Second Chance at Life Act of 2025

House Bill

H.R. 5485

119th Congress

Second Chance at Life Act of 2025

In Committee

Introduced:Oct 31, 2025

Primary Sponsor

J. Hill

R - AR

Cosponsors

2

Quick Stats

Policy Area

Finance and Financial Sector

Summary

The Financial Privacy Act of 2023 would require the Department of the Treasury to provide more transparency around reports made to the Financial Crimes Enforcement Network (FinCEN) about suspicious financial transactions and company ownership. This would give the public and Congress more information about how FinCEN collects and uses this data to detect financial crimes.

Latest Action

Placed on the Union Calendar, Calendar No. 256.

Introduced10/31/2025

StatusReferred to the House Committee on Energy and Commerce.

ChamberHouse

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Vote Prediction

Second Chance at Life Act of 2025

The Financial Privacy Act of 2023 would require the Department of the Treasury to provide more transparency around reports made to the Financial Crimes Enforcement Network (FinCEN) about suspicious financial transactions and company ownership. This would give

Community Breakdown

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The Financial Privacy Act of 2023 would require the Department of the Treasury to provide more transparency around reports made to the Financial Crimes Enforcement Network (FinCEN) about suspicious financial transactions and company ownership. This would give the public and Congress more information about how FinCEN collects and uses this data to detect financial crimes.

Bill Number: 5485
Introduced: 10/31/2025
Status: Referred to the House Committee on Energy and Commerce.
Policy Area: Finance and Financial Sector

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Second Chance at Life Act of 2025
Bill Number: 5485
Sponsor: No sponsor
Status: Referred to the House Committee on Energy and Commerce.
Introduced: 10/31/2025
Summary: The Financial Privacy Act of 2023 would require the Department of the Treasury to provide more transparency around reports made to the Financial Crimes Enforcement Network (FinCEN) about suspicious financial transactions and company ownership. This would give the public and Congress more information

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

The Financial Privacy Act of 2023 would require the Department of the Treasury to provide more transparency around reports made to the Financial Crimes Enforcement Network (FinCEN) about suspicious financial transactions and company ownership. This would give the public and Congress more information about how FinCEN collects and uses this data to detect financial crimes.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

Financial Privacy Act of 2023This bill requires the Department of the Treasury to annually report to Congress details of reports made to the Financial Crimes Enforcement Network (FinCEN). FinCEN collects reports on suspicious financial transactions and the beneficial ownership of companies in order to detect financial crimes, including money laundering.Under the bill, FinCEN must report on the number and types of reports and whether they are retained by FinCEN, any guidance regarding outside agency access to these reports, agency requests for these reports, and any denials of access.  Treasury must annually review access guidance and revise as appropriate to protect the legal rights of U.S persons, among other objectives.

Key Points

Main provisions of the bill

The bill would require annual reporting to Congress on the number and types of reports made to FinCEN, whether they are retained, and how other agencies access this information.
The Treasury Department would have to review and revise guidance on accessing FinCEN reports to better protect the legal rights of U.S. persons.
This would increase public oversight and accountability around FinCEN's efforts to combat financial crimes like money laundering.

How This Impacts Americans

Potential effects on citizens and communities

If passed, this bill would impact the general public by providing more transparency around the government's financial crime detection efforts. It could also affect businesses and individuals who submit reports to FinCEN, as the new reporting requirements may change how their information is handled. Overall, the bill aims to balance national security needs with civil liberties protections.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Congressional oversight

Corporate finance and management

Fraud offenses and financial crimes

Government information and archives

Government studies and investigations

Right of privacy

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

5485, 119th Congress (2025). "Second Chance at Life Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-5485

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