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S. 3045 - Cooperate with Law Enforcement Agencies and Watch Act of 2018

Sponsor: Tom Cotton (R)
Introduced: 2018-06-11
Bill Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
 
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Full Text


115th CONGRESS
2d Session
S. 3045


    To amend title 31, United States Code, to establish a safe harbor with respect to keep open letters.


IN THE SENATE OF THE UNITED STATES

June 11, 2018

    Mr. Cotton (for himself and Mr. Jones) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

    To amend title 31, United States Code, to establish a safe harbor with respect to keep open letters.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Cooperate with Law Enforcement Agencies and Watch Act of 2018”.

SEC. 2. Safe harbor with respect to keep open letters.

(a) In general.—Subchapter II of chapter 53 of title 31, United States Code, is amended by adding at the end the following:

§ 5333. Safe harbor with respect to keep open letters

“(a) In general.—With respect to a customer account of a financial institution, if a Federal, State, Tribal, or local law enforcement agency requests, in writing, the financial institution to keep such account open—

“(1) the financial institution shall not be liable under this subchapter for maintaining such account consistent with the parameters of the request; and

“(2) no Federal or State department or agency may take any adverse supervisory action under this subchapter with respect to the financial institution for maintaining such account consistent with the parameters of the request.

“(b) Rule of construction.—Nothing in this section may be construed—

“(1) from preventing a Federal or State department or agency from verifying the validity of a written request described under subsection (a) with the Federal, State, Tribal, or local law enforcement agency making the written request; or

“(2) to relieve a financial institution from complying with any reporting requirements, including the reporting of suspicious transactions under section 5318(g).

“(c) Letter termination date.—For purposes of this section, any written request described under subsection (a) shall include a termination date after which such request shall no longer apply.”.

(b) Clerical amendment.—The table of contents for chapter 53 of title 31, United States Code, is amended by inserting after the item relating to section 5332 the following:

“5333. Safe harbor with respect to keep open letters.”.


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