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WASHINGTON — House Financial Services Committee Ranking Member Spencer Bachus (R-Ala.) was joined by Chairman Barney Frank (D-Mass.) to reintroduce legislation to help ease financial institutions’ reporting requirements.

The legislation, Seasoned Customer Exemption Act of 2007 (HR 323), would permit financial institutions to not file Currency Transaction Reports, required for transactions over $10,000, for so-called seasoned customers who regularly do large-volume cash business with an institution and can be reasonably understood to rule out money laundering or terrorist financing.

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