Financial Privacy Act of 2025
3/31/2025, 9:06 PMSummary of Bill HR 1602
Bill 119 hr 1602, also known as the "Bank Secrecy Act Modernization Act," aims to increase transparency and protections related to Bank Secrecy Act (BSA) reports. The BSA requires financial institutions to report certain transactions that may be indicative of money laundering or other illegal activities to the Treasury Department.This bill specifically requires the Secretary of the Treasury to provide more transparency in the process of collecting and sharing BSA reports. It also includes provisions to enhance protections for individuals and businesses whose information is included in these reports.
The goal of this legislation is to improve the effectiveness of the BSA in combating financial crimes while also safeguarding the privacy and rights of individuals and businesses. By increasing transparency and implementing stronger protections, the bill seeks to strike a balance between national security concerns and individual liberties. Overall, the Bank Secrecy Act Modernization Act aims to modernize and strengthen the BSA reporting system to better protect against financial crimes while upholding the rights of individuals and businesses.
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Current Status of Bill HR 1602
Bill HR 1602 is currently in the status of Bill Introduced since February 26, 2025. Bill HR 1602 was introduced during Congress 119 and was introduced to the House on February 26, 2025. Bill HR 1602's most recent activity was Placed on the Union Calendar, Calendar No. 14. as of March 21, 2025Bipartisan Support of Bill HR 1602
Total Number of Sponsors
6Democrat Sponsors
0Republican Sponsors
6Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
1Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1602
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 1602
To require the Secretary of the Treasury to provide for greater transparency and protections with regard to Bank Secrecy Act reports, and for other purposes.To require the Secretary of the Treasury to provide for greater transparency and protections with regard to Bank Secrecy Act reports, and for other purposes.Comments
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Sponsors and Cosponsors of HR 1602
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