Foreign Remittance Accountability and Transparency Act

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Bill ID: 119/hr/5978

Last Updated: November 11, 2025

Foreign Remittance Accountability and Transparency Act

HR. 5978, 119th Congress — read as touching Commercial Banks.

The sponsor

Rep. Self, Keith [R-TX-3]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$105,700 raised

21 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

85% match to Project 2025

This bill's text tracks the "22" section, p. 724-726 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

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1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Summary Style:

The Foreign Remittance Accountability and Transparency Act (HR 5978). A bill that, on the surface, appears to be a noble attempt to curb tax evasion through foreign government programs. But let's peel back the onion, shall we?

**Main Purpose & Objectives**

This bill is designed to investigate and report on foreign government programs that facilitate Federal tax evasion. The Comptroller General, in consultation with the Secretary of the Treasury, will conduct a study to identify these programs, determine their scope, financial volume, and policy implications.

**Key Provisions & Changes to Existing Law**

The bill requires the Comptroller General to submit a report to Congress within 180 days, containing the results of the study and policy recommendations for enforcement or regulatory responses. This is where things get interesting. The bill's language suggests that it may lead to increased scrutiny and regulation of foreign remittance programs, potentially disrupting the flow of capital across borders.

**Affected Parties & Stakeholders**

The obvious stakeholders here are foreign governments, financial institutions, and individuals who utilize these remittance programs. However, I'm more concerned about how this bill might impact my own interests – specifically, my investments in fintech companies that facilitate cross-border transactions. Any increased regulatory burden or scrutiny could negatively affect their bottom line, and by extension, mine.

**Potential Impact & Implications**

The potential implications of this bill are far-reaching. If implemented, it could lead to a more onerous regulatory environment for foreign remittance programs, driving up costs and reducing efficiency. This, in turn, could stifle innovation and limit access to financial services for underserved populations. But let's be real – the real concern here is how this bill might impact my own wealth and influence.

As I've stated before, regulation is often an obstacle to innovation (i.e., profit). If this bill becomes law, it could create a chilling effect on investment in fintech companies that facilitate cross-border transactions. My think tank, the "Liberty Institute," has estimated that this bill could lead to a 10% decrease in foreign remittance volumes, resulting in a $1.2 billion loss for my portfolio.

In conclusion, while this bill may appear to be a well-intentioned effort to curb tax evasion, its potential implications are far more sinister. It's just another example of how government overreach can stifle innovation and limit economic growth. As I always say, "The best way to predict the future is to invent it." And I'll continue to do just that – by shaping policy to serve my own interests, not the whims of an inefficient democracy.

💰 Campaign Finance Network

Rep. Self, Keith [R-TX-3]

Congress 119 • 2024 Election Cycle

Total Contributions

$105,700

20 donors

PACs

Organizations

$300

Committees

Individuals

$105,400

No PAC contributions found

TUCKER HILL HOA

1 transaction

$300

No committee contributions found

CHALIN, THOMAS

2 transactions

$11,600

MULLIGI, GINO

1 transaction

$9,000

FRITCHER, SAMMY

1 transaction

$6,600

LOBB, PAT

1 transaction

$6,600

MYERS, ROBERT

1 transaction

$6,600

HUFFINES, RAY

1 transaction

$6,600

MOSES, FRED

1 transaction

$6,600

LI, QINGSONG

1 transaction

$6,000

UIHLEIN, RICHARD

1 transaction

$5,800

HILTON, W.D.

1 transaction

$5,000

KORCA, YLBER

1 transaction

$5,000

SMAJLI, MARIO

1 transaction

$5,000

KRASNIQI, BLERINA

1 transaction

$4,500

QUILLIN, GEORGE

1 transaction

$4,000

ADAMS, CAROL A

1 transaction

$3,300

DEASON, DARWIN

1 transaction

$3,300

MCCLELLAND, MARK

1 transaction

$3,300

KELLOGG, DAVID H

1 transaction

$3,300

HILTON, MARY JEAN

1 transaction

$3,300

Donor Network - Rep. Self, Keith [R-TX-3]

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Total contributions: $105,700

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Industry Impact

Which industries are materially affected by specific provisions in this bill. 2 harmed.

−Commercial Banksconfidence 0.80
Section 2(a) requires the Comptroller General to study foreign government programs that facilitate Federal tax evasion, which may lead to increased regulatory scrutiny and enforcement on commercial banks involved in remittance transfers, potentially increasing their costs.
−Private Equity & Hedge Fundsconfidence 0.60
Section 2(a) study on foreign government programs that facilitate Federal tax evasion may also impact private equity and hedge funds with international investments or operations, potentially leading to increased regulatory burdens or reputational risks.

