H.R. 7080 would expand the Financial Crimes Enforcement Network’s authority to impose recordkeeping and reporting requirements on financial institutions and nonfinancial trades or businesses. CBO estimates that enacting H.R. 7080 would not affect direct spending or revenues. CBO has not estimated the discretionary costs of implementing the bill. The bill would impose a private-sector mandate as defined in the Unfunded Mandates Reform Act. CBO cannot determine whether the cost of the mandate would exceed the annual threshold of $184 million in 2022 (adjusted annually for inflation). The bill contains no intergovernmental mandates.
