To: Members of the House Financial Services Committee
From: National Taxpayers Union
Date: January 21, 2026
Subject: NTU’s Views on January 22 Committee Markup
I. Introduction and Key Taxpayer Considerations
On behalf of National Taxpayers Union (NTU), the nation’s oldest taxpayer advocacy organization, we write to express our views on several measures slated for consideration before the House Financial Services Committee on January 22, 2026. NTU applauds the Committee for its continued efforts to advance legislation that improves government efficiency, cuts red tape, encourages free market innovation, and protects consumers. As such, NTU strongly urges Committee members to consider our perspective on H.R. 1799.
II. NTU’s Perspective on Legislation
H.R. 1799, the Financial Reporting Threshold Modernization Act – Support
This legislation, introduced by Rep. Loudermilk (R-GA), is a common sense update that aligns outdated bank reporting thresholds with today’s economy. By adjusting currency transaction reports and suspicious activity reports (SARs) for the first time in decades and indexing to inflation moving forward, the bill reduces unnecessary compliance costs that disproportionately burden small and mid-sized businesses. In fact, these filings are one of the main sources of compliance burdens for community banks that federal authorities rarely follow up with enforcement action. These reports have proliferated over the years, going from less than 300,000 reported SARs in 2003 to over 2.5 million in 2023. Each SAR requires at least two hours of processing time by banks, though some banks claim this is actually more like 20 hours per SAR filing. Thankfully, the Financial Reporting Threshold Modernization Act would allow financial institutions to spend less time on paperwork and more time on lending, hiring, and supporting their customers.
III. Contact Information
Should you have any questions about the recommendations in this memo, please do not hesitate to reach out to Thomas Aiello at taiello@ntu.org.