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US HB533

Bill

Official Source

Status

Introduced

1/16/2025

Primary Sponsor

John Rose

Click for details

Origin

House of Representatives

119th Congress

AI Summary

  • Requires government authorities to obtain a search warrant to access customer financial records from financial institutions, eliminating other methods of access such as administrative subpoenas and formal written requests
  • Repeals multiple Bank Secrecy Act provisions including Currency Transaction Reports (CTRs), Suspicious Activity Reports (SARs), foreign bank account reporting requirements, and the Corporate Transparency Act's beneficial ownership database
  • Narrows the stated purpose of the Bank Secrecy Act to only require financial institutions to retain transaction records, removing broader anti-money laundering and reporting mandates
  • Adjusts the $3,000 threshold for certain identification requirements to be annually indexed to inflation using the Consumer Price Index
  • Removes provisions authorizing special measures against foreign jurisdictions or financial institutions of primary money laundering concern

Legislative Description

Bank Privacy Reform Act

Finance and financial sector

Last Action

Referred to the House Committee on Financial Services.

1/16/2025

Committee Referrals

Financial Services1/16/2025

Full Bill Text

No bill text available