89R20924 TBO-D     By: Parker S.C.R. No. 44       CONCURRENT RESOLUTION          WHEREAS, President Donald Trump, U.S. Senate Banking   Committee Chair Tim Scott, and U.S. House Financial Services   Committee Chair French Hill are working to stop federal regulators   from leveraging their authority to pressure banks to debank   individuals and businesses; and          WHEREAS, Banks are required by regulators to manage risk, to   know their customers, and to help detect and deter financial   crimes, including money laundering, drug trafficking, human   trafficking, and terrorism financing; they are also tasked with   filing suspicious activity reports for certain transactions and   prohibited from disclosing those reports to customers; and          WHEREAS, If a regulator determines that a bank is failing to   sufficiently manage risk, implement an adequate system to detect   and deter financial crimes, or promptly close accounts, the bank   can face significant monetary penalties, costly lawsuits, and in   some case, criminal charges; this regulatory environment allows   regulators to put intense pressure on banks, resulting in financial   institutions reevaluating or even severing their relationships   with businesses and individuals; and          WHEREAS, Examples of regulators unfairly taking advantage of   their leverage over banks include Operation Choke Point in 2013,   when several high-ranking bureaucrats attempted to pressure banks   to stop doing business with ammunition and gun sellers, payday   lenders, and other industries, and Operation Choke Point 2.0 in   2022, when the FDIC sent letters to banks that called for a pause on   bank-crypto activity; and          WHEREAS, Numerous banks have been negatively impacted by   agencies with broad discretion to enforce complex federal laws and   regulations, and more must be done to prevent further harm; now,   therefore, be it          RESOLVED, That the 89th Legislature of the State of Texas   hereby respectfully urge the United States Congress and the Trump   Administration to modernize anti-money laundering laws to better   focus banks and law enforcement on potential financial criminal   activity rather than the innocent banking activity of law-abiding   customers; and, be it further          RESOLVED, That the Texas Legislature express support for   increased transparency and accountability for regulators and bank   examiners to better balance legitimate concerns relating to   anti-money laundering laws while mitigating impacts to the ability   of law-abiding citizens to access financial services; and, be it   further          RESOLVED, That the Texas secretary of state forward official   copies of this resolution to the president of the United States, to   the president of the Senate and the speaker of the House of   Representatives of the United States Congress, and to the appointed   officials leading the Federal Reserve, the Office of the   Comptroller of the Currency, and the FDIC.