CONGRESS FOR VOTERS

Barry Loudermilk (R-GA)

Financial Reporting Threshold Modernization Act

H.R. 1799 · House bill Finance and Financial Sector

A Republican bill with 1 Democratic cosponsor · See all 20 cosponsors

Last activity — Placed on the Union Calendar, Calendar No. 478.

Cleared committee, waiting for its first floor vote

A committee approved it and it is on the calendar of the chamber it started in.

This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.

Its path through Congress

  1. Introduced
  2. On Calendar

What this bill would do

The Financial Reporting Threshold Modernization Act aims to update various financial reporting thresholds. It directs the Secretary of the Treasury to increase several dollar amounts used for currency transaction reports and nonfinancial trade or business reports. The bill also instructs federal agencies to update thresholds for suspicious activity reports. Additionally, it mandates updates for Money Services Business definition thresholds. These updates are intended to occur within 180 days of the Act's enactment. Furthermore, the bill establishes a system for periodic updates based on the Consumer Price Index.

Yes· 3 of 8

  • Scored +4

    Would business owners be better off under this?

    Reduces the regulatory burden and compliance costs associated with reporting various large transactions.

  • Scored +3

    Does this make it easier to run a small business?

    Higher reporting thresholds reduce the regulatory and administrative burden on businesses and money services businesses.

  • Scored +2

    Would people with substantial wealth be better off under this?

    Higher reporting thresholds may reduce the frequency of administrative filings for high-value transactions.

The opposite

  • Scored -2

    Does this give the government more power to monitor people inside the country?

    Increasing reporting thresholds may slightly reduce the granularity of oversight for certain financial activities.

  • Scored -1

    Does this make what the government does easier for the public to see?

    Increasing thresholds may result in fewer reported large-scale transactions being publicly or internally tracked.