Sec. 3. Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing

204 words·~1 min read·/bill/116/hr/56/ih/section-3

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There is established the Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing (the Task Force ), which shall consist of— the Secretary of the Treasury, who shall serve as the head of the Task Force; the Attorney General; the Director of National Intelligence; the Director of the Financial Crimes Enforcement Network; the Director of the Secret Service; the Director of the Federal Bureau of Investigation; and 6 individuals appointed by the Secretary of the Treasury, in consultation with the members of the Task Force described under paragraphs

(2)through (6), to represent the private sector (including the banking industry, nonprofit groups, and think tanks), with at least 2 of such individuals having experience in the Fintech industry. The Task Force shall— conduct independent research on terrorist and illicit use of new financial technologies, including digital currencies; and develop legislative and regulatory proposals to improve counter-terrorist and counter-illicit financing efforts. Not later than 1 year after the date of the enactment of this Act, and annually thereafter, the Task Force shall issue a report to the Congress containing the findings and determinations made by the Task Force in the previous year and any legislative and regulatory proposals developed by the Task Force.