H.R. 1799

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1799 Reported in House (RH)]

<DOC>

Union Calendar No. 478
119th CONGRESS
2d Session
H. R. 1799

[Report No. 119-556]

To update thresholds for certain currency transaction reports and 
suspicious activity reports, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 3, 2025

Mr. Loudermilk (for himself, Mr. Barr, Mr. Downing, and Mr. Moore of 
North Carolina) introduced the following bill; which was referred to 
the Committee on Financial Services

March 19, 2026

Additional sponsors: Mr. Rose, Mr. Bilirakis, Mr. Collins, Mr. Carter 
of Georgia, Mr. Fulcher, Mr. Massie, Mr. Begich, Mr. Soto, Mr. 
Fleischmann, Mr. Nunn of Iowa, Mrs. Biggs of South Carolina, Mr. Rogers 
of Alabama, Mr. Ezell, Mr. Hudson, Mrs. Harshbarger, Ms. Maloy, and Mr. 
Harrigan

March 19, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed 
in italic]
[For text of introduced bill, see copy of bill as introduced on March 
3, 2025]

_______________________________________________________________________

A BILL

To update thresholds for certain currency transaction reports and 
suspicious activity reports, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Financial Reporting Threshold 
Modernization Act''.

SEC. 2. UPDATING THRESHOLDS FOR CERTAIN CURRENCY TRANSACTION REPORTS 
AND SUSPICIOUS ACTIVITY REPORTS.

(a) Thresholds for Certain Currency Transaction Reports.--
(1) Currency transaction reports.--The Secretary of the 
Treasury shall--
(A) not later than the end of the 180-day period 
beginning on the date of the enactment of this Act, 
revise regulations issued with respect to sections 5313 
and 5315 of title 31, United States Code, to update 
each $10,000 threshold amount in such regulations to 
$30,000; and
(B) every 5 years, update each such threshold 
amount to reflect the change in the Consumer Price 
Index for All Urban Consumers published by the Bureau 
of Labor Statistics of the Department of Labor, which 
shall be rounded to the nearest $500.
(2) Threshold for reports relating to coins and currency 
received in nonfinancial trade or business.--Section 5331 of 
title 31, United States Code, is amended--
(A) by striking ``$10,000'' each place such term 
appears in heading or text and inserting ``$30,000''; 
and
(B) by adding at the end the following:
``(e) Updates for Inflation.--Every 5 years, the Secretary of the 
Treasury shall update each dollar figure under this section to reflect 
the change in the Consumer Price Index for All Urban Consumers 
published by the Bureau of Labor Statistics of the Department of Labor, 
which shall be rounded to the nearest $500.''.
(b) Thresholds for Suspicious Activity Reports.--Each Federal 
department or agency that issues regulations with respect to reports on 
suspicious transactions described under section 5318(g) of title 31, 
United States Code, shall--
(1) not later than the end of the 180-day period beginning 
on the date of the enactment of this Act, update each $5,000 
threshold amount in such regulations to $10,000 and each $2,000 
threshold amount in such regulation to $3,000; and
(2) every 5 years, update each such threshold amount to 
reflect the change in the Consumer Price Index for All Urban 
Consumers published by the Bureau of Labor Statistics of the 
Department of Labor, which shall be rounded to the nearest 
$500.
(c) Updating the Money Services Business Definition Thresholds.--
The Secretary of the Treasury shall--
(1) not later than the end of the 180-day period beginning 
on the date of the enactment of this Act, revise section 
1010.100(ff) of title 31, Code of Federal Regulations, to 
update each $1,000 threshold amount in such regulations to 
$3,000; and
(2) every 5 years, update each such threshold amount to 
reflect the change in the Consumer Price Index for All Urban 
Consumers published by the Bureau of Labor Statistics of the 
Department of Labor, which shall be rounded to the nearest 
$500.
(d) Review and Report.--Not later than 360 days after the date of 
enactment of this Act, the Secretary of the Treasury shall, in 
consultation with private sector stakeholders and law enforcement--
(1) review the forms and reporting and recordkeeping 
requirements issued pursuant to sections 5313, 5315, and 5318 
of title 31, United States Code, which shall include an 
analysis on the aggregation, prioritization, and automation of 
those forms and requirements, to ensure that such forms and 
reporting requirements are effective and efficient in 
identifying illicit finance activity;
(2) update the forms and requirements described in 
paragraph (1) as the Secretary of the Treasury determines 
necessary and consistent with section 5318(g)(5) of title 31, 
United States Code;
(3) conduct the reviews and submit the reports required 
under sections 6204, 6205, and 6216 of the Anti-Money 
Laundering Act of 2020 (division F of the William M. (Mac) 
Thornberry National Defense Authorization Act for Fiscal Year 
2021; 134 Stat. 4569; 31 U.S.C. 5313 note, 31 U.S.C. 5311 
note); and
(4) submit to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives a report that--
(A) summarizes the results of the review conducted 
under paragraph (1); and
(B) includes recommendations for updating the forms 
and requirements described in paragraph (1).

SEC. 3. TESTIMONY BY THE DIRECTOR OF FINCEN.

Section 5336(c)(11)(A) of title 31, United States Code, is amended 
by striking ``5 years'' and inserting ``10 years''.
Union Calendar No. 478

119th CONGRESS

2d Session

H. R. 1799

[Report No. 119-556]

_______________________________________________________________________

A BILL

To update thresholds for certain currency transaction reports and 
suspicious activity reports, and for other purposes.

_______________________________________________________________________

March 19, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed