HR 533 · 119th CongressIn Committeecongress.gov ↗

Bank Privacy Reform Act

What this bill does

AI plain-language summary

This bill would stop banks and other financial companies from having to automatically report certain financial information to government agencies. Right now, these institutions must report things like money transfers over $10,000 to help detect illegal activities like money laundering or terrorism funding. Under this bill, the government would need to get a search warrant to obtain these financial records instead. The bill also removes requirements for reporting who actually owns certain businesses.

Introduced

January 16, 2025

Policy Area

Finance and Financial Sector

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