Washington 2023-2024 Regular Session Status: Passed Senate 2 D cosponsors

SJM 8005 — Addressing "de-risking" by financial institutions.

Last action — Filed with Secretary of State.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2023-2024 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

110 added · 92 removed

Plain-language change summary

The bill has been revised to emphasize the impact of the COVID-19 pandemic on community-based money transmitters and the challenges immigrants face in sending remittances. It now highlights that financial institutions play a crucial role in supporting these communities, which often struggle to comply with federal regulations. This change is important because it focuses attention on the need for better banking solutions for underserved populations, ensuring they have access to safe and reliable financial services.

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S-0784.1 SENATE JOINT MEMORIAL 8005 State of Washington 68th Legislature 2023 Regular Session By Senators Hasegawa and C.
ENGROSSED SENATE JOINT MEMORIAL 8005 State of Washington 68th Legislature 2023 Regular Session By Senators Hasegawa and C.
and WHEREAS, Many immigrants have continued to try to send money to their families despite uncertain and changing employment circumstances throughout the COVID-19 pandemic and recovery;
and WHEREAS, Many immigrants have continued to try to send money to their families despite uncertain and changing employment circumstances following the COVID-19 pandemic and recovery;
1 SJM 8005 WHEREAS, The federal government needs to limit remittances that present significant security risks, and the federal Bank Secrecy Act and related Anti-Money Laundering rules (BSA/AML) impose due diligence, recordkeeping, reporting, and compliance program requirements on financial institutions with respect to remittances to foreign countries;
1 ESJM 8005 WHEREAS, The federal government has national security interests that have resulted in measures by federal agencies to block remittances that present significant security risks, and the federal Bank Secrecy Act and related Anti-Money Laundering rules (BSA/AML) impose due diligence, recordkeeping, reporting, and compliance program requirements on financial institutions with respect to remittances to foreign countries;
and WHEREAS, Some of the countries to which immigrants to Washington want to remit money have little or no central banking infrastructure that makes compliance with BSA/AML rules difficult or impossible, and prevents immigrants from being able to remit money in a safe, reliable manner;
and WHEREAS, Some of the countries to which immigrants to Washington want to remit money have little or no central banking infrastructure, which makes compliance with BSA/AML rules difficult or impossible, and prevents immigrants from being able to remit money in a safe, reliable manner;
and WHEREAS, Financial institutions such as banks play a pivotal role in facilitating commerce and enabling individuals to build financial prosperity;
and WHEREAS, Financial institutions such as banks and credit unions play a pivotal role in facilitating commerce and enabling individuals to build financial prosperity;
and WHEREAS, Many of the local or community-based money transmitters that service underserved diverse communities in Washington have experienced difficulty in obtaining or maintaining accounts from traditional financial institutions and have seen their accounts closed without explanation or justification, leaving underserved communities without banking options;
and WHEREAS, Many of the local or community-based money transmitters that service underserved diverse communities in Washington have been excluded from obtaining or maintaining accounts from traditional financial institutions and have seen their accounts closed without explanation or justification, leaving underserved communities without banking options;
2 SJM 8005 legitimate access to the international financial systems for underserved individuals, entities, and geographic areas;" and WHEREAS, The NDAA directs the United States Government Accountability Office (GAO) to analyze financial services de-risking and report to Congress, and it directs the Treasury Department and others to review reporting requirements now in effect and propose changes to reduce unnecessarily burdensome regulation and to develop a strategy to reduce de-risking and related adverse consequences;
2 ESJM 8005 legitimate access to the international financial systems for underserved individuals, entities, and geographic areas;" and WHEREAS, The NDAA directed the United States Government Accountability Office (GAO) to analyze financial services de-risking and report to Congress, and directed the United States Department of Treasury and others to review reporting requirements now in effect and propose changes to reduce unnecessarily burdensome regulation and to develop a strategy to reduce de-risking and related adverse consequences;
and WHEREAS, The United States Department of Treasury issued their report on April 25, 2023, "The Department of the Treasury's De- Risking Strategy" with key findings and recommendations that include promoting consistent supervisory expectations that consider the impacts of de-risking;
proposing regulations that require financial institutions to have reasonably designed and risk-based AML/CFT programs supervised on a risk basis, taking into consideration the effects of financial inclusion;
and building on Treasury's work to modernize the United States sanctions regime and its recognition of the need to specifically calibrate sanctions to mitigate unintended economic, political, and humanitarian impacts, as outlined in The Treasury 2021 Sanctions Review;
and WHEREAS, The Washington state department of financial institutions has forwarded that guidance to federal bank and credit union regulators for their review and comment;
and WHEREAS, The Washington state department of financial institutions has forwarded that guidance to federal bank and credit union regulators for their review and comment in 2022;
(a) Directives to the GAO and the Treasury Department under the NDAA;
p.
3 ESJM 8005 (a) Reports by the GAO and the Treasury Department in response to the NDAA;
(a) Provisions giving federal banking regulators clarity on how to improve examiners' ability to evaluate banks' BSA/AML compliance as applied to money transmitter accounts;
(a) Directives to federal financial regulatory agencies to develop regulations that clearly and specifically require financial institutions to have reasonably designed and risk-based AML programs supervised on a risk basis, taking into consideration the effects of financial inclusion;
(b) A requirement that financial institutions disclose a specific reason when denying or closing an account;
(b) Provisions giving federal banking regulators clarity on how to improve examiners' ability to evaluate banks' BSA/AML compliance as applied to money transmitter accounts;
and (c) Provisions to help financial institutions mitigate the cost of due diligence required to comply with BSA/AML provisions impacting money transmitters;
(c) A requirement that financial institutions disclose a specific reason when denying or closing an account;
and p.
and (d) Provisions to help financial institutions mitigate the cost of due diligence required to comply with BSA/AML provisions impacting money transmitters;
3 SJM 8005 (3) The President direct federal bank and credit union regulators to work with the Washington state department of financial institutions and industry stakeholders to support efforts to develop new and creative solutions to improve banking access for local or community-based money transmitters.
and (3) The President direct federal bank and credit union regulators to work with the Washington state department of financial institutions and industry stakeholders to support efforts to develop new and creative solutions to improve banking access for local or community-based money transmitters.
4 SJM 8005
4 ESJM 8005
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Action History

