HR1799Referred to Committee

Financial Reporting Threshold Modernization Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-03-03
Introduced
20
Cosponsors
HR
ⓘ
Type

Sponsor

Barry Loudermilk
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.

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 →

Placed on the Union Calendar, Calendar No. 478.

2026-03-19

Source: Congress.gov

Committee Activity

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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
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