HR 533 · 119th CongressIn Committeecongress.gov ↗
What this bill does
AI plain-language summaryThis 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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