[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Page S3405]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6241. Mr. KENNEDY submitted an amendment intended to be proposed
by him to the bill S. 4784, to authorize appropriations for fiscal year
2027 for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. TREASURY REPORTS.
(a) Thresholds for Currency Transaction Reports.--
(1) Currency transaction reports.--
(A) Initial updated threshold.--Not later than 180 days
after the date of enactment of this Act, the Secretary of the
Treasury shall issue regulations pursuant to sections 5313
and 5315 of title 31, United States Code, to update each
threshold amount under such regulations that is $10,000 to be
$30,000.
(B) Inflation adjustment.--
(i) In general.--Not later that 5 years after the date on
which the Secretary of the Treasury updates regulations under
subparagraph (A), and every 5 years thereafter, the Secretary
of the Treasury shall issue regulations pursuant to sections
5313 and 5315 of title 31, United States Code, to update each
threshold amount under such regulations required to be
updated under subparagraph (A) to reflect the change during
the applicable 5-year period in the Consumer Price Index for
All Urban Consumers published by the Bureau of Labor
Statistics of the Department of Labor, which shall be rounded
to the nearest multiple of $1,000.
(ii) Effective date.--Each adjustment under clause (i)
shall take effect on the first January 1 occurring after the
date on which the Secretary of the Treasury publishes the
adjustment.
(2) Reports relating to coins and currency received in
nonfinancial trade or business.--Section 5331 of title 31,
United States Code, is amended--
(A) by striking ``$10,000'' each place it appears in a
heading or the text and inserting ``$30,000''; and
(B) by adding at the end the following:
``(e) Updates for Inflation.--
``(1) In general.--Not later than 5 years after the date of
enactment of this subsection, and every 5 years thereafter,
the Secretary of the Treasury shall update each dollar figure
under this section to reflect the change during the
applicable 5-year period in the Consumer Price Index for All
Urban Consumers published by the Bureau of Labor Statistics
of the Department of Labor, which shall be rounded to the
nearest multiple of $1,000.
``(2) Effective date.--Each adjustment under paragraph (1)
shall take effect on the first January 1 occurring after the
date on which the Secretary of the Treasury publishes the
adjustment.''.
(b) Thresholds for Suspicious Activity Reports.--Not later
than 180 days after the date of enactment of this Act, the
head of each Federal agency that issues regulations with
respect to reports on suspicious transactions described under
section 5318(g) of title 31, United States Code, shall update
each threshold amount under such regulations that is $2,000
to be $3,000 and each threshold amount under such regulations
that is $5,000 to be $10,000.
(c) Review and Report.--Not later than 360 days after the
date of enactment of this Act, the Secretary of the Treasury
shall--
(1) review the forms and reporting and recordkeeping
requirements issued pursuant to sections 5313, 5315, and 5318
of title 31, United States Code, which shall include an
analysis on the aggregation, prioritization, and automation
of those forms and requirements, to ensure that such forms
and reporting requirements are effective and efficient in
identifying illicit finance activity;
(2) update the forms and requirements described in
paragraph (1) as the Secretary of the Treasury determines
necessary and consistent with section 5318(g)(5) of title 31,
United States Code;
(3) conduct the reviews and submit the reports required
under sections 6204, 6205, and 6216 of the Anti-Money
Laundering Act of 2020 (division F of the William M. (Mac)
Thornberry National Defense Authorization Act for Fiscal Year
2021; 134 Stat. 4569; 31 U.S.C. 5313 note, 31 U.S.C. 5311
note); and
(4) submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report that--
(A) summarizes the results of the review conducted under
paragraph (1); and
(B) includes recommendations for updating the forms and
requirements described in paragraph (1).
(d) Rule of Construction.--Nothing in this section shall be
construed to--
(1) alter the ability of the Secretary of the Treasury to
issue geographic targeting orders pursuant to section 5326 of
title 31, United States Code;
(2) alter any legal grounds for any geographic targeting
order issued on or before the date of enactment of this Act;
or
(3) alter the ability of the Secretary of the Treasury to
reduce reporting thresholds when consistent with all
applicable law.
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