Counterfeiting and Money Laundering Deterrence Act of 1995
Latest action (31 Jan 1995): Introduced
What this bill does
S. 307, the Counterfeiting and Money Laundering Deterrence Act of 1995, would direct the Secretary of the Treasury, working with the Attorney General and the Drug Enforcement Administration, to design new, more counterfeit-resistant $100 bills within six months of enactment. Two versions would be created: a "domestic use" bill valid as legal tender only within the United States, and a "nondomestic use" bill valid as legal tender only outside the United States, each with distinct coloring and markings. The bill would establish a process for exchanging all existing $100 bills for the new currency, including a six-month window (occurring roughly a year to 18 months after enactment) during which old bills could be swapped at regulated financial institutions. After that window closed, old $100 bills would generally no longer be recognized as legal tender, except in limited cases where the Treasury determined the funds were not linked to unlawful activity.
The bill would primarily affect the Treasury Department, financial institutions handling currency exchanges, and holders of U.S. $100 bills both domestically and abroad, including foreign governments and banks. Its stated purposes were to make counterfeiting harder for hostile or terrorist organizations and to increase costs for drug traffickers who rely on large cash holdings for money laundering.
The bill was introduced by Senator Patrick Leahy on January 31, 1995, and referred to the Senate Committee on Banking, Housing, and Urban Affairs. It did not receive a vote and did not advance further in the 104th 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 1995 - Amends Federal law to direct the Secretary of the Treasury to design and designate a counterfeit-resistant domestic use $100 denomination bill and nondomestic use $100 denomination bill which shall be exchanged for existing currency according to prescribed guidelines.
Common questions
- What does S. 307 do?
- S. 307, the Counterfeiting and Money Laundering Deterrence Act of 1995, would direct the Secretary of the Treasury, working with the Attorney General and the Drug Enforcement Administration, to design new, more counterfeit-resistant $100 bills within six months of enactment. Two versions would be created: a "domestic use" bill valid as legal tender only within the United States, and a "nondomestic use" bill valid as legal tender only outside the United States, each with distinct coloring and markings. The bill would establish a process for exchanging all existing $100 bills for the new currency, including a six-month window (occurring roughly a year to 18 months after enactment) during which old bills could be swapped at regulated financial institutions. After that window closed, old $100 bills would generally no longer be recognized as legal tender, except in limited cases where the Treasury determined the funds were not linked to unlawful activity. The bill would primarily affect the Treasury Department, financial institutions handling currency exchanges, and holders of U.S. $100 bills both domestically and abroad, including foreign governments and banks. Its stated purposes were to make counterfeiting harder for hostile or terrorist organizations and to increase costs for drug traffickers who rely on large cash holdings for money laundering. The bill was introduced by Senator Patrick Leahy on January 31, 1995, and referred to the Senate Committee on Banking, Housing, and Urban Affairs. It did not receive a vote and did not advance further in the 104th Congress.
- Has S. 307 become law?
- Not yet. As of 31 Jan 1995, S. 307 is introduced.
- Who sponsored S. 307?
- S. 307 was sponsored by Sen. Patrick Leahy [D-VT, 1975-2022] (Democrat-VT), with 1 cosponsor.
- What's the latest action on S. 307?
- Introduced (31 Jan 1995).
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