By Ramsey Cox
The Senate passed a bill Friday that allows the Treasury Secretary to use state reports when determining if financial institutions are complying with federal law.
The House passed the same measure by voice-vote in May, meaning the bill now heads to President Obama’s desk for his signature before becoming law.
The bill authorizes the Secretary of the Treasury to rely on state agency examinations of financial institutions when determining compliance with reporting requirements of financial transactions.
It also directs the Treasury Secretary to consult with states before issuing rules to help implement this new law.