Congresswoman Garcia’s Foreign Affiliates Sharing Pilot Program Extension Act Passes Out of the House of Representatives

Washington D.C. – Today, with bipartisan support, the House of Representatives has successfully passed Congresswoman Garcia’s bill, the Foreign Affiliates Sharing Pilot Program Extension Act. This pivotal legislation reaffirms America's commitment to uphold the integrity of our financial system by extending the timeline for the implementation of a crucial anti-money laundering pilot program.

“Today's passage of the Foreign Affiliates Sharing Pilot Program Extension Act is a significant step toward strengthening our nation's efforts to combat money laundering. This bill underscores our commitment to safeguarding the integrity of our financial system and ensures that this vital pilot program has the time it needs to make a lasting impact,” said Congresswoman Sylvia Garcia.

“I applaud the passage of Congresswoman Garcia’s ‘The Foreign Affiliates Sharing Pilot Program Extension Act,' which is a reform that was borne out of the Anti-Money Laundering Act of 2020 and designed to permit financial institutions to share select Bank Secrecy Act information with foreign branches, subsidiaries, and affiliates to promote risk management across a multinational company, while ensuring adequate safeguards are in place to protect the confidentiality of BSA reports," said Ranking Member Waters.

This bill builds upon the foundation laid by the Anti-Money Laundering Act, highlighting the ongoing dedication to combating financial crimes. The Foreign Affiliates Sharing Pilot Program Extension Act is Congresswoman Sylvia Garcia’s first bill to be passed under the Republican-controlled Congress.

Passed the House by a vote of 396-28.

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Congresswoman Sylvia R. Garcia was elected to the U.S. House of Representatives in November 2018, becoming the first Latina ever to represent the Texas 29th Congressional District. She is the Vice Ranking Member of the House Financial Services Committee, the Vice Chair on Housing and Transportation of the House Democratic Caucus Poverty Task Force, and a member of the Select Subcommittee on the Weaponization of the Federal Government.