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HR 5485 118th Congress House Finance and Financial Sector Congressional oversight Corporate finance and management Fraud offenses and financial crimes Government information and archives Government studies and investigations Right of privacy

Financial Privacy Act of 2023

Introduced: September 14, 2023 Introduced by: Hill, J. French Republican · Arkansas See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 13, 2023
Placed on the Union Calendar, Calendar No. 256.
Dec 13, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-317.
Sep 20, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
Sep 20, 2023
Committee Consideration and Mark-up Session Held
Sep 14, 2023
Referred to the House Committee on Financial Services.
Sep 14, 2023
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now December 13, 2023

Placed on the Union Calendar, Calendar No. 256.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2