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H.R. 1799119th CongressFinance and Financial Sector
Financial Reporting Threshold Modernization Act
Sponsored by Rep. Barry Loudermilk (R-GA) · 20 active : 19 Republicans, 1 Democrat
Latest action: Placed on the Union Calendar, Calendar No. 478.
Where it standsBefore the House70 representatives score as swing votes
Hasn’t passed either chamber
- House: next
- Senate: not yet
- President: not yet
Summary
, via Congress.govFinancial 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.
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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.
Committees and subjects
Committees
- House Committee on Financial Services · HouseReported by · Markup by · Referred to
Subjects
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Business records
- Currency
- Department of the Treasury
- Fraud offenses and financial crimes
Model
Directional: count only breaks toward the other partyWhy do scores change?v3default (selected)v2 model swing-v2
How the Senate breaks down
- 11Swing 70–100
- 65Middle 30–70
- 24Entrenched 0–30
Members fall into . All 100 senators have enough data to score. The bill is not before the Senate right now; these scores show where members would stand.
Key players in the Senate
Ranked by swing score, 0–100 · swing-v3, directional: only movement toward the other party counts, so members who sit further from the center than their party no longer score as swing votes.
Bars show each input from 0 to 100: ideology gap, scorecard gap, , and the . is the seat’s partisan lean, and shows how much of the input data a score has.
Similar past votes, Senate
Earlier behind swing-v3’s inputLoading similar votes
Cosponsors
20 activeShow all 20 cosponsors
- Andy Barr (R-KY-6)
- Tim Moore (R-NC-14)
- Troy Downing (R-MT-2)
- John W. Rose (R-TN-6)
- Gus M. Bilirakis (R-FL-12)
- Earl L. "Buddy" Carter (R-GA-1)
- Mike Collins (R-GA-10)
- Russ Fulcher (R-ID-1)
- Thomas Massie (R-KY-4)
- Nicholas J. Begich (R-AK-AL)
- Darren Soto (D-FL-9)
- Charles J. "Chuck" Fleischmann (R-TN-3)
- Zachary Nunn (R-IA-3)
- Sheri Biggs (R-SC-3)
- Mike D. Rogers (R-AL-3)
- Mike Ezell (R-MS-4)
- Richard Hudson (R-NC-9)
- Celeste Maloy (R-UT-2)
- Diana Harshbarger (R-TN-1)
- Pat Harrigan
How the swing score works
Ideology gapHow far a member’s DW-NOMINATE voting score sits from their party’s median in the same chamber.
Scorecard gapHow far their Heritage Action and LCV ratings stray from their party’s average, using the groups’ votes on similar bills where available.
Cross-pressureHow strongly their district or state leans toward the other party, from our own computed partisan lean.
Similar votesHow often they voted against their own party on earlier roll calls about this bill or similar ones.
Committee bonusMembers of the committees handling the bill decide whether it moves, so they get a boost.
Cosponsor checkThe sponsor and active cosponsors have already committed, so they drop toward entrenched.
