Rep. Luis V. Gutierrez Holds a Hearing On Money Service Business Regulation
Political Transcript Wire › March 16, 2010
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Rep. Luis V. Gutierrez Holds a Hearing On Money Service Business Regulation
HOUSE COMMITTEE ON FINANCIAL SERVICES, SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT HOLDS A HEARING ON MONEY SERVICE BUSINESS REGULATION
MARCH 10, 2010SPEAKERS: REP. LUIS V. GUTIERREZ, D-ILL. CHAIRMAN REP. CAROLYN B. MALONEY, D-N.Y. REP. MELVIN WATT, D-N.C. REP. GARY L. ACKERMAN, D-N.Y. REP. BRAD SHERMAN, D-CALIF. REP. DENNIS MOORE, D-KAN. REP. PAUL E. KANJORSKI, D-PA. REP. MAXINE WATERS, D-CALIF. REP. RUBEN HINOJOSA, D-TEXAS REP. CAROLYN MCCARTHY, D-N.Y. REP. JOE BACA, D-CALIF. REP. AL GREEN, D-TEXAS REP. WILLIAM LACY CLAY, D-MO. REP. BRAD MILLER, D-N.C. REP. DAVID SCOTT, D-GA. REP. EMANUEL CLEAVER II, D-MO. REP. MELISSA BEAN, D-ILL. REP. PAUL W. HODES, D-N.H. REP. KEITH ELLISON, D-MINN. REP. RON KLEIN, D-FLA. REP. CHARLIE WILSON, D-OHIO REP. GREGORY W. MEEKS, D-N.Y. REP. BILL FOSTER, D-ILL. REP. ED PERLMUTTER, D-COLO. REP. TRAVIS CHILDERS, D-MISS. REP. JACKIE SPEIER, D-CALIF. REP. WALT MINNICK, D-IDAHO REP. BARNEY FRANK, D-MASS. EX OFFICIOREP. JEB HENSARLING, R-TEXAS RANKING MEMBER REP. TOM PRICE, R-GA. REP. MICHAEL N. CASTLE, R-DEL. REP. PETER T. KING, R-N.Y. REP. ED ROYCE, R-CALIF. REP. WALTER B. JONES, R-N.C. REP. SHELLEY MOORE CAPITO, R-W.VA. REP. SCOTT GARRETT, R-N.J. REP. J. GRESHAM BARRETT, R-S.C. REP. JIM GERLACH, R-PA. REP. RANDY NEUGEBAUER, R-TEXAS REP. PATRICK T. MCHENRY, R-N.C. REP. JOHN CAMPBELL, R-CALIF. REP. KEVIN MCCARTHY, R-CALIF. REP. KENNY MARCHANT, R-TEXAS REP. CHRISTOPHER LEE, R-N.Y. REP. ERIK PAULSEN, R-MINN. REP. LEONARD LANCE, R-N.J. REP. SPENCER BACHUS, R-ALA. EX OFFICIOREP. STEPHEN F. LYNCH, D-MASS.WITNESSES: JOE CACHEY, CHIEF COMPLIANCE OFFICER AND ASSOCIATE GENERAL COUNSEL, WESTERN UNIONSCOTT K. MCCLAIN, PARTNER, WINNE, BANTA, HETHERINGTON, BASRALIAN & KAHN, FINANCIAL SERVICE CENTERS OF AMERICADEBORAH THOREN-PEDEN, PARTNER, PILLSBURY, WINTHROP, SHAW, PITTMAN LLP[*] GUTIERREZ: This hearing of the Subcommittee on Financial Institutions and Consumer Credit will come to order.Good morning and thanks to all of the witnesses for agreeing to appear before the subcommittee today.Today's hearing will examine how money service businesses are regulated under the current federal and state system, and examine proposed legislative reforms that have been introduced in this Congress.We will be limiting opening statements to 10 minutes per side, but without objection the record will be held open for all members' opening statements to be made part of the record.I yield myself five minutes. And I ask unanimous consent (inaudible) to submit my opening statement for the record.If there are no objections, so ordered.And Mr. Hensarling, you're recognized for five minutes?HENSARLING: I thank you, Mr. Chairman.And I want -- I certainly appreciate Chairman Gutierrez for holding this hearing on the money services businesses, the MSBs and the positive role that they can play in our financial sector, particularly for constituents without well-established banking relationships.We have tens of thousands of MSBs ranging from mom-and-pop convenience stores to large institutional market players. I think we recognize that for most of our constituents, they provide valuable financial services, providing an adverse array of options for consumers to determine which best meets their individual financial needs.Now although the money service businesses are subject, as we know, to federal registration and (inaudible) anti-money launderin...See the full content of this document
