Committee deadlocks on bill to quadruple some wire-transfer fees tied to anti-money-laundering fund
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Summary
SB 19-88 would increase fees on wire transfers sent outside the U.S., with the revenue earmarked for anti–drug-money-laundering efforts; the bill's fiscal rationale and equity implications for unbanked residents drew concern and the committee split 4-4, failing to advance the measure.
Senator Guthrie presented Senate Bill 19-88, proposing increases to fees collected on wire transfers sent outside the United States and restoring an income-tax credit for Oklahomans to offset those fees. The sponsor said the fee has existed since 2009 and that current collections were "just north of $10,000,000".
Senator Brooks pressed whether the change was a tax or a fee; the sponsor insisted it was a fee collected by transmitters and remitted to the Oklahoma Tax Commission. Committee members pressed the equity implications for unbanked senders who rely on nonbank transmitters and questioned whether banks and credit unions were exempt from the fee.
Other senators challenged the sponsor’s linkage of all or many overseas transfers to drug-money laundering; the sponsor argued wire transfers are a funding source for trafficking and money-laundering enforcement in the state. Opponents noted that raising the fee could disproportionately affect low-income, unbanked residents who cannot easily claim a tax credit.
The roll call resulted in a four–four tie and the chair declared the bill failed to receive a majority. The committee record shows technical questions and equity concerns will need resolution before the measure can move forward in any revised form.