United States 119th Congress Status: In Committee Bipartisan · 1 R · 1 D cosponsors

HR 1602 — Financial Privacy Act of 2025

Last action — Placed on the Union Calendar, Calendar No. 14.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced February 26, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Prognosis

Advancing 34% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (1 R · 1 D) — cross-party backing.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Financial Privacy Act of 2025This 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 Text

What changed in the latest version

16 added · 3 removed

Plain-language change summary

The amendment changes the title of a section from “Notice of changes” to “Notice of revisions.” This update clarifies the language used to describe the required notice after certain changes are made, specifying that it pertains to revisions rather than general changes. This distinction may help in understanding the nature of the modifications being communicated.

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Previous
Latest
1602 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H.
1602 Reported in House (RH)] <DOC> Union Calendar No.
14 119th CONGRESS 1st Session H.
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.
1602 [Report No.
119-24] 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.
which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL 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.
which was referred to the Committee on Financial Services March 21, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on February 26, 2025] _______________________________________________________________________ A BILL 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.
``(2) Notice of changes.--Not later than 30 days after revising any written protocols or guidance described in subsection (a)(3), the Secretary shall provide a copy of such revised written protocols or guidance to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.'';
``(2) Notice of revisions.--Not later than 30 days after revising any written protocols or guidance described in subsection (a)(3), the Secretary shall provide a copy of such revised written protocols or guidance to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.'';
<all>
Union Calendar No.
14 119th CONGRESS 1st Session H.
R.
1602 [Report No.
119-24] _______________________________________________________________________ A BILL 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.
_______________________________________________________________________ March 21, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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View plain text versions (2)

What Congress says this changes

H. Rept. 119-24

Published by the reporting committee Not generated — this is the committee's own “Changes in Existing Law Made by the Bill, as Reported”.

Text to be removed appears in [brackets]. Newly inserted text is italicised in the official report and cannot be marked in this plain-text rendition — read the official PDF ↗ for the authoritative formatting. 

changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

 TITLE 31, UNITED STATES CODE

 * * * * * * *
SUBTITLE IV--MONEY

 * * * * * * *

 CHAPTER 53--MONETARY TRANSACTIONS

 SUBCHAPTER I--CREDIT AND MONETARY EXPANSION

Sec.
5301. Buying obligations of the United States Government.
 * * * * * * *

 SUBCHAPTER II--RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS

 * * * * * * *
5327. Reports to Congress; Review of protocols for agency access to 
 reports.

 * * * * * * *

SUBCHAPTER II--RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS

 * * * * * * *

Sec. 5327. Reports to Congress; Review of protocols for agency access 
 to reports

 (a) Reports to Congress.--Not later than 180 days following 
the date of the enactment of this section, and annually 
thereafter, the Secretary of the Treasury shall submit to the 
Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the 
Senate a report containing the following:
 (1) The number of reports, by type, filed each year 
 with the Financial Crimes Enforcement Network 
 (``FinCEN'') under this subchapter since January 1, 
 2022.
 (2) The total number of reports filed under this 
 subchapter retained by FinCEN.
 (3) A description of any written protocols or 
 guidance from the Secretary to national security, law 
 enforcement, or intelligence agencies regarding agency 
 access to, and retention or dissemination of, 
 information held by FinCEN from reports filed under 
 this subchapter, including--
 (A) a description of any updates to the 
 protocols or guidance during the reporting 
 period;
 (B) the number of queries by such agencies to 
 access the information during the reporting 
 period; and
 (C) any denials of requests for, or 
 revocations of, access by a national security, 
 law enforcement, or intelligence agency, or by 
 any employee thereof, with a description of the 
 reasons for the denial or revocation, as the 
 case may be.
 (b) Review and Revision of Protocols.--In consultation with 
the Director of National Intelligence and the Attorney General, 
the Secretary of the Treasury shall annually review and, as 
appropriate, revise any written protocols or guidance described 
under subsection (a) for the purposes of--
 (1) better tailoring the collection, retention, and 
 dissemination of information filed under this 
 subchapter to authorized national security, law 
 enforcement, or intelligence objectives;
 (2) enforcing prohibitions against unauthorized 
 disclosure of such information; and
 (3) protecting fully the legal rights of all United 
 States persons, including freedoms, civil liberties, 
 and privacy rights guaranteed by Federal law.
 (c) Congressional Requests; Notice of Changes.--
 (1) Requests for information.--Upon request of the 
 chair or ranking member of the Committee on Financial 
 Services of the House of Representatives or the 
 Committee on Banking, Housing, and Urban Affairs of the 
 Senate, the Secretary shall provide a copy of any 
 written protocols or guidance described in subsection 
 (a)(3).
 (2) Notice of revisions.--Not later than 30 days 
 after revising any written protocols or guidance 
 described in subsection (a)(3), the Secretary shall 
 provide a copy of such revised written protocols or 
 guidance to the Committee on Financial Services of the 
 House of Representatives and the Committee on Banking, 
 Housing, and Urban Affairs of the Senate.

