summary
Introduced
03/03/2025
03/03/2025
In Committee
03/03/2025
03/03/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To update thresholds for certain currency transaction reports and suspicious activity reports, and for other purposes.
AI Summary
This bill updates several financial reporting thresholds to account for inflation and modernize reporting requirements. Specifically, the bill raises the threshold for Currency Transaction Reports (CTRs) from $10,000 to $30,000, meaning financial institutions will only need to file reports for cash transactions exceeding $30,000. It also increases the reporting threshold for suspicious activity reports from $5,000 to $10,000 and from $2,000 to $3,000, depending on the specific type of report. Additionally, the bill mandates that the Treasury Department adjust these thresholds every five years to reflect changes in the Consumer Price Index, ensuring that the reporting requirements remain responsive to economic changes. The money services business definition thresholds will also be updated from $1,000 to $3,000. These changes are designed to reduce unnecessary reporting burdens on businesses while maintaining important financial monitoring and anti-money laundering efforts, effectively adjusting reporting requirements to reflect current economic conditions.
Committee Categories
Business and Industry
Sponsors (13)
Barry Loudermilk (R)*,
Andy Barr (R),
Nicholas Begich (R),
Gus Bilirakis (R),
Buddy Carter (R),
Mike Collins (R),
Troy Downing (R),
Chuck Fleischmann (R),
Russ Fulcher (R),
Thomas Massie (R),
Tim Moore (R),
John Rose (R),
Darren Soto (D),
Last Action
Referred to the House Committee on Financial Services. (on 03/03/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/1799/all-info |
BillText | https://www.congress.gov/119/bills/hr1799/BILLS-119hr1799ih.pdf |
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