“Wall Street Poised for Win on Money-Laundering Bill in Lame-Duck”
Wall Street is setting records even as millions of Main Street businesses struggle to stay alive, so what’s Congress doing? Sneaking legislation onto the Defense Authorization Act that makes life easier for big New York City banks by shifting their money laundering responsibilities onto Main Street businesses.
The legislation, authored by Caroline Maloney (D-NY) and Maxine Waters (D-CA), accomplishes this remarkable task in two simple steps: 1) relieve banks of some of their current anti-money laundering responsibilities; and 2) impose onerous new requirements on the struggling Main Street employers. As a result, the struggling restaurant down the street will need to …
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