H. R. 8686, known as the "Financial Reporting Threshold Modernization Act," aims to update the monetary thresholds for certain financial reporting requirements related to currency transactions and suspicious activities. It proposes increasing the threshold for currency transaction reports...
Simple Explanation
The "Financial Reporting Threshold Modernization Act" is a plan to make banks report only very big money transactions, raising the limit they need to report. It adjusts these limits every year so they keep up with changing money value, but some people worry it might make it easier for bad guys to hide money.