,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #cdci  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bf1 #bjag,mr4 
,pittenger introduced the following     
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to facilitate better           
information sharing to assist in the    
fight against the funding of terrorist  
activities1 and for other purposes4  #a4
 ,short title ,this ,act may be cited as
 the ,financial ,institution ,security  
,act4  #b4 ,information sharing  7a7 ,in
 general ,section #cad of the ,,usa     
,,patriot ,act 7#ca ,u4,s4,c4 #ecaa     
note7 is amended--  7#a7 in subsection  
7b7-- 7,a7 by striking terrorist or     
money laundering activities and         
inserting terrorist acts1 money         
laundering activities1 or a specified   
unlawful activity 7as defined under     
section #aief7;c77#g7 of title #ah1     
,united ,states ,code72 and  7,b7 by    
striking activities that may involve    
terrorist acts or money laundering      

activities and inserting activities that
 may involve terrorist acts1 money      
laundering activities1 or a specified   
unlawful activity2 and  7#b7 in         
subsection 7c71 by inserting or a       
specified unlawful activity 7as defined 
under section #aief7;c77#g7 of title    
#ah1 ,united ,states ,code7 after       
terrorist acts or money laundering      
activities4  7b7 ,update to regulations 
,section #cad7;a7 of the ,,usa ,,patriot
 ,act 7#ca ,u4,s4,c4 #ecaa note7 is     
amended by striking or money laundering 
activities each place such term appears 
and inserting 1 money laundering        
activities1 or a specified unlawful     
activity 7as defined under section      
#aief7;c77#g7 of title #ah1 ,united     
,states ,code74  7c7 ,sense of ,congress
 ,section #cad of the ,,usa ,,patriot   
,act 7#ca ,u4,s4,c4 #ecaa note7 is      
amended by adding at the end the        
following3  7e7 ,sense of ,congress ,it 
is the sense of the ,congress that1 in  
furtherance of efforts to stop the      

financing of terror and other forms of  
illicit financing through increased     
sharing of information1 and consistent  
with the need to prevent inappropriate  
dissemination of such information--     
7#a7 ,federal law enforcement agencies  
and regulators should share information 
about terrorist activities1 money       
laundering activities1 and other        
specified unlawful activities 7as       
defined under section #aief7;c77#g7 of  
title #ah1 ,united ,states ,code7 to the
 fullest extent possible and in a timely
 fashion2 and  7#b7 financial           
institutions1 including nonbank         
financial institutions1 should share    
information about such acts and         
activities with each other to the       
fullest extent possible and in a timely 
fashion4  4  #c4 ,disclosure liability  
,section #ecah7;g77#c77;,b7 of title    
#ca1 ,united ,states ,code1 is amended--
 7#a7 in clause 7i71 by striking or at  
the end2  7#b7 in clause 7ii71 by       
striking the period and inserting 2 or2 

and  7#c7 by adding at the end the      
following3  7iii7 any duty or           
requirement of a financial institution  
or any director1 officer1 employee1 or  
agent of such institution to demonstrate
 to any person1 as used in such         
subparagraph1 that a disclosure         
referenced in such subparagraph is made 
in good faith4  4  #d4 ,report to       
,congress  7a7 ,in general ,not later   
than the end of the #abj-;day period    
beginning on the date of the enactment  
of this ,act1 the ,secretary of the     
,treasury shall report to the ,committee
 on ,financial ,services of the ,house  
of ,representatives and the ,committee  
on ,banking1 ,housing1 and ,urban       
,affairs of the ,senate regarding--     
7#a7 the ,department of the ,treasury's 
assessment of the risks and benefits of 
allowing sharing of information1        
consistent with appropriate privacy     
protections--  7,a7 between ,united     
,states financial institutions and      
foreign financial institutions2  7,b7   

between ,united ,states financial       
institutions and their foreign          
subsidiaries2 and  7,c7 between ,united 
,states subsidiaries of foreign         
financial institutions and their parent 
financial institutions2 and  7#b7       
whether a financial institution defined 
under section #ecab7;a77#b7 of title    
#ca1 ,united ,states ,code1 that is not 
required under ,treasury regulations on 
the date of the enactment of this ,act  
to maintain an anti-money laundering    
program1 should be authorized to        
appropriately share information pursuant
 to subsection 7b7 of section #cad of   
the ,,usa ,,patriot ,act1 if--  7,a7 the
 financial institution voluntarily      
establishes and maintains such an       
anti-money laundering program2  7,b7    
such program is subject to examination1 
and has been examined1 by the           
appropriate regulator2 and  7,c7 the    
,secretary determines such program to be
 adequately operating4  7b7 ,separate   
presentation of classified material ,any

 part of the report described under     
subsection 7a7 that involves information
 which is properly classified under     
criteria established by the ,president  
shall be submitted to the committees    
described under subsection 7a7          
separately in a classified annex and1 if
 requested by the chairman or ranking   
,member of one of such committees1 as a 
briefing at an appropriate level of     
security4  #e4 ,rulemaking ,not later   
than the end of the #ahj-;day period    
beginning on the date of the enactment  
of this ,act1 the ,secretary of the     
,treasury shall issue regulations to be 
consistent with the amendments made by  
this ,act4