{"bill":{"id":"119-hr-1799","congress":119,"type":"HR","number":1799,"title":"Financial Reporting Threshold Modernization Act","originChamber":"House","introducedDate":"2025-03-03","sponsors":[{"bioguideId":"L000583","fullName":"Rep. Loudermilk, Barry [R-GA-11]","party":"R","state":"GA","district":11}],"cosponsorsCount":20,"latestAction":{"actionDate":"2026-03-19","text":"Placed on the Union Calendar, Calendar No. 478."},"policyArea":"Finance and Financial Sector","subjects":["Administrative law and regulatory procedures","Banking and financial institutions regulation","Business records","Currency","Department of the Treasury","Fraud offenses and financial crimes"],"actions":[{"date":"2026-03-19","text":"Placed on the Union Calendar, Calendar No. 478.","type":"Calendars","chamber":"House floor actions","hasVote":false},{"date":"2026-03-19","text":"Reported (Amended) by the Committee on Financial Services. H. Rept. 119-556.","type":"Committee","chamber":"House floor actions","hasVote":false},{"date":"2026-03-19","text":"Reported (Amended) by the Committee on Financial Services. H. Rept. 119-556.","type":"Committee","chamber":"Library of Congress","hasVote":false},{"date":"2026-01-22","text":"Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 24.","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2026-01-22","text":"Committee Consideration and Mark-up Session Held","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2025-03-03","text":"Referred to the House Committee on Financial Services.","type":"IntroReferral","chamber":"House floor actions","hasVote":false},{"date":"2025-03-03","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false},{"date":"2025-03-03","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false}],"summary":"<p><strong>Financial Reporting Threshold Modernization Act</strong></p><p>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.</p><p>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.</p><p>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&nbsp;the financing of terrorism measures, among other matters.&nbsp;Treasury must also make appropriate updates to such forms.</p><p>The bill also extends through 2031 the requirement that the director of FinCEN must be made annually&nbsp;available for testimony before congressional committees regarding certain FinCEN issues, including resources needed to implement beneficial ownership reporting requirements.</p>","updateDate":"2026-06-11T23:26:44Z"},"markets":[],"stateBills":[],"meta":{"sources":["congress.gov"],"latencyMs":387,"ts":"2026-08-28T08:39:51.920Z"},"nextActions":{"inspect":[],"related":[{"description":"Search related legislation","method":"GET","url":"https://simplefunctions.dev/api/public/query-gov?q=Financial%20Reporting%20Threshold%20Modernization%20Act"}]}}