Overview
Title
To expand the investigative authorities of the United States Secret Service, and for other purposes.
ELI5 AI
The bill is like a special rule that lets certain police officers (the Secret Service) do more jobs when they are looking into bad money games on the internet, but they need to ask some important bosses for permission first. It also says that a team that works on stopping bad money stuff can keep working for a longer time.
Summary AI
The bill, titled the "Combating Money Laundering in Cyber Crime Act of 2024," aims to expand the investigative powers of the United States Secret Service. It amends Section 3056(b) of title 18, United States Code, to include additional crimes, such as those related to money laundering. The bill also extends the operational period of the FinCEN Exchange and relevant provisions for international financial institutions to 10 years. This expansion requires agreement from the Attorney General and the Secretary of Homeland Security and ensures it does not disturb the authority of other federal law enforcement agencies.
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Keywords AI
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AnalysisAI
General Summary of the Bill
The proposed bill, identified as H.R. 7156, seeks to expand the investigative powers of the United States Secret Service. Officially named the “Combating Money Laundering in Cyber Crime Act of 2024,” it primarily aims to address financial crimes in cyberspace. In addition, the bill proposes extending timelines for specific financial oversight procedures and amending prior legislation related to international financial institutions.
Summary of Significant Issues
One of the main concerns with the bill is its lack of detailed explanation around what exactly the expansion of "investigative authorities" for the Secret Service entails. This ambiguity could lead to varying interpretations, possibly causing confusion or unintended overreach by law enforcement officials. Additionally, the bill references complex sections of the U.S. Code (titles 18 and 31), which might pose challenges for those not versed in legal jargon, making it harder to implement effectively.
Further complicating matters, certain changes require coordination with high-level officials such as the Attorney General and the Secretary of Homeland Security. This requirement could introduce bureaucratic delays and may skew power balance among federal agencies, hampering swift decision-making.
Impact on the Public
For the general public, the bill presents a mixed bag. On one hand, expanding the Secret Service's capabilities to tackle cybercrime could enhance safety from financial fraud and security threats, providing greater protection to consumers and businesses alike. On the other hand, the lack of clarity around the new scope of authorities raises concerns about privacy and potential government overreach, which could impact public trust in law enforcement.
Impact on Specific Stakeholders
Financial Institutions and Cybersecurity Firms: These organizations could face increased scrutiny as a result of the Secret Service's expanded powers, potentially necessitating changes in compliance procedures. The amendments related to the FinCEN Exchange might require these institutions to adapt to an extended period for maintaining certain records or conducting reviews.
Government and Law Enforcement Agencies: The bill demands coordination between the Secret Service and other high-level departments, which may lead to power dynamics or overlaps in jurisdiction. Efficient implementation will rely heavily on clear lines of communication and defined responsibilities among these entities.
Policy Makers and Legal Experts: Those involved in drafting and analyzing legislation might find parts of this bill challenging due to its references to complex legal codes and lack of explicit outcomes. Thorough understanding and interpretation will be crucial for ensuring that the law is applied as intended.
Overall, while H.R. 7156 has the potential to strengthen safeguards against cybercrime, improvements in clarity and implementation strategies are necessary to avoid legal ambiguities and operational inefficiencies.
Issues
The expansion of investigative authorities for the United States Secret Service (Section 2) raises concerns due to the lack of specificity regarding 'investigative authorities.' This ambiguity may lead to confusion or overreach in enforcement, affecting legal clarity and public trust in law enforcement agencies.
Amendments in Section 2 involve complex legal code references, particularly to titles 18 and 31 of the U.S. Code, which may pose challenges for stakeholders unfamiliar with these legal frameworks, thereby complicating their proper implementation and understanding.
The requirement for agreement between the Attorney General and the Secretary of Homeland Security in Section 2 potentially introduces bureaucratic delays and power dynamics that could impede timely decision-making or create imbalance among federal agencies.
In Section 2, the insertion of the term 'or 1960' and references to 'section 5324 of title 31' lack contextual explanation, leaving the purpose and impact of these changes unclear, which might lead to confusion or misinterpretation of the law.
There is a lack of detail regarding the financial and operational impacts of extending the FinCEN Exchange period from 5 to 10 years in Section 3, potentially leading to uncertainty about future costs or institutional responsibilities.
The amendment in Section 4 regarding international financial institutions does not provide context for the change from 5 to 10, making it difficult to evaluate its financial implications and its effects on broader financial policies.
The general provision in Section 4 lacks clarity regarding the specific effects on financial policies or the operations of international financial institutions, which may obscure the broader implications and lead to misunderstandings among policymakers and stakeholders.
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The first section of the bill gives it a short title, officially naming it the “Combating Money Laundering in Cyber Crime Act of 2024”.
2. Expansion of United States Secret Services investigative authorities Read Opens in new tab
Summary AI
The bill expands the investigative powers of the United States Secret Service by updating Section 3056(b) of title 18 of the United States Code. It includes new references to specific legal statutes and clarifies the coordination required with the Attorney General and the Secretary of Homeland Security, ensuring that these updates do not limit the authorities of other Federal law enforcement agencies.
3. FinCEN Exchange Read Opens in new tab
Summary AI
Section 310(d)(3)(A) of title 31 in the United States Code has been updated to extend the time frame from 5 years to 10 years for certain actions related to the FinCEN Exchange.
4. International financial institutions Read Opens in new tab
Summary AI
Section 4 amends a previous law related to international financial institutions by changing a number from "5" to "10" in a specific section of the National Defense Authorization Act for Fiscal Year 2020.