Remittance Expense Minimization and Integrity for Transfers Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4274 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4274 To limit the imposition of excise taxes and fees on money transmitting businesses, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 2, 2025 Mr. Liccardo (for himself, Mr. Correa, Mr. Torres of New York, Mr. Vargas, Mr. Vicente Gonzalez of Texas, Mr. Espaillat, Mr. Garcia of Illinois, and Mr. Subramanyam) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned _______________________________________________________________________ A BILL To limit the imposition of excise taxes and fees on money transmitting businesses, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Remittance Expense Minimization and Integrity for Transfers Act'' or the ``REMIT Act of 2025''. SEC. 2. FINDINGS. The Congress finds the following: (1) Remittances are essential cross-border flows of funds from diaspora community members who sent money or goods from wherever they reside to their home countries. While typically only a few hundred dollars per transaction, the total remittance market is estimated by the International Monetary Fund to be over $500,000,000,000 globally. These funds are so significant to the recipient countries that they can make up percentages of their Gross Domestic Product and are significant factors in the elimination of poverty and the stabilization of economies. (2) A 2016 report from Government Accountability Office found that fines on rem