H.R. 1984 (112th): Small Business Banking Improvement Act of 2011

Introduced:
May 25, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Jared Polis [D-CO2]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 25, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced May 25, 2011
Referred to Committee May 25, 2011
Cosponsors
11 cosponsors (10D, 1R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend title 31, United States Code, to allow States to certify a business as legitimate for purposes of a financial institution's suspicious activity reporting requirements, facilitate unambiguous compliance of such businesses with State law, and provide regulatory relief for financial institutions.

Summary

No summaries available.

Text

Read Bill Text »

Last updated May 25, 2011.
3 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/25/2011--Introduced.
Small Business Banking Improvement Act of 2011 - Prohibits the Secretary of the Treasury from requiring any financial institution or any of its directors, officers, employees, or agents to report any suspicious transaction relevant to a possible violation of law or regulation if a person involved in such transaction is a legitimate business.
Deems a person a legitimate business if the governor of each state in which such person does business has certified to the Secretary that:
(1) the person is a business engaged in activities currently legal under state law, and
(2) the state has an interest in exempting such person from mandatory reporting of suspicious transactions.
Requires the Secretary to maintain a public website with a list of all persons deemed to be a legitimate business for purposes of this Act.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)