HR 1602

Summary

Financial Privacy Act of 2025 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 to these reports.   Treasury must annually review access guidance and revise as appropriate to protect the legal rights of U.S persons, among other objectives.

Bill status

Status

Reported

Sponsor

Rep. Warren Davidson [R-OH-8]

Cosponsors

1

Policy area

Finance and Financial Sector

Introduced

2025-02-26

Latest action

2025-03-21: Placed on the Union Calendar, Calendar No. 14.

Committee referrals

• Financial Services Committee: House · Reported By · 2025-03-21
• Financial Services Committee: House · Markup By · 2025-03-05
• Financial Services Committee: House · Referred To · 2025-02-26

Recent actions

• 2025-03-21: Placed on the Union Calendar, Calendar No. 14.
• 2025-03-21: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-24.
• 2025-03-21: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-24.
• 2025-03-05: Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0.
• 2025-03-05: Committee Consideration and Mark-up Session Held