Bank Privacy Reform Act
119-HR-533119th CongressIntroduced Jan 16, 2025Finance and Financial Sector
Market Probability
No market
Status
Introduced
Committee
Floor Vote
Other Chamber
Signed
Referred to the House Committee on Financial Services.
Sponsor
Rep. Rose, John W. [R-TN-6](R-TN-6)1 cosponsor
Summary
Bank Privacy Reform Act
This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions (e.g., transfers of over $10,000) for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant.
The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
Actions (3)
Referred to the House Committee on Financial Services.
Jan 16, 2025House floor actions
Introduced in House
Jan 16, 2025Library of Congress
Introduced in House
Jan 16, 2025Library of Congress