Did Phil Grammm and Tom DeLay kill money-laundering bill for Allen Stanford?

Gramm later boasted to the Institute of International Bankers that he “killed the administration’s anti-money-laundering legislation.”

“Early on, Sen. Phil Gramm, then head of the Senate Banking Committee, and his Texas colleagues in the House, Tom DeLay and Dick Armey, strongly opposed our legislation,” said Stuart E. Eizenstat, who was deputy secretary of the Treasury at the time. “It now turns out they may have been influenced by Stanford, but we didn’t know that at the time.”

The bill would have mandated that banks confirm the identity of depositors and the source of their funds, a deeply Communistic idea, and we need to get the damn government off our backs so banks can launder drug money efficiently and without interruption.