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Sponsored by Rep. Barry Loudermilk (R-GA) · 20 active : 19 Republicans, 1 Democrat
Latest action: Placed on the Union Calendar, Calendar No. 478.
Financial Reporting Threshold Modernization Act
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.
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.
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 the financing of terrorism measures, among other matters. Treasury must also make appropriate updates to such forms.
The bill also extends through 2031 the requirement that the director of FinCEN must be made annually available for testimony before congressional committees regarding certain FinCEN issues, including resources needed to implement beneficial ownership reporting requirements.
Members fall into . 2 representatives don’t have enough data yet and are marked “insufficient data”. Non-voting delegates are not counted.
Bars show each input from 0 to 100: ideology gap, scorecard gap, . is the seat’s partisan lean, and shows how much of the input data a score has.
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These members have less than half of the model’s inputs, so their scores are not banded or ranked.
Ideology is each member’s score. The cluster low on the chart includes the bill’s 21 sponsor and cosponsors in the House: they have already committed, so they score as entrenched. 2 representatives without a DW-NOMINATE score or with insufficient data are not plotted.
Similar votes count toward swing-v3 in the House: total similarity weight 21.5 (needs 5.0).
