Bill > HR1220

This bill, the Bank Privacy Reform Act, aims to make reforms to the Bank Secrecy Act. The key provisions of the bill include: 1. Amending the Right to Financial Privacy Act of 1978 to restrict government access to customer financial records, requiring a search warrant that meets specific requirements. 2. Removing several sections of Chapter 53 of Title 31 of the United States Code, including provisions related to currency transaction reports, foreign bank and financial accounts reporting, and anti-money laundering measures. 3. Amending the definition of "nonfinancial trade or business" to exclude financial institutions. 4. Removing the authority of the Secretary of the Treasury to impose special measures against foreign jurisdictions, financial institutions, or international transactions of primary money laundering concern. 5. Increasing the threshold for reporting cash transactions from $3,000 to an amount that is annually adjusted based on the Consumer Price Index. The overall goal of the bill is to reduce regulatory burdens on financial institutions and provide greater privacy protections for customer financial records, while still maintaining some basic reporting requirements.

Business and Industry

https://www.congress.gov/bill/118th-congress/house-bill/1220/all-info