H.R. 1602 · Where this bill is now
Waiting for a House vote
Approved by committee Mar 21, 2025; no House vote yet
What this bill does
In plain words · AI-written from the official summaryRequires Treasury to report on financial crime monitoring
FinCEN is a government agency that collects reports about suspicious financial transactions and information about who really owns companies, to help catch financial crimes like money laundering. This bill requires the Treasury Department to report to Congress every year about these reports—how many there are, what types, whether they're kept, and how other agencies can access them. Treasury would also need to review and update the rules about who gets access to this information, with a focus on protecting people's legal rights.
How it affects you
This doesn't directly change much for most people in their daily lives. It mainly affects how Congress oversees the financial crime-fighting system and ensures there are checks on who can look at sensitive financial information. The bill aims to add transparency to a system that works largely behind the scenes.
Read the official summary (Introduced in House, Feb 26, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 1602
A BILL
Financial Privacy Act of 2025
Sponsor: Rep. Warren Davidson (R-OH-8) · Introduced Feb 26, 2025 · Finance and Financial Sector · 2 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 21, 2025: “Placed on the Union Calendar, Calendar No. 14.”