Big banks favor the bill because they would no longer shoulder the full burden of reporting customer wrongdoing to law enforcement. Opponents say it threatens privacy, would create unnecessary burdens for small businesses and won’t actually do much to stop the bad guys.
WASHINGTON: Legislation that would toughen money-laundering rules is a priority of Wall Street banks, and lobbyists are busy working to get it passed by Congress even as the rest of Capitol Hill fixates on impeachment and the 2020 elections.
Yet the bill, which the Democratic-controlled House was set to vote on as soon as yesterday, has also faced formidable foes toiling just as hard to weaken or block it.
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