Financial Privacy Act of 2023
The source supplies the latest action, but no lifecycle stage.
Latest action (13 Dec 2023): Placed on the Union Calendar, Calendar No. 256.
What this bill does
H.R. 5485, the Financial Privacy Act of 2023, would require the Department of the Treasury to provide Congress with annual reports detailing information collected by the Financial Crimes Enforcement Network (FinCEN). These reports would include the number and types of financial transaction and beneficial ownership reports FinCEN receives, and whether these reports are retained.
The bill would also require FinCEN to report on any guidance related to outside agencies accessing these reports, the number of such access requests, and any denials of access. The Treasury Department would need to annually review this access guidance, revising it as necessary to protect the legal rights of U.S. persons. This legislation primarily affects the Treasury Department and FinCEN's reporting and oversight procedures, as well as any agencies that request access to FinCEN's data.
This bill has been ordered reported in the House of Representatives with amendments. If passed by the House, it would then proceed to the Senate for consideration.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Financial Privacy Act of 2023
This bill requires the Department of the Treasury to annually report to Congress details of reports made to the Financial Crimes Enforcement Network (FinCEN). FinCEN collects reports on suspicious financial transactions and the beneficial ownership of companies in order to detect financial crimes, including money laundering.
Under the bill, FinCEN must report on the number and types of reports and whether they are retained by FinCEN, any guidance regarding outside agency access to these reports, agency requests for these reports, and any denials of access.
Treasury must annually review access guidance and revise as appropriate to protect the legal rights of U.S persons, among other objectives.
Timeline
13 Dec 2023
Placed on the Union Calendar, Calendar No. 256.
Common questions
- What does H.R. 5485 do?
- H.R. 5485, the Financial Privacy Act of 2023, would require the Department of the Treasury to provide Congress with annual reports detailing information collected by the Financial Crimes Enforcement Network (FinCEN). These reports would include the number and types of financial transaction and beneficial ownership reports FinCEN receives, and whether these reports are retained. The bill would also require FinCEN to report on any guidance related to outside agencies accessing these reports, the number of such access requests, and any denials of access. The Treasury Department would need to annually review this access guidance, revising it as necessary to protect the legal rights of U.S. persons. This legislation primarily affects the Treasury Department and FinCEN's reporting and oversight procedures, as well as any agencies that request access to FinCEN's data. This bill has been ordered reported in the House of Representatives with amendments. If passed by the House, it would then proceed to the Senate for consideration.
- Has H.R. 5485 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 5485. Check the latest action and official source below.
- Who sponsored H.R. 5485?
- H.R. 5485 was sponsored by Rep. Hill, J. French [R-AR-2] (R-AR), with 2 cosponsors.
- What's the latest action on H.R. 5485?
- Placed on the Union Calendar, Calendar No. 256. (13 Dec 2023).
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