Foreign Remittance Accountability and Transparency Act

# Foreign Remittance Accountability and Transparency Act Summary **What the Bill Does:** This bill would establish new accountability and transparency requirements for remittances—money that people send to family and friends in other countries. If passed, it would likely require financial institutions and money transfer services to maintain better records of these international transfers and report information to appropriate authorities. **Who It Affects:** The bill would impact individuals who regularly send money abroad (particularly immigrants sending funds to their home countries), money transfer companies, banks, and potentially federal agencies responsible for financial oversight and national security. **Current Status:** The bill (HR 5978) was introduced by Rep.

Keith Self (R-TX) in the 119th Congress and is currently in committee, meaning it has not yet been voted on by the full House of Representatives. No specific provisions or detailed language are publicly available at this stage. *Note: For the most current information on this bill, including detailed provisions and any recent activity, consult Congress.gov.*.