  1. Filed with Secretary of State.

  2. Speaker signed.

  3. President signed.

  4. Third reading, passed; yeas, 59; nays, 37; absent, 0; excused, 2.

  5. Rules suspended. Placed on Third Reading.

  6. Rules Committee relieved of further consideration. Placed on second reading.

  7. Referred to Rules 2 Review.

  8. Minority; without recommendation.

  9. Minority; do not pass.

  10. CPB - Majority; do pass.

  11. Executive action taken in the House Committee on Consumer Protection & Business at 1:30 PM.

  12. Public hearing in the House Committee on Consumer Protection & Business at 1:30 PM.

  13. First reading, referred to Consumer Protection & Business.

  14. Third reading, passed; yeas, 45; nays, 4; absent, 0; excused, 0.

  15. Rules suspended. Placed on Third Reading.

  16. Floor amendment(s) adopted.

  17. Returned to second reading for amendment.

  18. Rules suspended.

  19. Placed on third reading by Rules Committee.

  20. By resolution, reintroduced and retained in present status.

  21. By resolution, returned to Senate Rules Committee for third reading.

  22. Rules Committee relieved of further consideration. Placed on second reading.

  23. Referred to Rules 2 Review.

  24. CPB - Majority; do pass.

  25. Executive action taken in the House Committee on Consumer Protection & Business at 1:30 PM.

  26. Public hearing in the House Committee on Consumer Protection & Business at 8:00 AM.

  27. First reading, referred to Consumer Protection & Business.

  28. Third reading, passed; yeas, 39; nays, 8; absent, 0; excused, 2.

  29. Rules suspended. Placed on Third Reading.

  30. Placed on second reading by Rules Committee.

  31. Made eligible to be placed on second reading.

  32. Passed to Rules Committee for second reading.

  33. Minority; without recommendation.

  34. BFGT - Majority; do pass.

  35. Executive action taken in the Senate Committee on Business, Financial Services, Gaming & Trade at 10:30 AM.

  36. Public hearing in the Senate Committee on Business, Financial Services, Gaming & Trade at 8:00 AM.

  37. First reading, referred to Business, Financial Services, Gaming & Trade.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 149 not signed on · 39 voted No

