Americans for Free Markets (AFFM) is a coalition of groups in support of free markets and economic growth. AFFM recognizes that a strong banking and financial system, free from governmental interference and political motives, is the backbone of a robust free market and a prosperous, thriving economy; critical to our national security; and instrumental in advancing American competitiveness around the world. We advocate for policies that empower businesses to make decisions in the best interest of their customers and shareholders without fear of government micromanagement or retribution.
We’re a growing coalition of businesses and community groups in support of free markets and economic growth. Our mission is clear: to advocate for policies that empower businesses to make decisions in the best interests of their customers and shareholders without fear of government micromanagement or retribution, and oppose policies that restrict competition, increase costs, and weaponize government against business to score political points. Check out our growing list of partners:
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Affordable housing is central to the American Dream, which is why Americans… Read More
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Shout-outs to @dlibsen for this thoughtful piece on the Bank Secrecy Act.
The Bank Secrecy Act is broken. It must be reformed in line with original intent
The Bank Secrecy Act has resulted in excessive scrutiny, account closures and other disruptions of lawful banking activities. It must be reformed.
www.washingtonexaminer.com
WATCH: @RepFrankLucas presses witnesses on FinCEN modernization at this week’s @FinancialCmte/@USHouseFSC hearing.
Bottom line: outdated BSA/AML thresholds are drowning banks in noise, hampering their ability to serve consumers – while bad actors go undetected.
WATCH: @RepFrankLucas questions witnesses on what would it mean for banks and consumers if FinCEN modernized CTR and the SAR thresholds, to which Mr. Court answers:
“Modernizing the thresholds would certainly help, right? Currently we have thresholds that are way too low that
Banks filed 28.7 million reports under the BSA in FY2025 – 78,000 every single day. The result? Just around 275 IRS criminal investigations.
That’s not an effective approach to catch financial crime. That’s a noise machine that drowns out real threats.
@dlibsen in @dcexaminer:
OP-ED: Under the Trump administration, Washington has taken meaningful steps to reform the outdated policies that have contributed to politically motivated debanking. https://trib.al/MVDHma7
The Bank Secrecy Act was supposed to fight crime. Instead, it’s been fighting paperwork.
This week’s @FinancialCmte/@USHouseFSC hearing on modernizing BSA reporting is exactly the oversight Washington needs.
@Rep_Davidson on the need to implement long-overdue BSA reform:
Today I chaired the Financial Services Subcommittee on National Security & Illicit Finance. The hearing focused on modernizing the Bank Secrecy Act, which has governed AML reporting since 1970.
After 55 years, the BSA produces mountains of paperwork that invade Americans’
I’m testifying today.
The Bank Secrecy Act has created a financial surveillance regime that violates our privacy, increases the cost of banking, and doesn’t stop crime.
.@EconWithNick testifies before @FinancialCmte/@USHouseFSC today on the need for modernizing the outdated Bank Secrecy Act.
Read more here on why the status quo isn’t working:
Despite the most recent estimate that financial institutions spend $59 billion a year complying with the Bank Secrecy Act and filing more than 28.7 million reports on customers to the government, the reports initiated only around 275 criminal investigations.
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