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119-hr-4274119th CongressWALLET
Remittance Expense Minimization and Integrity for Transfers Act
Sponsored By: Representative Liccardo, Sam T. [D-CA-16]
Introduced
Summary
Conditions federal excise taxes and fees on remittance businesses on a Treasury Secretary certification that the charges will not boost money laundering or impose undue burdens. This bill would stop the federal government from requiring a money transmitting business to pay an excise tax or fee unless Treasury makes a two-part certification to Congress.
Show full summary
- Money transmitting businesses. The bill would bar new federal excise taxes or fees on licensed remitters and informal transfer networks unless Treasury certifies the two safety tests. It defines “money transmitting business” to include licensed senders and informal or network-based transfer arrangements.
- Remittance senders and households. The bill highlights that remittances are a major cross-border flow and cites the global market at about $500 billion, and it cites a GAO finding that fines pushed consumers toward unregulated methods. By blocking taxes without certification, it aims to reduce policies that might shift senders into informal channels.
- Treasury and Congress. Any excise tax or fee would require the Secretary to certify to the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee that the charge will not increase risks of money laundering and will not impose an undue burden on affected businesses.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Limits federal fees on money transfer businesses
This bill would bar new federal excise taxes or fees on money transfer businesses unless Treasury certifies to Congress. The Secretary would have to say the charge would not raise money‑laundering risk and would not be an undue burden. It would cover licensed remitters and informal transfer networks outside banks. The bar would apply even if other laws say otherwise. If passed, customers could see lower costs only if businesses would otherwise pass these fees on.
Sponsors & CoSponsors
Sponsor
Liccardo, Sam T. [D-CA-16]
CA • D
Cosponsors
Rep. Correa, J. Luis [D-CA-46]
CA • D
Sponsored 7/2/2025
Rep. Torres, Ritchie [D-NY-15]
NY • D
Sponsored 7/2/2025
Rep. Vargas, Juan [D-CA-52]
CA • D
Sponsored 7/2/2025
Rep. Gonzalez, Vicente [D-TX-34]
TX • D
Sponsored 7/2/2025
Rep. Espaillat, Adriano [D-NY-13]
NY • D
Sponsored 7/2/2025
Rep. García, Jesús G. "Chuy" [D-IL-4]
IL • D
Sponsored 7/2/2025
Rep. Subramanyam, Suhas [D-VA-10]
VA • D
Sponsored 7/2/2025
Rep. Soto, Darren [D-FL-9]
FL • D
Sponsored 7/14/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov