Banking/Financial Institutions

Senate reverses passage of anti-terrorism bill

The Senate took the rare step of reversing a bill's passage Monday after initially clearing legislation meant to curb international terrorism funding.

The bill from Senate Banking Committee Chairman Sen. Richard Shelby (R-Ala.) and ranking Democrat Sen. Sherrod Brown (D-Ohio) passed by unanimous consent Monday afternoon. But the Senate reversed the bill's passage an hour later.

The reversal comes as Brown and fellow Democrat Sens. Joe Manchin (W.Va.), Bob Casey (Pa.) and Mark Warner (Va.) pledged to block the Senate from passing any bills by unanimous consent until it addresses legislation to protect retired coal miners' pension and healthcare benefits.

An earlier, joint release from Shelby and Brown's offices had praised the bill's passage as "a critical step to halt terrorists and international criminals from abusing our financial system."

Both offices issued a correction after the reversal.

Tamika Turner, an aide to Brown, said in an email "The Senate subsequently reversed passage of legislation considered by unanimous consent this afternoon, including the Shelby-Brown bill. The bill is not considered passed and is now pending again in the Senate."

Shelby and Brown have a contentious relationship, and the Banking Committee has had few major bipartisan legislative successes under that dynamic.

The bill would have required multiple federal agencies to assess and develop a joint anti-money laundering and anti-terrorist financing strategy. Congress has until the end of the year to pass it, or Brown and Shelby could reintroduce it when the next session of Congress begins in January.

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