Rep. French Hill (R-AR), recently introduced the Cooperate with Law Enforcement Agencies and Watch Act, which seeks to protect financial institutions that maintain a customer account at the request of a federal or state law enforcement agency
“As a former community banker, I have dealt with the conflict of wanting to help law enforcement agencies when receiving a ‘Keep Open Letter,’ while not being able to because of the need to comply with the requirements set forth by a regulator,” Hill said. “That is why I am pleased to introduce this commonsense bill, which enables partnerships without repercussions between law enforcement agencies and our local financial institutions by allowing law enforcement to monitor cash flows associated with criminal investigations at a financial institution.”
The House referred the bill, H.R. 5783, to the House Committee on Financial Services. Rep. Bill Foster (D-IL), who serves on the House Committee on Financial Services, cosponsored the bill.
“This is another way Congress is giving our law enforcement the tools they need to prosecute bad actors wanting to use the American financial system for their criminal acts and to keep Americans safer,” Hill, who is the Majority Whip of the House Committee on Financial Services, said.