[Section 3(a) of H.R. 1602 (as reported) provides for an 
amendment to subchapter II of chapter 53 of title 31, United 
States Code by inserting after section 5326 a new section 5327 
(and by conforming the table of contents accordingly) shown 
previous. Subsection (b) of such section 3 of H.R. 1602 (as 
reported) provides: ``[o]n the date that is the end of the 7-
year period beginning on the date of enactment of this Act, 
section 5327 of title 31, United States Code, is repealed'' 
(and strikes the item relating to such section in the table of 
contents). On such date, section 5327 (represented below in 
roman typeface) and the item relating to such section in the 
table of contents (as added by section 3(a) of H.R. 1602 (as 
reported)) are repealed as follows:]

[Sec. 5327. Reports to Congress; Review of protocols for agency access 
 to reports

 [(a) Reports to Congress.--Not later than 180 days following 
the date of the enactment of this section, and annually 
thereafter, the Secretary of the Treasury shall submit to the 
Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the 
Senate a report containing the following:
 [(1) The number of reports, by type, filed each year 
 with the Financial Crimes Enforcement Network 
 (``FinCEN'') under this subchapter since January 1, 
 2022.
 [(2) The total number of reports filed under this 
 subchapter retained by FinCEN.
 [(3) A description of any written protocols or 
 guidance from the Secretary to national security, law 
 enforcement, or intelligence agencies regarding agency 
 access to, and retention or dissemination of, 
 information held by FinCEN from reports filed under 
 this subchapter, including--
 [(A) a description of any updates to the 
 protocols or guidance during the reporting 
 period;
 [(B) the number of queries by such agencies 
 to access the information during the reporting 
 period; and
 [(C) any denials of requests for, or 
 revocations of, access by a national security, 
 law enforcement, or intelligence agency, or by 
 any employee thereof, with a description of the 
 reasons for the denial or revocation, as the 
 case may be.
 [(b) Review and Revision of Protocols.--In consultation with 
the Director of National Intelligence and the Attorney General, 
the Secretary of the Treasury shall annually review and, as 
appropriate, revise any written protocols or guidance described 
under subsection (a) for the purposes of--
 [(1) better tailoring the collection, retention, and 
 dissemination of information filed under this 
 subchapter to authorized national security, law 
 enforcement, or intelligence objectives;
 [(2) enforcing prohibitions against unauthorized 
 disclosure of such information; and
 [(3) protecting fully the legal rights of all United 
 States persons, including freedoms, civil liberties, 
 and privacy rights guaranteed by Federal law.
 [(c) Congressional Requests; Notice of Changes.--
 [(1) Requests for information.--Upon request of the 
 chair or ranking member of the Committee on Financial 
 Services of the House of Representatives or the 
 Committee on Banking, Housing, and Urban Affairs of the 
 Senate, the Secretary shall provide a copy of any 
 written protocols or guidance described in subsection 
 (a)(3).
 [(2) Notice of revisions.--Not later than 30 days 
 after revising any written protocols or guidance 
 described in subsection (a)(3), the Secretary shall 
 provide a copy of such revised written protocols or 
 guidance to the Committee on Financial Services of the 
 House of Representatives and the Committee on Banking, 
 Housing, and Urban Affairs of the Senate.]

