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H.R. 1799: Financial Reporting Threshold Modernization Act

119th Congress · introduced 2025-03-03 · Finance and Financial Sector · Latest: Placed on the Union Calendar, Calendar No. 478.

federal

What does this mean?

Official title

Financial Reporting Threshold Modernization Act

Plain summary

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.

Congressional Research Service summary (Reported to House), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Reporting Threshold Modernization Act

Source: Congressional Research Service summary (Reported to House)

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Officials and money

Sponsor: Rep. Loudermilk, Barry [R-GA-11] · 20 cosponsors

Money: CBO cost estimate: H.R. 1799, Financial Reporting Threshold Modernization Act (2026-02-26) No linked contracts or vendors yet.

Words on this page, explained (2)
Appropriation
Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-hr1799 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills