chapter 53 of title 31, United States Code, 
     is amended by inserting after the item relating to section 
     5332 the following:

``5333. Safe harbor with respect to keep open letters.''.
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