Washington, D.C.– The Money Remittances Improvement Act, legislation that would make it easier for financial institutions to process remittances, has been signed into law by the President. The bill, H.R. 4386 was originally cosponsored by Congressman Erik Paulsen (MN-03) and  easily passed the U.S. House of Representatives in May.

“With the President signing this legislation into law, American immigrants can rest easier knowing the money they are providing their families around the world is secure,” said Paulsen. “I’m glad to have worked with a bipartisan coalition to pass this commonsense bill improving and providing more oversight to the remittance process.”  

In countries without established banking system infrastructure, such as Somalia, family members of American immigrants often rely on nonbank institutions to process remittances. The Money Remittances Improvement Act streamlines the remittance paperwork process and removes duplication for businesses and banks while increasing oversight on nonbank financial institutions like money service businesses.

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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