Financial Reporting Threshold Modernization Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8686 Introduced in House (IH)]

<DOC>






118th CONGRESS
  2d Session
                                H. R. 8686

   To update thresholds for certain currency transaction reports and 
          suspicious activity reports, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 11, 2024

 Mr. Loudermilk (for himself, Mr. Meuser, and Mr. Donalds) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
   To update thresholds for certain currency transaction reports and 
          suspicious activity reports, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Reporting Threshold 
Modernization Act''.

SEC. 2. UPDATING THRESHOLDS FOR CERTAIN CURRENCY TRANSACTION REPORTS 
              AND SUSPICIOUS ACTIVITY REPORTS.

    (a) Thresholds for Certain Currency Transaction Reports.--
            (1) Currency transaction reports.--The Secretary of the 
        Treasury shall--
                    (A) not later than the end of the 180-day period 
                beginning on the date of the enactment of this Act, 
                revise regulations issued with respect to section 5313 
                of title 31, United States Code, to update each $10,000 
                threshold amount in such regulations to $60,000; and
                    (B) annually update each such threshold amount to 
                reflect the change in the Consumer Price Index for All 
                Urban Consumers published by the Bureau of Labor 
                Statistics of the Department of Labor.
            (2) Threshold for reports relating to coins and currency 
        received in nonfinancial trade or business.--Section 5331 of 
        title 31, United States Code, is amended--
                    (A) by striking ``$10,000'' each place such term 
                appears in heading or text and inserting ``$60,000''; 
                and
                    (B) by adding at the end the following:
    ``(e) Updates for Inflation.--The Secretary of the Treasury shall 
annually update each dollar figure under this section to reflect the 
change in the Consumer Price Index for All Urban Consumers published by 
the Bureau of Labor Statistics of the Department of Labor.''.
    (b) Thresholds for Suspicious Activity Reports.--Not later than the 
end of the 180-day period beginning on the date of the enactment of 
this Act, each Federal department or agency that issues regulations 
with respect to reports on suspicious transactions described under 
section 5318(g) of title 31, United States Code, shall update each 
$5,000 threshold amount in such regulations to $10,000 and each $2,000 
threshold amount in such regulation to $3,000.
    (c) Updating the Money Services Business Definition Thresholds.--
Not later than the end of the 180-day period beginning on the date of 
the enactment of this Act, the Secretary of the Treasury shall revise 
section 1010.100(ff) of title 31, Code of Federal Regulations, to 
update each $1,000 threshold amount in such regulations to $3,000.
                                 <all>