,,ib ,union ,calendar ,no4 #dgh #aaith ,,congress #b;d ,session ,h4 ,r4 #agii ,report ,no4 #aai-eef ,,in ,,the ,,house ,,of ,,representatives ,march #c1 #bjbe,mr4 ,loudermilk 7for himself1 ,mr4 ,barr1 ,mr4 ,downing1 and ,mr4 ,moore of ,north ,carolina7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,march #ai1 #bjbf;,additional sponsors3 ,mr4 ,rose1 ,mr4 ,bilirakis1 ,mr4 ,collins1 ,mr4 ,carter of ,georgia1 ,mr4 ,fulcher1 ,mr4 ,massie1 ,mr4 ,begich1 ,mr4 ,soto1 ,mr4 ,fleischmann1 ,mr4 ,nunn of ,iowa1 ,mrs4 ,biggs of ,south ,carolina1 ,mr4 ,rogers of ,alabama1 ,mr4 ,ezell1 ,mr4 ,hudson1 ,mrs4 ,harshbarger1 ,ms4 ,maloy1 and ,mr4 ,harrigan ,march #ai1 #bjbf,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,march #c1 #bjbe ,a ,,bill ,to update thresholds for certain currency transaction reports and suspicious activity reports1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,financial ,reporting ,threshold ,modernization ,act4 #b4 ,updating thresholds for certain currency transaction reports and suspicious activity reports 7a7 ,thresholds for certain currency transaction reports 7#a7 ,currency transaction reports ,the ,secretary of the ,treasury shall-- 7,a7 not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 revise regulations issued with respect to sections #ecac and #ecae of title #ca1 ,united ,states ,code1 to update each #aj1jjj threshold amount in such regulations to #cj1jjj2 and 7,b7 every #e years1 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 ,labor1 which shall be rounded to the nearest #ejj4 7#b7 ,threshold for reports relating to coins and currency received in nonfinancial trade or business ,section #ecca of title #ca1 ,united ,states ,code1 is amended-- 7,a7 by striking #aj1jjj each place such term appears in heading or text and inserting #cj1jjj2 and 7,b7 by adding at the end the following3 7e7 ,updates for inflation ,every #e years1 the ,secretary of the ,treasury shall 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 ,labor1 which shall be rounded to the nearest #ejj4 4 7b7 ,thresholds for suspicious activity reports ,each ,federal department or agency that issues regulations with respect to reports on suspicious transactions described under section #ecah7;g7 of title #ca1 ,united ,states ,code1 shall-- 7#a7 not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 update each #e1jjj threshold amount in such regulations to #aj1jjj and each #b1jjj threshold amount in such regulation to #c1jjj2 and 7#b7 every #e years1 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 ,labor1 which shall be rounded to the nearest #ejj4 7c7 ,updating the money services business definition thresholds ,the ,secretary of the ,treasury shall-- 7#a7 not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 revise section #ajaj4ajj7;ff7 of title #ca1 ,code of ,federal ,regulations1 to update each #a1jjj threshold amount in such regulations to #c1jjj2 and 7#b7 every #e years1 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 ,labor1 which shall be rounded to the nearest #ejj4 7d7 ,review and report ,not later than #cfj days after the date of enactment of this ,act1 the ,secretary of the ,treasury shall1 in consultation with private sector stakeholders and law enforcement-- 7#a7 review the forms and reporting and recordkeeping requirements issued pursuant to sections #ecac1 #ecae1 and #ecah of title #ca1 ,united ,states ,code1 which shall include an analysis on the aggregation1 prioritization1 and automation of those forms and requirements1 to ensure that such forms and reporting requirements are effective and efficient in identifying illicit finance activity2 7#b7 update the forms and requirements described in paragraph 7#a7 as the ,secretary of the ,treasury determines necessary and consistent with section #ecah7;g77#e7 of title #ca1 ,united ,states ,code2 7#c7 conduct the reviews and submit the reports required under sections #fbjd1 #fbje1 and #fbaf of the ,anti-,money ,laundering ,act of #bjbj 7division ,f of the ,william ,m4 7,mac7 ,thornberry ,national ,defense ,authorization ,act for ,fiscal ,year #bjba2 #acd ,stat4 #defi2 #ca ,u4,s4,c4 #ecac note1 #ca ,u4,s4,c4 #ecaa note72 and 7#d7 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that-- 7,a7 summarizes the results of the review conducted under paragraph 7#a72 and 7,b7 includes recommendations for updating the forms and requirements described in paragraph 7#a74 #c4 ,testimony by the director of ,fin,c,e,n ,section #eccf7;c77#aa77;,a7 of title #ca1 ,united ,states ,code1 is amended by striking #e years and inserting #aj years4 ,march #ai1 #bjbf,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed