CONGRESS FOR VOTERS

John Kennedy (R-LA)

S.Amdt. 6241

S.Amdt. 6241 · Senate amendment

A Republican amendment with no cosponsors

Changes S. 4784 — National Defense Authorization Act for Fiscal Year 2027

Offered

Offered, and not voted on yet. Most amendments never get a vote: the Senate takes up the bill and moves on without them.

Its path through Congress

  1. Introduced
  2. Pending Consideration

What this amendment would do

This amendment, submitted by Mr. Kennedy, aims to add a section regarding Treasury Reports to bill S. 4784. Its purpose is to increase the dollar amounts that trigger certain financial reports and establish a process for future inflation adjustments.

Changes to reporting thresholds:

  • Currency Transaction Reports: Updates threshold amounts that are currently $10,000 to $30,000.
  • Nonfinancial Trade or Business: Changes $10,000 thresholds to $30,000 for reports on coins and currency received in these businesses.
  • Suspicious Activity Reports: Updates threshold amounts that are $2,000 to $3,000 and those that are $5,000 to $10,000.

New requirements for the Secretary of the Treasury:

  • Inflation Adjustments: The Secretary must update these thresholds every 5 years based on the Consumer Price Index for All Urban Consumers, rounding to the nearest $1,000.
  • Review and Reporting: Within 360 days, the Secretary must review reporting and recordkeeping requirements to ensure they are efficient in identifying illicit finance activity. The Secretary must then submit a report with results and recommendations to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services.

Limitations:

  • These changes do not affect the Secretary of the Treasury's ability to issue geographic targeting orders or to reduce reporting thresholds according to applicable law.