HR1799Referred to Committee
Financial Reporting Threshold Modernization Act
Introduced
In Committee
3
Passed One Chamber4
Passed Both5
Signed into Law119th
Congress
2025-03-03
Introduced
20
Cosponsors
HR
ⓘType
Sponsor
Barry Loudermilk
Republican · GA · Representative
Votes with party: 99.2% (517 recorded votes)
Full profile: /officials/L000583
Source: Congress.gov · FEC
Cosponsors (20)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
- Andy Barr (R-KY-6)Original· 2025-03-03
- Tim Moore (R-NC-14)Original· 2025-03-03
- Troy Downing (R-MT-2)Original· 2025-03-03
- John W. Rose (R-TN-6)· 2025-03-06
- Gus M. Bilirakis (R-FL-12)· 2025-03-11
- Earl L. "Buddy" Carter (R-GA-1)· 2025-03-18
- Mike Collins (R-GA-10)· 2025-03-18
- Russ Fulcher (R-ID-1)· 2025-03-18
- Thomas Massie (R-KY-4)· 2025-03-18
- Nicholas J. Begich III (R-AK)· 2025-06-03
- Darren Soto (D-FL-9)· 2025-09-11
- Charles J. "Chuck" Fleischmann (R-TN-3)· 2025-09-16
- Zachary Nunn (R-IA-3)· 2025-10-21
- Sheri Biggs (R-SC-3)· 2025-11-12
- Mike Rogers (R-AL-3)· 2026-01-07
- Mike Ezell (R-MS-4)· 2026-02-03
- Richard Hudson (R-NC-9)· 2026-03-03
- Celeste Maloy (R-UT-2)· 2026-03-09
- Diana Harshbarger (R-TN-1)· 2026-03-09
- Pat Harrigan (R-NC-10)· 2026-03-18
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Committee Activity
Currently in
- House Committee on Financial ServicesReported By · 2026-03-19
Previously
- Financial Services CommitteeReported By · 2026-03-19
- Financial Services CommitteeMarkup By · 2026-01-22
- House Committee on Financial ServicesMarkup By · 2026-01-22
- Financial Services CommitteeReferred To · 2025-03-03
- House Committee on Financial ServicesReferred To · 2025-03-03
Plain-English Summary
Financial Reporting Threshold Modernization Act This bill increases the threshold amounts for certain reporting by financial institutions, adjusts these amounts periodically for inflation, and requires a review of specified financial forms and reporting requirements. The bill increases the threshold dollar amounts above which financial institutions are required to file currency-transaction and suspicious-activity reports with the Financial Crimes Enforcement Network (FinCEN). The bill also increases the transaction threshold above which an entity must register with FinCEN as a money services business. Further, these amounts must be updated every five years to reflect the change in the consumer price index. Treasury must review and report on the effectiveness and efficiency of the forms and requirements regarding domestic coin and currency transactions, foreign currency transactions, and anti-money laundering and combating the financing of terrorism measures, among other matters. Treasury must also make appropriate updates to such forms. The bill also extends through 2031 the requirement that the director of FinCEN must be made annually available for testimony before congressional committees regarding certain FinCEN issues, including resources needed to implement beneficial ownership reporting requirements.
Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.
Subjects
Finance and Financial Sector
Full bill text is not yet cached locally.
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