H.R. 533 · 119th Congress

Bank Privacy Reform Act

In committee

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Bill details

Introduced: 1/16/2025

Current status: In committee

Introduced by: John W. Rose (R · TN-06)

Bill ID: 119hr533

Latest official action: Referred to the House Committee on Financial Services.

Bill overview

A neutral overview based on official congressional sources.

Introduced in House

Bank Privacy Reform Act This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions (e.g., transfers of over $10,000) for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant. The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.

Source: BILLSUM · Summary date: 1/16/2025

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Last updated: 1/16/2025Source: BILLSUMBill: 119hr533Learn more →