Financial Reporting Threshold Modernization Act

# Financial Reporting Threshold Modernization Act (HR 1799) Summary **What the Bill Would Do:** This bill would update the financial reporting thresholds used by the Treasury Department to monitor potential money laundering and financial crimes. Specifically, it would raise the dollar amount that triggers mandatory reporting requirements for certain financial transactions. Currently, banks and financial institutions must file reports on transactions exceeding specific thresholds; this bill would increase those thresholds to reflect inflation and modern economic conditions, making the reporting requirements less frequent for smaller transactions. **Who It Affects:** The bill primarily affects banks, credit unions, and other financial institutions that currently file reports with federal authorities.

It would also impact the Treasury Department's Financial Crimes Enforcement Network (FinCEN), which receives and analyzes these reports. Indirectly, it could affect law enforcement agencies that use this financial data to investigate money laundering and other financial crimes. **Current Status:** As of now, HR 1799 remains in committee and has not advanced to a floor vote in the House. The bill has not yet passed either chamber of Congress.