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On May 14, 1986, the Subcommittee on financial Institutions Supervision, Regulation and Insurance will continue its hearings on proposals to protect against financial institutions becoming havens for tax evaders, drug traffickers and launderers of funds derived from criminal activity,

As part of these hearings, the Subcommittee will
conduct hearings on the several bills dealing with money
laundering, including the Administration's bill, HR 2785.
The other bills the Subcommittee intends to review are:
1367 (Mr. McCollum), HR 1945 (Mr. Hubbard), AR 1474 (Mr.
Bughes), AR 3892 (Mr. Wortley), BR 4280 (Mr. Torres), and
HR 4573 (Mr. Pickle).

The views of the American Civil Liberties Union on
these proposals would be of value to the Subcommittee in
its deliberations. It is requested, therefore, that you
appear and testify before the Subcommittee concerning these
matters on May 14, 1986, at 10:00 a.m. in Room 2128,
Rayburn House office Building.

In addition to the bills mentioned above, there are
four titles of the Financial Institutions Regulatory and
Interest Rate Control Act of 1978 (FIRICA), also known as
the Safe Banking Act of 1978, which the Subcommittee
intends to review and which we feel may lend support to our
efforts to fight those criminals who use our financial
institutions for their illegal gains. They are Titles i,
VI, VII and XI (Supervisory Authority over Depository
Institutions ; Change in Bank Control Act; Change in Savings
and Loan Control Act; and the Right to Financial Privacy
Act, respectively).

-2

The Subcommittee would appreciate any comments or opinions which you might have with respect to the aforementioned Titles and that you believe would provide guidance to us in these matters.

Please provide the Subcommittee with 175 copies of your testimony no later than 24 hours in advance of your appearance. Please contact Earl F. Rieger, Counsel of the Full Committee staff, if there are any questions.

Sincerely,

I que firman

cerhand J. St Germain Chairman

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on May 14, 1986, the Subcommittee on financial Institutions Supervision, Regulation and Insurance will continue its hearings on proposals to protect against financial institutions becoming havens for tax evaders, drug traffickers and launderers of funds derived from criminal activity.

As part of these hearings, the Subcommittee will conduct hearings on the several bills dealing with money laundering, including the Administration's bill, HR 2785. The other bills the Subcommittee intends to review are: 1367 (Mr. McCollum), HR 1945 (Mr. Hubbard), HR 1474 (Mr. Hughes), AR 3892 (Mr. Wortley), AR 4 280 (Mr. Torres), and HR 4573 (Mr. Pickle).

HR

As the Executive Director and Chief Counsel of the
President's Commission on Organized Crime, your views on
these proposals would be of value to the Subcommittee in
its deliberations. It is requested, therefore, that you
appear and testify before the Subcommittee concerning these
matters on May 14, 1986, at 10:00 a.m. in Room 2128,
Rayburn House Office Building.

In addition to the bills mentioned above, there are
four titles of the Financial Institutions Regulatory and
Interest Rate Control Act of 1978 (FIRICA), also known as
the Safe Banking Act of 1978, which the Subcommittee
intends to review and which we feel may lend support to our
efforts to fight those criminals who use our financial
institutions for their illegal gains. They are Titles I,
VI, VII and XI (Supervisory Authority over Depository
Institutions; Change in Bank Control Act; Change in Savings
and Loan Control Act; and the Right to Financial Privacy
Act, respectively).

-2

The Subcommittee would appreciate any comments or opinions which you might have with respect to the aforementioned Titles and that you believe would provide guidance to us in these matters.

Please provide the Subcommittee with 175 copies of your testimony no later than 24 hours in advance of your appearance. Please contact Earl F. Rieger, Counsel of the Full Committee staff, if there are any questions.

Sincerely,

finan

et nand J. St Germain Chairman

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On May 14, 1986, the Subcommittee on Financial Institutions Supervision, Regulation and Insurance will continue its hearings on proposals to protect against financial institutions becoming havens for tax evaders, drug traffickers and launderers of funds derived from criminal activity.

It is requested that you, or your designee, appear and testify before the Subcommittee on May 14, 1986, at 10:00 a.m. in Room 2128, Rayburn House office Building, to discuss the following

matters.

In addition to several bills dealing with money laundering (copies of which are enclosed), there are four titles of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRICA), also known as the safe Banking Act of 1978, which the Subcommittee intends to review. It is our intent to revisit the four titles to determine whether any of these statutes could be used or need to be strengthened to keep criminal elements from using financial institutions for their illegal gains. They are Titles I, VI, VII and XI of FIRICA.

The Subcommittee would appreciate your comments on the legislative proposals and your opinions on those titles of FIRICA which are applicable to the Federal Reserve's supervisory powers and authority, as they relate to our efforts to sten the flow of narcotics trafficking and the use of financial institutions by individuals to launder proceeds from that activity or to launder money from any other illegal source.

The Subcommittee would also be interested in hearing what role the Federal Reserve plays, if any, or should play in the exchange of information between it and other central banks and support it provides to 0.s. law enforcement authorities regarding the flow of international banking transactions that would help those authorities detect, investigate and prosecute those involved in activities such as drug trafficking and money laundering.

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