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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1799 Reported in House (RH)]
<DOC>
Union Calendar No. 478
119th CONGRESS
2d Session
H. R. 1799
[Report No. 119-556]
To update thresholds for certain currency transaction reports and
suspicious activity reports, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 3, 2025
Mr. Loudermilk (for himself, Mr. Barr, Mr. Downing, and Mr. Moore of
North Carolina) introduced the following bill; which was referred to
the Committee on Financial Services
March 19, 2026
Additional sponsors: Mr. Rose, Mr. Bilirakis, Mr. Collins, Mr. Carter
of Georgia, Mr. Fulcher, Mr. Massie, Mr. Begich, Mr. Soto, Mr.
Fleischmann, Mr. Nunn of Iowa, Mrs. Biggs of South Carolina, Mr. Rogers
of Alabama, Mr. Ezell, Mr. Hudson, Mrs. Harshbarger, Ms. Maloy, and Mr.
Harrigan
March 19, 2026
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on March
3, 2025]
_______________________________________________________________________
A BILL
To update thresholds for certain currency transaction reports and
suspicious activity reports, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Reporting Threshold
Modernization Act''.
SEC. 2. UPDATING THRESHOLDS FOR CERTAIN CURRENCY TRANSACTION REPORTS
AND SUSPICIOUS ACTIVITY REPORTS.
(a) Thresholds for Certain Currency Transaction Reports.--
(1) Currency transaction reports.--The Secretary of the
Treasury shall--
(A) not later than the end of the 180-day period
beginning on the date of the enactment of this Act,
revise regulations issued with respect to sections 5313
and 5315 of title 31, United States Code, to update
each $10,000 threshold amount in such regulations to
$30,000; and
(B) every 5 years, update each such threshold
amount to reflect the change in the Consumer Price
Index for All Urban Consumers published by the Bureau
of Labor Statistics of the Department of Labor, which
shall be rounded to the nearest $500.
(2) Threshold for reports relating to coins and currency
received in nonfinancial trade or business.--Section 5331 of
title 31, United States Code, is amended--
(A) by striking ``$10,000'' each place such term
appears in heading or text and inserting ``$30,000'';
and
(B) by adding at the end the following:
``(e) Updates for Inflation.--Every 5 years, the Secretary of the
Treasury shall update each dollar figure under this section to reflect
the change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics of the Department of Labor,
which shall be rounded to the nearest $500.''.
(b) Thresholds for Suspicious Activity Reports.--Each Federal
department or agency that issues regulations with respect to reports on
suspicious transactions described under section 5318(g) of title 31,
United States Code, shall--
(1) not later than the end of the 180-day period beginning
on the date of the enactment of this Act, update each $5,000
threshold amount in such regulations to $10,000 and each $2,000
threshold amount in such regulation to $3,000; and
(2) every 5 years, update each such threshold amount to
reflect the change in the Consumer Price Index for All Urban
Consumers published by the Bureau of Labor Statistics of the
Department of Labor, which shall be rounded to the nearest
$500.
(c) Updating the Money Services Business Definition Thresholds.--
The Secretary of the Treasury shall--
(1) not later than the end of the 180-day period beginning
on the date of the enactment of this Act, revise section
1010.100(ff) of title 31, Code of Federal Regulations, to
update each $1,000 threshold amount in such regulations to
$3,000; and
(2) every 5 years, update each such threshold amount to
reflect the change in the Consumer Price Index for All Urban
Consumers published by the Bureau of Labor Statistics of the
Department of Labor, which shall be rounded to the nearest
$500.
(d) Review and Report.--Not later than 360 days after the date of
enactment of this Act, the Secretary of the Treasury shall, in
consultation with private sector stakeholders and law enforcement--
(1) review the forms and reporting and recordkeeping
requirements issued pursuant to sections 5313, 5315, and 5318
of title 31, United States Code, which shall include an
analysis on the aggregation, prioritization, and automation of
those forms and requirements, to ensure that such forms and
reporting requirements are effective and efficient in
identifying illicit finance activity;
(2) update the forms and requirements described in
paragraph (1) as the Secretary of the Treasury determines
necessary and consistent with section 5318(g)(5) of title 31,
United States Code;
(3) conduct the reviews and submit the reports required
under sections 6204, 6205, and 6216 of the Anti-Money
Laundering Act of 2020 (division F of the William M. (Mac)
Thornberry National Defense Authorization Act for Fiscal Year
2021; 134 Stat. 4569; 31 U.S.C. 5313 note, 31 U.S.C. 5311
note); and
(4) submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report that--
(A) summarizes the results of the review conducted
under paragraph (1); and
(B) includes recommendations for updating the forms
and requirements described in paragraph (1).
SEC. 3. TESTIMONY BY THE DIRECTOR OF FINCEN.
Section 5336(c)(11)(A) of title 31, United States Code, is amended
by striking ``5 years'' and inserting ``10 years''.
Union Calendar No. 478
119th CONGRESS
2d Session
H. R. 1799
[Report No. 119-556]
_______________________________________________________________________
A BILL
To update thresholds for certain currency transaction reports and
suspicious activity reports, and for other purposes.
_______________________________________________________________________
March 19, 2026
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed