[Congressional Record Volume 171, Number 86 (Wednesday, May 21, 2025)]
[Senate]
[Page S3083]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2257. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. PROHIBITIONS OR CONDITIONS ON CERTAIN TRANSMITTALS 
                   OF FUNDS.

       Section 5318A of title 31, United States Code, is amended--
       (1) in subsection (a)(2)(C), by striking ``subsection 
     (b)(5)'' and inserting ``paragraphs (5) and (6) of subsection 
     (b)''; and
       (2) in subsection (b)--
       (A) in paragraph (5), by striking ``for or on behalf of a 
     foreign banking institution''; and
       (B) by adding at the end the following:
       ``(6) Prohibitions or conditions on certain transmittals of 
     funds.--If the Secretary finds a jurisdiction outside the 
     United States, 1 or more financial institutions operating 
     outside the United States, 1 or more types of accounts 
     within, or involving, a jurisdiction outside the United 
     States, or 1 or more classes of transactions within, or 
     involving, a jurisdiction outside the United States to be of 
     primary money laundering concern, the Secretary, in 
     consultation with the Secretary of State, the Attorney 
     General, and the Chairman of the Board of Governors of the 
     Federal Reserve System, may prohibit, or impose conditions 
     upon, certain transmittals of funds (to be determined by the 
     Secretary) to or from any domestic financial institution or 
     domestic financial agency if that transmittal of funds 
     involves any such jurisdiction, institution, class of 
     transaction, or type of account.''.
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