Timely Delivery of Bank Secrecy Act Reports Act

Bill: 117-hr-7734
Sponsor: full_name: Rep. Waters, Maxine [D-CA-43]
Introduced: 2022-05-12
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Congressional oversight

Criminal investigation, prosecution, interrogation

Fraud offenses and financial crimes

Government information and archives
Latest action: action_date: 2022-07-27
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-05-12
action_desc: Introduced in House
text: <p>This bill requires the Department of the Treasury to provide Bank Secrecy Act (BSA) reports to a congressional committee or subcommittee not later than 30 days after a request. Under the BSA, financial institutions must keep records of certain transactions and report suspicious activity indicative of money laundering or other criminal activity. </p> <p>Additionally, when subpoenaed, a financial institution must provide such reports to a congressional committee or subcommittee. </p>

action_date: 2022-07-20
action_desc: Reported to House
text: <p><strong>Timely Delivery of Bank Secrecy Act Reports Act</strong></p> <p>This bill requires the Department of the Treasury to provide Bank Secrecy Act (BSA) reports to a congressional committee or subcommittee not later than 30 days after a request. Under the BSA, financial institutions must keep records of certain transactions and report suspicious activity indicative of money laundering or other criminal activity. </p> <p>Additionally, when subpoenaed, a financial institution must provide such reports to a congressional committee or subcommittee. </p>

action_date: 2022-07-26
action_desc: Passed House
text: <p><strong>Timely Delivery of Bank Secrecy Act Reports Act</strong></p> <p>This bill requires the Department of the Treasury to provide Bank Secrecy Act (BSA) reports to a congressional committee or subcommittee not later than 30 days after a request. Under the BSA, financial institutions must keep records of certain transactions and report suspicious activity indicative of money laundering or other criminal activity. </p> <p>Additionally, when subpoenaed, a financial institution must provide such reports to a congressional committee or subcommittee. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7734 IN THE HOUSE OF REPRESENTATIVES May 12, 2022 Ms. Waters introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend title 31, United States Code, to require the timely production of reports to Congress under the Bank Secrecy Act, and for other purposes.

1. Timely production of Bank Secrecy Act reports to Congress Section 5319 of title 31, United States Code, is amended— (1) by striking The Secretary of the Treasury and inserting the following: (a) In general The Secretary of the Treasury ; and (2) by adding at the end the following: (b) Timely production of reports to Congress (1) Production by the Secretary Upon the request of any congressional committee or subcommittee of appropriate jurisdiction for any report filed under this subchapter, the Secretary of the Treasury shall deliver the requested report to the committee or subcommittee not later than 30 days after such request is made. (2) Production by a financial institution pursuant to a subpoena Upon subpoena by any congressional committee or subcommittee of appropriate jurisdiction, a financial institution shall deliver a report filed under this subchapter by the financial institution, and any information on which such report is based, to the committee or subcommittee not later than the return date specified for such report in the subpoena. .

tv_txt: IB 117th CONGRESS 2d Session H. R. 7734 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend title 31, United States Code, to require the timely production of reports to Congress under the Bank Secrecy Act, and for other purposes.

1. Short title This Act may be cited as the Timely Delivery of Bank Secrecy Act Reports Act . 2. Timely production of Bank Secrecy Act reports to Congress Section 5319 of title 31, United States Code, is amended— (1) by striking The Secretary of the Treasury and inserting the following: (a) In general The Secretary of the Treasury ; and (2) by adding at the end the following: (b) Timely production of reports to Congress (1) Production by the Secretary Upon the request of the congressional committees or subcommittees of appropriate jurisdiction for any report filed under this subchapter, the Secretary of the Treasury shall deliver the requested report to the committee or subcommittee not later than 30 days after such request is made. (2) Production by a financial institution pursuant to a subpoena Upon subpoena by the congressional committees or subcommittees of appropriate jurisdiction, a financial institution shall deliver a report filed under this subchapter by the financial institution, and any information on which such report is based, to the committee or subcommittee not later than the return date specified for such report in the subpoena. .

Passed the House of Representatives July 26, 2022. Cheryl L. Johnson, Clerk.

tv_txt: IIB 117th CONGRESS 2d Session H. R. 7734 IN THE SENATE OF THE UNITED STATES July 27, 2022 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend title 31, United States Code, to require the timely production of reports to Congress under the Bank Secrecy Act, and for other purposes.

1. Short title This Act may be cited as the Timely Delivery of Bank Secrecy Act Reports Act . 2. Timely production of Bank Secrecy Act reports to Congress Section 5319 of title 31, United States Code, is amended— (1) by striking The Secretary of the Treasury and inserting the following: (a) In general The Secretary of the Treasury ; and (2) by adding at the end the following: (b) Timely production of reports to Congress (1) Production by the Secretary Upon the request of the congressional committees or subcommittees of appropriate jurisdiction for any report filed under this subchapter, the Secretary of the Treasury shall deliver the requested report to the committee or subcommittee not later than 30 days after such request is made. (2) Production by a financial institution pursuant to a subpoena Upon subpoena by the congressional committees or subcommittees of appropriate jurisdiction, a financial institution shall deliver a report filed under this subchapter by the financial institution, and any information on which such report is based, to the committee or subcommittee not later than the return date specified for such report in the subpoena. .

Passed the House of Representatives July 26, 2022. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 331 117th CONGRESS 2d Session H. R. 7734 [Report No. 117–425] IN THE HOUSE OF REPRESENTATIVES May 12, 2022 Ms. Waters introduced the following bill; which was referred to the Committee on Financial Services July 20, 2022 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 May 12, 2022 A BILL To amend title 31, United States Code, to require the timely production of reports to Congress under the Bank Secrecy Act, and for other purposes.

1. Short title This Act may be cited as the Timely Delivery of Bank Secrecy Act Reports Act . 2. Timely production of Bank Secrecy Act reports to Congress Section 5319 of title 31, United States Code, is amended— (1) by striking The Secretary of the Treasury and inserting the following: (a) In general The Secretary of the Treasury ; and (2) by adding at the end the following: (b) Timely production of reports to Congress (1) Production by the Secretary Upon the request of the congressional committees or subcommittees of appropriate jurisdiction for any report filed under this subchapter, the Secretary of the Treasury shall deliver the requested report to the committee or subcommittee not later than 30 days after such request is made. (2) Production by a financial institution pursuant to a subpoena Upon subpoena by the congressional committees or subcommittees of appropriate jurisdiction, a financial institution shall deliver a report filed under this subchapter by the financial institution, and any information on which such report is based, to the committee or subcommittee not later than the return date specified for such report in the subpoena. .

July 20, 2022 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed