Bill > HR4274

This bill, known as the REMIT Act of 2025, aims to limit excise taxes and fees on money transmitting businesses by establishing strict certification requirements. The bill begins by highlighting the global importance of remittances, which are cross-border money transfers typically made by diaspora community members, noting that these transfers total over $500 billion annually and can significantly impact recipient countries' economies. The bill cites previous government reports demonstrating that excessive fines on remittances can push consumers towards unregulated transfer methods, which may increase risks of money laundering and terrorist financing. Under the bill's provisions, the Federal Government cannot impose an excise tax or fee on a money transmitting business unless the Secretary of the Treasury certifies to Congress that the tax or fee: (1) will not increase potential for financial crimes, and (2) will not impose an undue burden on the business. The bill broadly defines a "money transmitting business" to include not just traditional licensed money senders, but also informal money transfer systems and networks facilitating domestic or international money transfers outside conventional financial institutions. The legislation is particularly concerned with preventing regulations that might inadvertently benefit criminal organizations like Chinese Money Laundering Organizations (CMLOs) that exploit cross-border money transfer restrictions.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4274/all-info