Counterfeiting and Money Laundering Deterrence Act of 1994
Latest action (25 May 1994): Introduced
What this bill does
S. 2158, the Counterfeiting and Money Laundering Deterrence Act of 1994, would direct the Secretary of the Treasury to design and issue new, more counterfeit-resistant $100 bills. Under the bill, Treasury would create two separate versions of the $100 note—one for domestic use and one for use outside the United States—each with distinctive coloring, markings, and anti-counterfeiting features such as watermarks or holograms, and each labeled to show where it is legally valid. The Secretary would also have to develop a plan requiring holders of existing $100 bills to exchange them for the new currency at regulated financial institutions within a set window; after that period, old $100 bills would generally no longer be treated as legal tender or a valid claim against the Treasury, with limited exceptions for currency shown not to be proceeds of unlawful activity.
The bill is aimed broadly at anyone holding or using U.S. $100 bills, including ordinary citizens, banks, and foreign institutions, but its stated purpose is to counter counterfeiting by hostile or terrorist organizations and to disrupt money laundering by international drug traffickers who rely on large amounts of U.S. currency. Financial institutions would be responsible for handling the currency exchange and complying with related reporting requirements, and Treasury would need to notify domestic and foreign governments and institutions about the exchange process.
The bill was introduced in the Senate on May 25, 1994, by Senator Patrick Leahy, with Senator John Kerry as a cosponsor, and was referred to the Committee on Banking, Housing, and Urban Affairs. According to congressional records, it did not receive a vote and did not advance further in that session of Congress.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Counterfeiting and Money Laundering Deterrence Act of 1994 - Amends Federal monetary law to direct the Secretary of the Treasury to design and designate a counterfeit-resistant domestic use $100 denomination bill which shall be exchanged for existing currency according to prescribed guidelines.
Common questions
- What does S. 2158 do?
- S. 2158, the Counterfeiting and Money Laundering Deterrence Act of 1994, would direct the Secretary of the Treasury to design and issue new, more counterfeit-resistant $100 bills. Under the bill, Treasury would create two separate versions of the $100 note—one for domestic use and one for use outside the United States—each with distinctive coloring, markings, and anti-counterfeiting features such as watermarks or holograms, and each labeled to show where it is legally valid. The Secretary would also have to develop a plan requiring holders of existing $100 bills to exchange them for the new currency at regulated financial institutions within a set window; after that period, old $100 bills would generally no longer be treated as legal tender or a valid claim against the Treasury, with limited exceptions for currency shown not to be proceeds of unlawful activity. The bill is aimed broadly at anyone holding or using U.S. $100 bills, including ordinary citizens, banks, and foreign institutions, but its stated purpose is to counter counterfeiting by hostile or terrorist organizations and to disrupt money laundering by international drug traffickers who rely on large amounts of U.S. currency. Financial institutions would be responsible for handling the currency exchange and complying with related reporting requirements, and Treasury would need to notify domestic and foreign governments and institutions about the exchange process. The bill was introduced in the Senate on May 25, 1994, by Senator Patrick Leahy, with Senator John Kerry as a cosponsor, and was referred to the Committee on Banking, Housing, and Urban Affairs. According to congressional records, it did not receive a vote and did not advance further in that session of Congress.
- Has S. 2158 become law?
- Not yet. As of 25 May 1994, S. 2158 is introduced.
- Who sponsored S. 2158?
- S. 2158 was sponsored by Sen. Patrick Leahy [D-VT, 1975-2022] (Democrat-VT), with 1 cosponsor.
- What's the latest action on S. 2158?
- Introduced (25 May 1994).
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