Bill summaries are authored by CRS.

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Passed House without amendment (07/11/2016)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

(Sec. 1) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).

A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions.