H.R. 1602, known as the "Financial Privacy Act of 2025," aims to improve transparency and protection regarding reports filed under the Bank Secrecy Act. The bill mandates the Secretary of the Treasury to submit annual reports to Congress detailing the number of reports filed...
Simple Explanation
H.R. 1602 is like a rulebook that asks the Treasury to show what they do with lots of secret money reports and make sure the rules are safe and fair for everyone. It also has a timer that makes the rulebook go away in seven years.