Sponsors (1)

Co-sponsors (1)

Not signed on (149)

149 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

3rd Reading & Final Passage (#17)

Passed 59 Yea · 37 Nay · 2 Other
Party YeaNayPresentNot Voting
Republican 12900
Democrat 57000
Unaffiliated 1802
Total 593702
% of votes cast 60%38%0%2%
How each member voted (98)
Member Party Vote
Chambers — Nay
Chandler — Not Voting
Cheney — Nay
Chopp — Yea
Hutchins — Nay
Kretz — Nay
Maycumber — Not Voting
Mosbrucker — Nay
Robertson — Nay
Sandlin — Nay
Wilcox — Nay
Alex Ramel Democrat Yea
Alicia Rule Democrat Yea
Amy Walen Democrat Yea
April Berg Democrat Yea
Beth Doglio Democrat Yea
Bill Ramos Democrat Yea
Brandy Donaghy Democrat Yea
Chipalo Street Democrat Yea
Chris Stearns Democrat Yea
Cindy Ryu Democrat Yea
Clyde Shavers Democrat Yea
Dan Bronoske Democrat Yea
Darya Farivar Democrat Yea
Dave Paul Democrat Yea
David Hackney Democrat Yea
Davina Duerr Democrat Yea
Debra Entenman Democrat Yea
Debra Lekanoff Democrat Yea
Emily Alvarado Democrat Yea
Gerry Pollet Democrat Yea
Greg Nance Democrat Yea
Jake Fey Democrat Yea
Jamila Taylor Democrat Yea
Jessica Bateman Democrat Yea
Joe Fitzgibbon Democrat Yea
Joe Timmons Democrat Yea
Julia Reed Democrat Yea
Julio Cortes Democrat Yea
Kristine Reeves Democrat Yea
Larry Springer Democrat Yea
Lauren Davis Democrat Yea
Laurie Jinkins Democrat Yea
Lillian Ortiz-Self Democrat Yea
Lisa Callan Democrat Yea
Liz Berry Democrat Yea
Marcus Riccelli Democrat Yea
Mari Leavitt Democrat Yea
Mary Fosse Democrat Yea
Melanie Morgan Democrat Yea
Mia Gregerson Democrat Yea
Mike Chapman Democrat Yea
Monica Jurado Stonier Democrat Yea
My-Linh Thai Democrat Yea
Nicole Macri Democrat Yea
Roger Goodman Democrat Yea
Sharlett Mena Democrat Yea
Sharon Tomiko Santos Democrat Yea
Sharon Wylie Democrat Yea
Shelley Kloba Democrat Yea
Steve Bergquist Democrat Yea
Steve Tharinger Democrat Yea
Strom Peterson Democrat Yea
Tana Senn Democrat Yea
Tarra Simmons Democrat Yea
Timm Ormsby Democrat Yea
Tina Orwall Democrat Yea
Vandana Slatter Democrat Yea
Alex Ybarra Republican Nay
Andrew Barkis Republican Nay
April Connors Republican Nay
Carolyn Eslick Republican Nay
Chris Corry Republican Nay
Cyndy Jacobsen Republican Nay
Dan Griffey Republican Nay
Drew Stokesbary Republican Nay
Ed Orcutt Republican Nay
Jenny Graham Republican Nay
Jim Walsh Republican Nay
Joe Schmick Republican Nay
Joel McEntire Republican Nay
Keith Goehner Republican Nay
Kevin Waters Republican Nay
Leonard Christian Republican Nay
Mark Klicker Republican Nay
Mary Dye Republican Nay
Michelle Valdez Republican Nay
Mike Steele Republican Nay
Mike Volz Republican Nay
Paul Harris Republican Nay
Peter Abbarno Republican Yea
Sam Low Republican Nay
Skyler Rude Republican Nay
Stephanie Barnard Republican Nay
Stephanie McClintock Republican Nay
Suzanne Schmidt Republican Nay
Tom Dent Republican Nay
Travis Couture Republican Nay

Official roll call →

3rd Reading & Final Passage (#27)

