NASHVILLE, Tenn.—A law firm is voicing its opposition to a Tennessee bill that would impose a fee on money transfers to help build President Donald Trump's border wall.
HB562, introduced by State Rep. Bruce Griffey (R-Paris), would create a money laundering prevention fund where fees collected could be held. According to the bill’s language, a fee of $10 or 1% of any transaction in excess of $500 would be collected, Fox17.com reported.
Transactions would include the sale or issuance of a money transmission either within the U.S. or abroad. Such transmissions include wire transfers, facsimile, or electronic transfers. Fifty percent of the fees would go to an account to be used towards the wall with the other 50% going to the Tennessee Bureau of Investigation and other state money laundering programs, Fox17.com said.
‘Harms’ Consumers
A letter sent to Griffey and members of the Banking and Investments Subcommittee in the Tennessee House by the law firm Morrison Foerster expresses opposition to the bill on behalf of the Money Services Round Table, Fox.17.com reported.
At the heart of the opposition is the bill's requirement a valid Tennessee driver's license or photo ID will be need to be produced to avoid the above mentioned fees. In the letter, the financial trade group says the bill is impractical and would harm consumers, local businesses, and members of the U.S. military, Fox17.com said.