H.R. 7734 would require the Department of Treasury to fulfill Congressional requests for suspicious activity reports under the Bank Secrecy Act within 30 days of the request. Also, the bill would allow Congressional committees and subcommittees to subpoena financial institutions for the reports and for the information on which the reports are based. Information from the Treasury indicates that the department does not currently provide these reports directly to Congressional staff within the 30-day period specified in the bill.
Using the costs of similar reporting requirements, CBO estimates that the costs to carry out the requirements in the bill would not be significant; any such spending would be subject to the availability of appropriated funds.
