Bill > HR1602

This bill aims to increase transparency and oversight of financial reporting under the Bank Secrecy Act (BSA), which requires financial institutions to report certain economic activities to the Financial Crimes Enforcement Network (FinCEN). The bill mandates that the Secretary of the Treasury submit annual reports to Congress detailing the number and types of reports filed with FinCEN, including Currency Transaction Reports, Suspicious Activity Reports, and beneficial ownership information. These reports must also describe protocols governing how national security, law enforcement, and intelligence agencies can access, retain, and disseminate this sensitive financial information. The Secretary is required to annually review and potentially revise these protocols in consultation with the Director of National Intelligence and the Attorney General, with the goals of better aligning information collection with legitimate national security objectives, preventing unauthorized disclosures, and protecting individuals' legal rights, civil liberties, and privacy. The bill includes a provision for congressional oversight, allowing committee chairs to request protocol documents, and requires the Secretary to notify Congress of any protocol changes. Notably, this new reporting requirement is set to automatically sunset after seven years, at which point the reporting requirements will be repealed.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1602/all-info