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Barbara Boxer - Lowering Remittance Costs
Summary
As part of her 2010 campaign platform, Senator Boxer noted that she had authored legislation to lower the cost of remittances and to require the tracking of fees associated with wire transfers of money. The transfer of money through wires in the primary method used by illegal immigrants to send money earned illegally in the US back home. The topic was addressed under the "Latino Issues" or "Latino Communities" tab.
Campaign Website Statements
Reducing the Costs of Remittances: Senator Boxer authored a bill to reduce the high cost of sending money to family members living outside the United States. To offer a cheaper alternative to expensive wire transfer services, the legislation allowed credit unions to offer money transfer services to anyone — not just credit union members. The bill also required that all financial institutions disclose the fees they charge for the service and the exchange rate used.