International Financial Access Improvements Act

Bill Number

H.R. 6829

Origin Chamber

House

Congress

119th Congress, Session 1

Policy Area

International Affairs

Status

Introduced

Latest Action

2025-12-17: Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Last Updated

2026-02-03T18:02:31Z

AI-Generated Summary

Purpose

The legislation, titled the "International Financial Access Improvements Act," aims to enhance the U.S. government's reporting on global efforts to combat narcotics-related money laundering. It amends the Foreign Assistance Act of 1961 to improve the International Narcotics Control Strategy Report by requiring more detailed information on country-specific progress and promoting consistency in U.S. financial oversight examinations.

Key Provisions

• Amendments to the International Narcotics Control Strategy Report:
• Requires the report to include specific examples of improvements by countries in addressing narcotics-related money laundering, such as adopting anti-laundering laws, enforcement actions (e.g., penalties, prosecutions, asset seizures), changes in international evaluations, prevention efforts, and participation in bilateral or multilateral initiatives.
• Mandates consultation between the President and the Secretary of the Treasury for all money laundering-related sections of the report.
• Directs the creation of a separate volume dedicated to money laundering issues, which must be submitted to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs.

• Report on Bank Secrecy Act (BSA) Examinations:
• The Secretary of the Treasury must consult with federal banking agencies (e.g., regulators like the Federal Reserve), the Financial Institutions Examination Council, and the Bank Secrecy Act Advisory Group within 180 days of enactment to develop more uniform BSA exams across agencies.
• Submit a report to the same congressional committees outlining steps to achieve this consistency.
• Defines the BSA as key U.S. laws requiring financial institutions to report suspicious activities to prevent money laundering and other crimes; "federal banking agency" refers to regulators overseeing banks, such as those under the Federal Deposit Insurance Act.

Significant Changes to Existing Law

• Updates Section 489(a)(7) of the Foreign Assistance Act of 1961 by correcting a reference (from paragraph (3)(D) to (3)(C)) and adding a new subparagraph (D) for detailed examples of anti-money laundering progress, which was not previously required.
• Introduces new procedural requirements, including mandatory Treasury consultation and a dedicated report volume, to separate and highlight money laundering content from the broader narcotics strategy report.
• Adds a standalone mandate for a Treasury-led report on standardizing BSA examinations, which builds on existing anti-money laundering frameworks but requires proactive inter-agency coordination not previously specified in law.

Potential Impacts

• On Government Agencies: Increases workload for the State Department (via the President's report) and Treasury Department, including consultations and new reporting obligations; promotes better coordination among federal banking regulators to standardize exams, potentially reducing inconsistencies in oversight of financial institutions.
• On Citizens: Indirectly benefits U.S. citizens by strengthening global efforts to disrupt narcotics trafficking networks that fund crime and terrorism, though it does not directly affect individual rights or services.
• On International Relations: Encourages foreign countries to demonstrate tangible anti-money laundering improvements to avoid negative assessments in U.S. reports, which could influence foreign aid eligibility under the Foreign Assistance Act; fosters multilateral cooperation through highlighted initiatives, potentially improving U.S. partnerships in narcotics control.

Main Stakeholders Affected

• U.S. Government Entities: Department of State (report preparation), Department of the Treasury (consultations and BSA report), federal banking agencies (e.g., FDIC, OCC for exam consistency), and congressional committees (Financial Services and Banking, Housing, and Urban Affairs for oversight).
• Foreign Governments and International Bodies: Countries assessed in the report, particularly those involved in narcotics production or transit; organizations like the Financial Action Task Force (an international anti-money laundering standards body) whose evaluations are referenced.
• Financial Sector: U.S. banks and institutions subject to BSA exams, which may face more uniform regulatory scrutiny; international financial entities benefiting from global prevention efforts.

Notable Legal, Constitutional, or Political Implications

• Legal: Enhances transparency and accountability in foreign assistance reporting without altering core anti-money laundering laws, but could lead to more rigorous enforcement if improvements trigger aid conditions; the 180-day deadline for the BSA report ensures timely implementation.
• Constitutional: No direct implications, as it operates within Congress's powers over foreign affairs and commerce; respects separation of powers by involving executive agencies while mandating congressional notifications.
• Political: Signals bipartisan focus on financial crimes linked to narcotics, potentially pressuring underperforming countries through public reporting; the separate money laundering volume could amplify scrutiny in Congress, influencing future funding or sanctions debates, though the bill's referral to multiple committees suggests potential for broader financial policy discussions.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Waters, Maxine [D-CA-43]

Recent Actions

• 2025-12-17: Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• 2025-12-17: Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• 2025-12-17: Introduced in House
• 2025-12-17: Introduced in House

Bill Versions

• International Financial Access Improvements Act — issued 2025-12-17 — PDF (5 pages)