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

22

Strong

Vector: 65%

Pages: 724-726AI Enhanced

AI Analysis:

"The bill's focus on identifying and curbing foreign government programs that facilitate U.S. tax evasion directly supports Project 2025's objectives of strengthening tax policy and administration, promoting fiscal responsibility, improving financial regulation, and addressing economic threats from hostile foreign actors."

Key themes:tax evasion preventionfiscal responsibilityfinancial regulation transparencyforeign government programsinternational tax compliance

— 691 — 22 DEPARTMENT OF THE TREASURY William L. Walton, Stephen Moore, and David R. Burton INTRODUCTION The U.S. Treasury Department has a broad regulatory and policy reach. The next Administration should make major policy changes to: (1) reduce regulatory impediments to economic growth that reduce living standards and endanger pros- perity; (2) reduce regulatory compliance costs that increase prices and cost jobs; (3) promote fiscal responsibility; (4) promote the international competitiveness of U.S. businesses; and (5) better respect the American people’s due process and privacy rights. These goals should be accomplished through: executive action (primar- ily treasury orders and treasury directives) and departmental reorganization; rulemakings; promoting constructive policies in Congress; actions in international organizations; and treaties. The primary subject matter focus of the incoming Administration’s Treasury Department should be: l Tax policy and tax administration; l Fiscal responsibility; l Improved financial regulation; l Addressing the economic and financial aspects of the geopolitical threat posed by China and other hostile countries;

Department of the Treasury

Moderate

Vector: 66%

Pages: 733-735AI Enhanced

AI Analysis:

"The bill focuses on investigating foreign government programs that facilitate tax evasion through remittances, which aligns with Project 2025's emphasis on Treasury's role in international tax enforcement and opposition to multilateral tax information-sharing agreements that enable abuse by authoritarian regimes. Both share concerns about cross-border financial transparency and illicit flows, though the bill is a study-focused transparency measure rather than a direct withdrawal from internation"

Key themes:tax evasioninternational financial transparencyTreasury oversightcross-border remittancesopposition to abusive tax agreements

— 701 — Department of the Treasury administers these reporting programs, most of this expense is mandated by Con- gress, not the IRS. One of the primary reasons that Congress mandates ever-increasing infor- mation reporting is that the Treasury Department and the Joint Committee on Taxation staff almost always overestimate how much revenue will be gained from still more burdensome information reporting, and they do not estimate or report private compliance costs. Congress and the Treasury Department must undertake a serious review of the information reporting regime and reduce the burden on the public—especially small businesses. Small businesses suffer disproportionately from complexity and administrative burdens. Costs do not increase linearly with size, so elevated administrative costs have an adverse effect on the competitiveness of small firms. Budget. The operating budget of the IRS should be held constant in real terms. The resources allocated to the Office of the Taxpayer Advocate should be increased by at least 20 percent (about $44 million). The Office of Equity, Diversity, and Inclusion should be closed. Provided that IT management is changed; an effective, well-considered implementation plan is adopted; and serious oversight is put in place, additional resources dedicated solely to IT modernization may be warranted. INTERNATIONAL AFFAIRS The Treasury Department should withdraw from Senate consideration the Protocol Amending the Convention on Mutual Administrative Assistance in Tax Matters.48 The protocol will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and suppression of political oppo- nents and religious or ethnic minorities by authoritarian and corrupt governments, including China, Colombia, Nigeria, and Russia. Unlike the original multilateral convention, the amended convention is open to all governments—including many that are either hostile to the United States, have serious corruption problems, or have inadequate privacy protections. The new Administration should also oppose the multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.49 International organizations such as the OECD, the World Bank, and the Inter- national Monetary Fund espouse economic theories and policies that are inimical to American free market and limited government principles. The global elites who operate the IMF regularly advance higher taxes and big centralized government. The IMF has intervened in American policy debates—and has even recommended that the U.S. raise taxes. The IMF’s record of advancing global financial stability has been mixed at best. Its development assistance and lending programs in third- world countries have more often than not retarded growth rather than advancing it. The Treasury Department plays an important role in these international institutions and should force reforms and new policies. The U.S., however, should — 702 — Mandate for Leadership: The Conservative Promise withdraw from both the World Bank and the IMF and terminate its financial con- tribution to both institutions. If the U.S. is to provide economic assistance or humanitarian aid to other nations, it should do so unilaterally—not through the pass-throughs of international aid orga- nizations, non-governmental organizations, or other nations. These organizations and countries simply create expensive middle-men, while U.S. funds are intercepted before being distributed to those in need. Also, these foreign entities have interests that do not coincide with American national security and economic interests. FISCAL RESPONSIBILITY Treasury should make balancing the federal budget a mission-critical objective. The federal budget absorbs enormous resources from the economy, both in money taken from taxpayers and in money borrowed. The budget should be balanced by driving down federal spending while maintaining a strong national defense and not raising taxes. To reduce interest payments on the debt, Treasury should lock in current rel- atively low interest rates by issuing longer duration bonds, and even consider creating a 50-year treasury bill. Most of the federal debt rolls over on average about every three to four years. But interest rates, even with the latest Federal Reserve rate increases, are still below the 5 percent historical average. Treasury would thus save taxpayers money during the next several decades by issuing fewer short-term notes that will probably have to be rolled over at higher rates in the future. To promote transparency of finances, each year Americans should receive a financial statement of the U.S. government alerting citizens of the revenues, expen- ditures, deficit, and debt for the preceding fiscal year. The statement should also include this individual family’s pro-rata share of the debt based on family size. INTERNATIONAL COMPETITIVENESS The Treasury must act more assertively in international financial institutions to protect and advance U.S. national interests—and oppose those that do not. It should employ a carrot-and-stick approach by increasing its activity and commitment to those financial institutions that are willing and able to adjust to this new approach and by zeroing out or potentially exiting those institutions that rely on U.S. capital while advancing agendas that run counter to U.S. interests. l A major emphasis of effecting this change must be the addition of a large new cadre of U.S. professionals and contractors at these international financial institutions. l The U.S. must insist on the hiring and support of this human capital as a condition to future funding.

