What They Are Saying: Policymakers and Experts Applaud Introduction of the STREAMLINE Act

Last month, Senate Banking Committee Chairman Tim Scott (R-SC) introduced the “Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era” (STREAMLINE) Act to modernize the Bank Secrecy Act (BSA) and increase the reporting thresholds for currency transaction reports (CTRs) and suspicious activity reports (SARs), building on the momentum seen under the Trump Administration and Congress to restore balance and fairness into the American financial system. The bill’s introduction has garnered notable media coverage in Breitbart, POLITICO Pro, The Washington Times, Forbes, Cointelegraph and Financial Regulation News.

See what leading policymakers and experts are saying about the bill’s introduction and the latest developments in the financial regulatory space to end government-driven debanking:

REFOCUS ON LEGITIMATE ILLICIT FINANCIAL CRIMES 

John Hurley, Under Secretary for Terrorism and Financial Intelligence, U.S. Department of the Treasury: “Compliance requires real resources, and that’s why prioritization is crucial. At Treasury, we will continue to reform our Anti-Money Laundering and Countering the Financing of Terrorism framework to de-prioritize low-value activity and direct compliance resources towards the most significant threats to our country.”

Patrick M. Brenner, President and CEO, Southwest Public Policy Institute: “The Bank Secrecy Act should protect Americans — not punish them. The STREAMLINE Act restores common sense to anti-money-laundering enforcement by ensuring that banks focus on real criminals, not law-abiding customers. SPPI urges Congress to pass this important legislation swiftly to modernize financial regulation, end harmful debanking practices, and reaffirm that access to the financial system is not a privilege — it’s a necessity for economic liberty.”

U.S. Senator Pete Ricketts (R-NE): “The STREAMLINE Act cuts red tape for banks and credit unions. It ensures law enforcement still has the tools they need to do their job. It focuses enforcement where it matters and respects the privacy of law-abiding American consumers.”

U.S. Senator Mike Rounds (R-SD): “Financial institutions should be investing in tools that stop crime, not outdated compliance exercises that don’t improve safety.”

U.S. Senator Cynthia Lummis (R-WY): “The STREAMLINE Act modernizes reporting to reflect today’s economy, raising the threshold for currency transaction and suspicious activity reports, without compromising security. I’m proud to join my colleagues in ensuring Americans have access to efficient, modern financial services that meet the needs of the 21st century.”

David Ibsen, Executive Director, Americans for Free Markets: “The STREAMLINE Act ensures that banks can focus on genuine higher-risk activities and customers instead of a catch all approach that only results in unnecessary reports and excess costs, while maintaining the core objectives of the BSA: detecting money laundering, terrorism financing and other financial crimes.”

REDUCING ADMINISTRATIVE BURDEN

Senate Banking Committee Chairman Tim Scott (R-SC): “For decades, banks and credit unions have been weighed down by outdated reporting requirements and layers of unnecessary paperwork that make it harder for them to serve consumers and small businesses. By increasing the reporting thresholds for currency transaction reports and suspicious activity reports, we are bringing much-needed modernization to a law that should root out financial crimes, not get in the way of everyday Americans.”

U.S. Senator John Kennedy (R-LA): “My STREAMLINE Act cuts red tape and modernizes these requirements, so law enforcement can focus on real criminals – not debanking hardworking Americans or drowning our financial institutions in burdensome paperwork. It’s time to bring the Bank Secrecy Act into the 21st century and use a little common sense.”

U.S. Senator Mike Crapo (R-ID): “Financial institutions face unnecessary burdens from outdated reporting requirements that impede service to customers and small businesses. The STREAMLINE Act delivers long overdue modernization, helping to ensure the Bank Secrecy Act targets true financial crime instead of generating excessive paperwork.”

U.S. Senator Katie Britt (R-AL): “This is important legislation that simply updates outdated reporting thresholds that place unnecessary burdens on small banks and credit unions, allowing them to focus on their customers rather than on navigating onerous reporting requirements.”

U.S. Senator Bernie Moreno (R-OH): “The STREAMLINE Act cuts through bureaucratic red tape and allows our financial institutions to detect and disrupt illicit activities. Americans deserve a modern regulation system that works for them.”

Read AFFM’s statement on the STREAMLINE Act’s introduction here and an op-ed by AFFM Executive Director David Ibsen in The Hill on solutions to end government-driven debanking.