Sec. 30134. Report on the implications of changes to cross-border payment and financial messaging systems
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/bill/117/hr/4521/pcs/section-30134·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury, in coordination with the Secretary of State, shall submit a report to the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate on the implications of cross-border payment systems. The report shall— examine the benefits and concerns related to the use of the current cross-border payments system, including the messaging systems; review and analyze ways in which the Cross Border Interbank Payment Systems (CIPS), cryptocurrencies, and foreign 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 classified form.