Bank Privacy Reform Act
Introduced Jan 16, 2025 by Rep. John W. Rose
It's waiting on a committee vote to reach the full chamber. Most bills never leave this stage.
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.
Summary by the Congressional Research Service.
No floor votes yet — it hasn't reached the floor of either chamber.