H. R. 1799, also known as the "Financial Reporting Threshold Modernization Act," aims to update the financial thresholds for certain currency and suspicious activity reports in the United States. The bill proposes to increase the threshold for currency transaction reports from $10,000 to...
Simple Explanation
The Financial Reporting Threshold Modernization Act wants to change how much money people have to report when they move it around. It suggests making the report rules less strict by raising the amount of money that needs to be reported, like changing it from $10,000 to $30,000, so fewer small money movements get noticed.