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.

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Rep. Keith EllisonKeith Maurice EllisonJudge threatens to put prison officials in same uncooled cells as inmates Minnesota students file federal lawsuit against school district alleging 'deliberate indifference' to racist incidents Former Sanders aides launch consulting firm MORE (D-Minn.) introduced H.R. 4386, the Money Remittances Improvement Act, which the Senate passed through a unanimous consent agreement. 

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.