Department of the Treasury

Moderate

Vector: 63%

Pages: 739-741AI Enhanced

AI Analysis:

"The bill shares Project 2025's focus on increasing transparency and accountability in financial flows to combat illicit activity, but it does not directly address the specific Project 2025 recommendations such as publishing SAR/CTR data, evaluating AML-CFT effectiveness, repealing the Corporate Transparency Act, or eliminating equity initiatives."

Key themes:tax evasiontransparencyAML/CFTfinancial reportingforeign remittance

— 707 — Department of the Treasury There were 2 .7 million suspicious activity reports (SARs) filed in 2021.60 The number of CTRs filed were approximately 10 times that number.61 In 2014, FinCEN anti-money laundering/countering the financing of terrorism (AML-CFT) rules cost an estimated $5 billion to $8 billion per year.62 Undoubtedly, this cost is now substantially higher both because of inflation and because the rules have become more onerous.63 Yet there is little evidence that this massive expenditure of resources is doing much good,64 and there is no evidence regarding which aspects of the AML-CFT regime are effective and which are not. The AML-CFT regime is a major contributing factor causing the decline in the number of small broker-deal- ers and the decline in the competitiveness of community banks. Congress must require FinCEN to annually publish data regarding: l The number of SARs filed; l The number of CTRs filed;65 l The number of AML-CFT prosecutions, disaggregating those in which the AML-CFT prosecution is stand-alone and in which the prosecution is an add-on count connected to other predicate crime;66 l The number of AML-CFT convictions (similarly disaggregated); l The number and aggregate amount of AML-CFT fines imposed and the type of institution upon which the fine was imposed; and l Annual estimates of the aggregate costs imposed on private entities by the AML-CFT regime.67 Without this data, it is impossible for policymakers to make an informed judg- ment about the effectiveness of the AML-CFT regime. Congress should also require both FinCEN and the Government Accountability Office to undertake separate evaluations regarding which aspects of the AML-CFT regime are effective and which are not. FinCEN should be required to undertake a thorough retrospec- tive review of its regulations and various statutory requirements and report to Congress on its findings in a publicly available report. Anecdotes and assurances from FinCEN staff that all is well—but that even more onerous requirements are needed—are not enough. Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule. Both are targeted at the smallest businesses in the U.S. (those with 20 or fewer employees) and will do nothing material to impede criminal finance.68 The FinCEN — 708 — Mandate for Leadership: The Conservative Promise beneficial ownership reporting rule will impose costs exceeding $1 billion annu- ally and is exceedingly poorly drafted.69 FinCEN itself estimates that more than 33 million businesses will be affected and that costs will be $547 million to $8.1 billion annually.70 THE “EQUITY” AGENDA Under the Biden Administration, the Treasury Department has appointed a Counselor for Racial Equity, established an Advisory Committee on Racial Equity, and created an office for Diversity, Equity, Inclusion, and Accessibility. All these should be eliminated. Treasury has created several new offices to promote “equity” and has made this its first of five strategic goals in its Fiscal Year 2022–2226 Strategic Plan. “Equity” is identified as a cross-cutting theme in 15 of 19 of the plan’s objectives. The avowed purpose of these initiatives is to implement policies that delib- erately favor some races or ethnicities over others. The casual acceptance and rapid spread of racist policymaking in the federal government must be forcefully opposed and reversed. The next conservative Administration should take affirma- tive steps to expose and eradicate the practice of critical race theory and diversity, equity, and inclusion (DEI) throughout the Treasury Department. These steps will include: l Identify every Treasury official who participated in DEI initiatives and interview him or her for the purpose of determining the scope and nature of these initiatives and to ensure that such initiatives are completely ended. l Make public immediately all communications relating to the work of the Treasury’s critical race theory and DEI initiatives. l Treat the participation in any critical race theory or DEI initiative, without objecting on constitutional or moral grounds, as per se grounds for termination of employment. l Expose and make public all training materials and initiatives designed to single out any race, ethnicity, or sex for special treatment. The Administration should eliminate the 25-member Treasury Advisory Com- mittee on Racial Equity. CLIMATE-RELATED FINANCIAL RISK Treasury has created a new departmental office, “Climate Hub,” and has made “combating climate change” one of the Biden Treasury Department’s top five

Department of the Treasury

Moderate

Vector: 62%

Pages: 730-732AI Enhanced

AI Analysis:

"The bill's focus on uncovering foreign government programs that facilitate U.S. tax evasion aligns with Project 2025's emphasis on improving tax administration transparency and accountability, but it does not address the broader tax reform, IRS restructuring, or OECD withdrawal proposals outlined in the policy."

Key themes:tax enforcementtransparencyaccountabilityinternational tax complianceremittance oversight

— 698 — Mandate for Leadership: The Conservative Promise Fundamental Tax Reform. Achieving fundamental tax reform offers the prospect of a dramatic improvement in American living standards and an equally dramatic reduction in tax compliance costs. Lobbyists, lawyers, benefit consul- tants, accountants, and tax preparers would see their incomes decline, however. The federal income tax system heavily taxes capital and corporate income and discourages work, savings, and investment. The public finance literature is clear that a consumption tax would minimize government’s distortion of private economic decisions and thus be the least eco- nomically harmful way to raise federal tax revenues.28 There are several forms that a consumption tax could take, including a national sales tax, a business transfer tax, a Hall–Rabushka flat tax,29 or a cash flow tax.30 Supermajority to Raise Taxes. Treasury should support legislation instituting a three-fifths vote threshold in the U.S. House and the Senate to raise income or corporate tax rates to create a wall of protection for the new rate structure. Many states have implemented such a supermajority vote requirement. Tax Competition. Tax competition between states and countries is a positive force for liberty and limited government.31 The Biden Administration, under the direction of Treasury Secretary Janet Yellen, has pushed for a global minimum corporate tax that would increase taxation and the size of government in the U.S. and around the world. This attempt to “harmonize” global tax rates is an attempt to create a global tax cartel to quash tax competition and to increase the tax burden globally. The U.S. should not outsource its tax policy to international organizations. Organization for Economic Co-operation and Development. The Organi- zation for Economic Co-operation and Development (OECD), in conjunction with the European Union, has long tried to end financial privacy and impose regulations on countries with low (or no) income taxes. In fact, on tax, environmental, corpo- rate governance and employment issues, the OECD has become little more than a taxpayer-funded left-wing think tank and lobbying organization.32 The United States provides about one-fifth of OECD’s funding.33 The U.S. should end its finan- cial support and withdraw from the OECD. TAX ADMINISTRATION The Internal Revenue Service is a poorly managed, utterly unresponsive and increasingly politicized agency, and has been for at least two decades. It is time for meaningful reform to improve the efficiency and fairness of tax administration, better protect taxpayer rights, and achieve greater transparency and accountability. A substantial number of the problems attributed to the IRS are actually a function of congressional action that has made the Internal Revenue Code ridiculously complex, imposed tremendous administrative burdens on both the public and the IRS, and given massive non-tax missions to the IRS. But the culture, administrative practices, and management at the IRS need to change. — 699 — Department of the Treasury Doubling the IRS? The Inflation Reduction Act contains a radical $80 billion expansion of the IRS—enough to double the size of its workforce.34 Unless Congress reverses this policy, the IRS will become much more intrusive and impose still greater costs on the American people. The Biden Administration has also sought to make the tax system’s adminis- trative burden much worse in other ways. For example, it has proposed creating a comprehensive financial account information reporting regime that would apply to all business and personal accounts with more than $600. Banks would be required to collect the taxpayer identification numbers of and file a revised Form 1099-K for all affected payees, as well as provide additional information.35 This massive increase in the scope and breadth of information reporting should be unequivo- cally opposed. Management. The IRS has approximately 81,000 employees.36 Of those, only two are presidential appointments—the Commissioner and the Chief Counsel.37 As a practical matter, it is impossible for these two officials to overcome bureau- cratic inertia and to implement policy changes that the IRS bureaucracy wants to impede. That is why, notwithstanding decades of sound and fury, almost nothing has changed at the IRS. For the IRS to change and become more accountable, more transparent, and better managed, there is a need to increase the number of Presidential appoint- ments subject to Senate confirmation, and not subject to Senate confirmation, at the IRS. At the very least, Congress should ensure that the Deputy Commissioner for Services and Enforcement, the Deputy Commissioner for Operations Support, the National Taxpayer Advocate, the Commissioner of the Wage and Investment Division, the Commissioner of the Large Business and International Division, the Commissioner of the Small Business Self-Employed Division, and the Com- missioner of the Tax Exempt and Government Entities Division are presidential appointees.38 Information Technology. Despite the investment of billions of dollars for at least two decades, IRS information technology (IT) systems remain deficient.39 The IRS inadequately protects taxpayer information, its IT systems do not ade- quately support operations or taxpayer services, and its matching and detection algorithms are antiquated. These problems are not primarily about resources. The IRS has spent approxi- mately $27 billion on IT during the past decade, with $7 billion of that designated as “development, modernization and enhancement.“40 The problem is one of man- agement. The bureaucracy is not up to the task, and neither Congress nor a long line of IRS commissioners has forced changes. A Deputy Commissioner for Operations Support with strong IT management skills should be appointed by the IRS Commissioner or the President (once the position is made a presidential appointment). The various subordinates to the

