H.R. 445 — Border Security Investment Act

This section amends the Electronic Fund Transfer Act (15 U.S.C. 1693o-1), which governs remittance transfers (i.e., electronic transfers of funds to foreign countries), to require remittance transfer providers that are money services businesses to impose a fee equal to 37% of the transfer amount on remittances sent to covered countries—defined as the five countries with the most citizens or nationals unlawfully entering the United States in the prior fiscal year, as identified by the Customs and Border Protection Commissioner—with all fees deposited in the Treasury general fund. This section establishes the Border Security State Reimbursement Trust Fund, funded by annual transfers from the general fund equal to 50% of remittance fees collected the prior fiscal year (with investment income credited to the fund), and makes amounts available without further appropriation to reimburse border states pro rata for prior-year expenditures on border security enforcement measures (i.e., deterring unlawful crossings, detecting unlawful activity or entry, or gaining operational control of the southwest border), upon application with receipts. This section establishes the Border Security Trust Fund, similarly funded by the remaining 50% of prior-year remittance fees (with investment income credited to the fund), and makes amounts available without further appropriation to the Department of Homeland Security for (1) border detection and prevention technology, (2) southern border physical barriers, and (3) U.S. Border Patrol agent wages and salaries. This section permanently rescinds any amounts by which the combined balances of the two funds exceed $50 billion.