We must reform the Bank Secrecy Act to better protect consumer financial privacy.
Sens. Mike Lee (UT) and Rick Scott (FL) have a bill to start the work by removing the arbitrary 1972-level $10K Suspicious Activity Reporting threshold and indexing it more appropriately to inflation ($75K today).
An inflation-indexed SAR limit removes the KYC compliance nightmare too many have to face.
Very happy to support this bill to finally rein in the Bank Secrecy Act!
I agree, important fix, but you know it's just a temporary band-aid. In any event thanks for bringing it up here
1 small step for man
Along with upping SAR limit, it also repeals the Corporate Transparency Act (hell yeah), strengthens 4th Amendment $ protections, prohibits a CBDC (go bitcoin!), recenters financial authority, and creates private right of action for illicit gov't action!
Based Mike Lee!
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