Congress quietly raises the bar for reporting financial crimes
H.R. 1799 — Financial Reporting Threshold Modernization Act · Filed by Barry Loudermilk (R-GA) · 20 cosponsors · Introduced Mar 3, 2025 · Reported out
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What it does
This bill raises the dollar thresholds that trigger mandatory financial reporting to the government. Banks must now report currency transactions of $30,000 or more (up from $10,000), suspicious activity of $10,000 or more (up from $5,000), and money services businesses must report transactions of $3,000 or more (up from $1,000). The thresholds will automatically adjust every 5 years for inflation. The bill also requires the Treasury Department to review whether these reporting forms are effective at catching money laundering and illicit finance.
Why we flagged it
The bill's operative mechanism is to raise the dollar thresholds at which banks and financial institutions must report transactions to federal authorities. This reduces regulatory burden on financial institutions by allowing larger transactions to proceed without triggering mandatory reporting, effectively deregulating financial crime detection.
What the text implies
- Raising thresholds from $10,000 to $30,000 for currency transaction reports may enable structuring (breaking large transactions into smaller ones to avoid reporting) to occur at higher volumes before triggering suspicion.
- The automatic inflation adjustment mechanism means thresholds will drift higher over time without explicit congressional action, making future deregulation less visible and requiring affirmative legislative effort to restore lower thresholds.
- Suspicious activity reporting threshold increases ($5,000 to $10,000, $2,000 to $3,000) reduce the granularity of financial crime detection, potentially allowing mid-level illicit transactions to escape notice.
- The bill requires Treasury to consult with 'private sector stakeholders' on reporting effectiveness, potentially giving financial institutions input into whether their own compliance burden should be further reduced.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Raising reporting thresholds makes it harder for law enforcement and financial regulators to detect money laundering, terrorist financing, and other financial crimes affecting public safety and national security. Citizens benefit from financial crime detection; this bill reduces that detection capability by allowing larger transactions to escape reporting scrutiny.
Who stands to gain
- commercial banks
- credit unions
- money services businesses
- financial institutions subject to AML/KYC reporting
Named in the bill
Treasury Department, FinCEN (Financial Crimes Enforcement Network), Federal Reserve, FDIC, OCC, Bureau of Labor Statistics, House Committee on Financial Services, Senate Committee on Banking, Housing, and Urban Affairs
Where it stands
20 cosponsors: 19 Republicans, 1 Democrats.
- Mar 3, 2025 — Introduced · Congress.gov: “Introduced in House”
- Mar 3, 2025 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
- Jan 22, 2026 — Markup held in committee · Congress.gov: “Committee Consideration and Mark-up Session Held”
- Jan 22, 2026 — Reported out of committee · Congress.gov: “Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 24”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
8 lobbying clients named this bill on 12 disclosure filings across 3 quarters, Dec 2025 to Jun 2026. Those filings disclosed $40,020,000 in lobbying spend. A filing names 6 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 88% of bills with at least one filing.
Barry Loudermilk, the sponsor, reported $166,750 in PAC receipts in the 2026 cycle. $4,000 of that came from 2 PACs tied to these lobbying clients.
- Chamber of Commerce of the U.S.A. — $36,700,000 on 2 filings
- Wells Fargo & Company — $1,390,000 on 2 filings
- Jpmorgan Chase Holdings LLC — $1,190,000 on 1 filing
- Bank of America Corporation — $290,000 on 1 filing
- Moneygram International Inc. — $180,000 on 2 filings
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (4,129 characters) on Jul 2, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
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