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H.R. 5783: Cooperate with Law Enforcement Agencies and Watch Act of 2018

The text of the bill below is as of May 11, 2018 (Introduced).


I

115th CONGRESS

2d Session

H. R. 5783

IN THE HOUSE OF REPRESENTATIVES

May 11, 2018

(for himself and Mr. Foster) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To provide a safe harbor for financial institutions that maintain a customer account at the request of a Federal or State law enforcement agency.

1.

Short title

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

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

With respect to a customer account of a financial institution, if a Federal or State 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 with respect to the financial institution for maintaining such account consistent with the parameters of the request.

.

(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.

.