Sponsors (2)
The bill increases transparency, oversight, and formal governance around FinCEN's beneficial ownership and related reports—potentially strengthening privacy and accountability—but does so by creating a much larger centralized data store that raises significant privacy, cost, and operational risks for businesses, Treasury/FinCEN, and national security operations.
Taxpayers, U.S. persons, and Congress: regular disclosures of FinCEN report counts, access logs, and denials/revocations increase transparency and enable congressional oversight and accountability of who sees financial intelligence.
Taxpayers, businesses, and financial institutions: formal acknowledgment and governance of beneficial ownership information (BOI) plus required protocol review with the DNI and AG encourage stronger privacy protections and limit unnecessary data dissemination.
Law enforcement oversight and the public: requiring disclosure of denials and revocations for access requests improves agency accountability and can reduce wrongful or excessive sharing of information.
Millions of taxpayers and U.S. persons: centralized, large-scale collection and retention of BOI increases the risk that sensitive financial details will be exposed if safeguards fail or committee disclosures leak.
Financial institutions and millions of companies: initial collection of BOI from roughly 32 million entities and ongoing reporting create substantial compliance, implementation, and data‑handling costs for private sector actors.
Federal employees, taxpayers, and investigations: retaining and reporting large volumes of data increases Treasury/FinCEN administrative costs and may divert staff and resources away from higher‑value investigations.
Based on analysis of 3 sections of legislative text.
Requires Treasury to report annually on FinCEN report counts, retention, and interagency access protocols, review and revise those protocols, and share them with oversight committees; sunsets after seven years.
Official title: 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.
Introduced February 26, 2025 by Warren Davidson · Last progress February 26, 2025
Requires the Treasury Secretary to report to Congress about the number and types of reports held by FinCEN and to review and revise agency access and disclosure protocols for those reports. The requirement starts within 180 days, repeats annually, mandates sharing protocols and revisions with relevant congressional committees, and automatically expires seven years after enactment.