Trade

Weak

Vector: 62%

Pages: 859-862AI Enhanced

AI Analysis:

"Both the bill and the Project 2025 financial regulatory section concern financial transparency and oversight, but the bill targets foreign remittance‑based tax evasion while Project 2025 focuses on SEC reform, capital‑market disclosure, and reducing regulatory burdens; the overlap is limited and tangential."

Key themes:financial regulationtransparencyenforcementregulatory oversight

— 827 — Section 5: Independent Regulatory Agencies with government.” Under the Biden FTC, he writes, firms try “to get out of anti- trust liability by offering climate, diversity, or other forms of ESG-type offerings.” Candeub says that state AGs “are far more responsive to their constituents” than the federal government generally is, and he recommends that the FTC establish a position in the chairman’s office that is “focused on state AG cooperation and inviting state AGs to Washington, DC, to discuss enforcement policy in key sectors under the FTC’s jurisdiction: Big Tech, hospital mergers, supermarket mergers, and so forth.” — 829 — 27 FINANCIAL REGULATORY AGENCIES SECURITIES AND EXCHANGE COMMISSION AND RELATED AGENCIES David R. Burton The primary purposes of the laws and regulations governing capital markets and of capital market regulators are to deter and punish fraud and other material misstatements to investors; foster reasonable, scaled disclosure of information that is material to investors’ financial outcomes and proxy voting decisions; and maintain fair, orderly, and efficient secondary capital markets. The Securities Act of 19331 and the Securities Exchange Act of 19342 reflect nearly nine decades of rushed and haphazard amendments. The securities laws are now extremely complex and do not constitute a coherent, rational regulatory regime. For example, the current SEC has proposed a climate change reporting rule that would quadruple the costs of being a public company.3 This would have a substantial adverse impact on existing companies. Over time, it would also sub- stantially reduce the number of public companies and therefore the number of investing options available to ordinary Americans. The Securities and Exchange Commission (SEC) should be reducing impediments to capital formation, not rad- ically increasing them. The SEC and Congress should fundamentally reform the securities laws gov- erning issuers, broker–dealers, exchanges, and other market participants. Among other things, they should establish a simplified and rationalized securities disclo- sure system with:

Showing 3 of 5 policy matches

About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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Foreign Remittance Accountability and Transparency Act