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Code · BILL · 117th Congress · H.R. 3524 (Introduced in House) — To revitalize and reassert United States leadership, investment, and engagement in the Indo-Pacific region and globally. · Sec. 134

Sec. 134. Report on diplomatic and economic implications of changes to cross-border payment and financial messaging systems

178 words·~1 min read·/bill/117/hr/3524/ih/section-134·

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Not later than 180 days after the date of the enactment of this Act, the Secretary of State, in coordination with the Secretary of the Treasury, shall submit a report to the appropriate congressional committees on the diplomatic and economic implications of cross-border payment systems. The report shall— assess the extent to which American diplomacy and global leadership hinge upon the current infrastructure and existing ecosystem of cross-border payment and financial messaging systems; examine the durability of the Society for Worldwide Interbank Financial Telecommunication cooperative; review and analyze ways in which the Cross Border Interbank Payment Systems (CIPS), cryptocurrencies, and central bank digital currencies could erode this system; and analyze how changes to global cross-border payment systems could undermine United States national security interests including impacts on the efficacy of sanctions, the countering of terrorist finance, and the enforcement of anti-money laundering provisions.
The report required under subsection (a)(1) shall be submitted in unclassified form. The unclassified portion of the report under subsection (a)(1) shall be made accessible to the public online through relevant United States Government websites.
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