Limits new government fees on money transfer businesses to protect consumers.
This bill would limit the federal government's ability to charge new taxes or fees on businesses that send money across borders. It aims to protect people who send money to family abroad from higher costs. These costs could otherwise push them towards less safe, unregulated transfer methods. The change would require the Treasury Secretary to certify that any new fee won't increase financial crime or overly burden these businesses.
Today, the federal government can impose excise taxes and fees on money transmitting businesses without specific certifications about financial crime risk or undue burden. If this bill becomes law, the federal government would be blocked from imposing such taxes or fees unless the Secretary of the Treasury certifies to Congress that they would not increase financial crime potential and would not place an undue burden on these businesses. This aims to keep legal money transfers affordable, reducing the incentive for people to use unregulated methods for the estimated $500 billion global remittance market.
HR 4274 · 119th Congress · July 2, 2025 · AI Summary by gemini-2.5-flash · 8/10
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