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Paulsen Applauds Senate Passage of Money Remittances Improvement Act

Washington, D.C.– Congressman Erik Paulsen (MN-03) applauds the U.S. Senate’s passage of H.R. 4386, the Money Remittances Improvement Act, to make it easier for financial institutions to process remittances. Paulsen is an original cosponsor of the legislation in the House where the bill passed with bipartisan support in May. In countries without established banking system infrastructure, such as Somalia, family members of American immigrants often rely on nonbank institutions to process remittances. H.R. 4386 would streamline paperwork and remove duplication for businesses and banks while increasing oversight on nonbank financial institutions like money service businesses.

“Making it easier for American immigrants to support their family members around the world is the right thing to do,” said Paulsen. “Streamlining the remittance process for businesses and installing safeguards for nonbank institutions will make sure that funds arrive safely overseas.”  

Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation, serves on the House Ways and Means Committee, the bicameral Joint Economic Committee, and is co-chair of the Congressional Medical Technology Caucus.

For more information on Congressman Paulsen’s work in Congress visit paulsen.house.gov

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