Passed 45 Yea · 4 Nay
Party YeaNayPresentNot Voting
Unaffiliated 10000
Republican 12400
Democrat 23000
Total 45400
% of votes cast 92%8%0%0%
How each member voted (49)
Member Party Vote
Billig — Yea
Hawkins — Yea
Keiser — Yea
Kuderer — Yea
Mullet — Yea
Padden — Yea
Randall — Yea
Rivers — Yea
Van De Wege — Yea
Wilson, L. — Yea
Annette Cleveland Democrat Yea
Bob Hasegawa Democrat Yea
Claire Wilson Democrat Yea
Claudia Kauffman Democrat Yea
Derek Stanford Democrat Yea
Drew Hansen Democrat Yea
Jamie Pedersen Democrat Yea
Javier Valdez Democrat Yea
Jesse Salomon Democrat Yea
Joe Nguyen Democrat Yea
John Lovick Democrat Yea
June Robinson Democrat Yea
Lisa Wellman Democrat Yea
Liz Lovelett Democrat Yea
Manka Dhingra Democrat Yea
Marko Liias Democrat Yea
Noel Frame Democrat Yea
Rebecca Saldaña Democrat Yea
Sharon Shewmake Democrat Yea
Steve Conway Democrat Yea
T'wina Nobles Democrat Yea
Victoria Hunt Democrat Yea
Yasmin Trudeau Democrat Yea
Chris Gildon Republican Yea
Curtis King Republican Yea
Drew MacEwen Republican Yea
Jeff Holy Republican Yea
Jeff Wilson Republican Yea
Jim McCune Republican Nay
John Braun Republican Yea
Judy Warnick Republican Yea
Keith Wagoner Republican Nay
Mark Schoesler Republican Yea
Matt Boehnke Republican Nay
Nikki Torres Republican Yea
Perry Dozier Republican Nay
Phil Fortunato Republican Yea
Ron Muzzall Republican Yea
Shelly Short Republican Yea

Official roll call →

3rd Reading & Final Passage (#24)

Passed 39 Yea · 8 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 8102
Republican 9700
Democrat 22000
Total 39802
% of votes cast 80%16%0%4%
How each member voted (49)
Member Party Vote
Billig — Yea
Hawkins — Yea
Keiser — Yea
Kuderer — Not Voting
Mullet — Yea
Padden — Yea
Randall — Yea
Rivers — Not Voting
Rolfes — Yea
Van De Wege — Yea
Wilson, L. — Nay
Annette Cleveland Democrat Yea
Bob Hasegawa Democrat Yea
Claire Wilson Democrat Yea
Claudia Kauffman Democrat Yea
Derek Stanford Democrat Yea
Jamie Pedersen Democrat Yea
Javier Valdez Democrat Yea
Jesse Salomon Democrat Yea
Joe Nguyen Democrat Yea
John Lovick Democrat Yea
June Robinson Democrat Yea
Lisa Wellman Democrat Yea
Liz Lovelett Democrat Yea
Manka Dhingra Democrat Yea
Marko Liias Democrat Yea
Noel Frame Democrat Yea
Rebecca Saldaña Democrat Yea
Sharon Shewmake Democrat Yea
Steve Conway Democrat Yea
T'wina Nobles Democrat Yea
Victoria Hunt Democrat Yea
Yasmin Trudeau Democrat Yea
Chris Gildon Republican Yea
Curtis King Republican Yea
Drew MacEwen Republican Nay
Jeff Holy Republican Yea
Jeff Wilson Republican Nay
Jim McCune Republican Nay
John Braun Republican Nay
Judy Warnick Republican Yea
Keith Wagoner Republican Yea
Mark Schoesler Republican Yea
Matt Boehnke Republican Nay
Nikki Torres Republican Nay
Perry Dozier Republican Yea
Phil Fortunato Republican Yea
Ron Muzzall Republican Yea
Shelly Short Republican Nay

Official roll call →

Subjects

finance
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Frequently asked questions

Who sponsors SJM 8005?
SJM 8005 is sponsored by Claire Wilson (Democrat) and Bob Hasegawa (Democrat).
What is the current status of SJM 8005?
This bill died with 2023-2024 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SJM 8005?
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