 * * * * * * *

Source: H. Rept. 119-24 · govinfo

Sections of law this bill changes

1 section in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-121).

Monetary transactions · 31 U.S.C. ch. 53 1 section 1 repealed

How this bill changes current law

4 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill introduces new reporting and review requirements for the Secretary of the Treasury regarding Bank Secrecy Act reports.

  • 31 U.S.C. 5327

    Sec. 5327. Reports to Congress; Review of protocols for agency access to reports (a) Reports to Congress.--Not later than 180 days following the date of the enactment of this section, and annually thereafter, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report containing the following: (1) The number of reports, by type, filed each year with the Financial Crimes Enforcement Network ('FinCEN') under this subchapter since January 1, 2022. (2) The total number of reports filed under this subchapter retained by FinCEN. (3) A description of any written protocols or guidance from the Secretary to national security, law enforcement, or intelligence agencies regarding agency access to, and retention or dissemination of, information held by FinCEN from reports filed under this subchapter, including-- (A) a description of any updates to the protocols or guidance during the reporting period; (B) the number of queries by such agencies to access the information during the reporting period; and (C) any denials of requests for, or revocations of, access by a national security, law enforcement, or intelligence agency, or by any employee thereof, with a description of the reasons for the denial or revocation, as the case may be. (b) Review and Revision of Protocols.--In consultation with the Director of National Intelligence and the Attorney General, the Secretary of the Treasury shall annually review and, as appropriate, revise any written protocols or guidance described under subsection (a) for the purposes of-- (1) better tailoring the collection, retention, and dissemination of information filed under this subchapter to authorized national security, law enforcement, or intelligence objectives; (2) enforcing prohibitions against unauthorized disclosure of such information; and (3) protecting fully the legal rights of all United States persons, including freedoms, civil liberties, and privacy rights guaranteed by Federal law. (c) Congressional Requests; Notice of Changes.-- (1) Requests for information.--Upon request of the chair or ranking member of the Committee on Financial Services of the House of Representatives or the Committee on Banking, Housing, and Urban Affairs of the Senate, the Secretary shall provide a copy of any written protocols or guidance described in subsection (a)(3). (2) Notice of revisions.--Not later than 30 days after revising any written protocols or guidance described in subsection (a)(3), the Secretary shall provide a copy of such revised written protocols or guidance to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.

    This establishes a new requirement for the Secretary to report to Congress on BSA report metrics and review agency access protocols.

  • 31 U.S.C. 5327

    5327. Reports to Congress; Review of protocols for agency access to reports.

    This adds an item in the table of contents for chapter 53 to reflect the newly created section on reporting and review protocols.

  • 31 U.S.C. 5327

    Section 5327 of title 31, United States Code, is repealed.

    This provision ensures that the new section 5327 will automatically repeal after a 7-year period.

  • 31 U.S.C. 5327

    the item relating to section 5327.

    This will remove the corresponding item from the table of contents at the end of the repeal period.

Action History

  1. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-24.

  2. Reported (Amended) by the Committee on Financial Services. H. Rept. 119-24.

  3. Placed on the Union Calendar, Calendar No. 14.

  4. Committee Consideration and Mark-up Session Held

  5. Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0.

  6. Introduced in House

  7. Introduced in House

  8. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 545 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (545)

545 members have not signed on to this bill.

Show all 545 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 1602 do?
Financial Privacy Act of 2025This 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.
Who sponsors HR 1602?
HR 1602 is sponsored by Davidson, Warren (Republican) and Himes, James A. (Democratic).
What is the current status of HR 1602?
This bill is in committee in the House. Introduced February 26, 2025. It must pass committee before a floor vote.
Where can I track HR 1602?
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