mr. chairman , i rise in opposition to the amendment . 
i am particularly concerned about the burdens the amendment would place on two law enforcement entities within the jurisdiction of committee on financial services . 
under this amendment , both the office of foreign assets control ( ofac ) and the financial crimes enforcement network ( fincen ) , which are components of the treasury department that are on the front lines of our country 's efforts to detect and combat terrorist financing , would be required to divert already scarce resources away from law enforcement in order to comply with the amendment 's overly broad and unrealistic reporting requirements . 
instead of monitoring suspicious financial activity and following money trails that can lead investigators to terrorist plots the committee i chair has extensive experience in the financial services area with regimes that permit individuals to `` opt out '' of information sharing arrangements . 
such regimes require careful balancing of personal privacy and law enforcement and national security priorities and can not be drafted on the fly without extensive consultation with all interested parties . 
this amendment , in my judgment , falls far short of the mark . 
i urge a `` no '' vote . 
