Bill > HR533

This bill proposes significant reforms to the Bank Secrecy Act by substantially modifying existing financial privacy and reporting regulations. The legislation would limit government authorities' access to financial records, requiring them to obtain a specific search warrant with precise descriptions to access customer financial information. The bill eliminates several existing reporting requirements and sections of law related to financial transactions, including provisions about reporting cash transactions, foreign bank account reports, and special measures for financial institutions. It modifies definitions of financial institutions and trade businesses, and updates penalty structures for non-compliance. The bill also introduces an annual adjustment mechanism for monetary thresholds based on the Consumer Price Index, which would help keep financial reporting requirements aligned with economic changes. A key aim appears to be reducing bureaucratic oversight and streamlining financial reporting requirements while maintaining core protections for customer financial privacy. The proposed changes would significantly reduce the scope of government surveillance and reporting mandates in the financial sector, potentially making it easier for businesses and individuals to manage their financial affairs with less regulatory intervention.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/533/all-info