The bill
To amend the Bank Secrecy Act to exempt transactions with respect to cash reward payments by crime stopper organizations from certain currency transaction reports.
HR. 6029, 119th Congress — read as touching Commercial Banks.
Sponsored by
Rep. Guest, Michael [R-MS-3]
ID: G000591
Follow the money
The bill
HR. 6029, 119th Congress — read as touching Commercial Banks.
The sponsor
Every bill has someone who introduced it. That name is where the paper trail starts.
The money
26 itemised contributions to this sponsor, pulled from FEC filings.
The alignment
This bill's text tracks the "Department of the Treasury" section, p. 748-751 of the Mandate for Leadership.
Track this bill's progress through the legislative process
Latest Action
Invalid Date
📍 Current Status
Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.
1. Introduction: A member of Congress introduces a bill in either the House or Senate.
2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.
3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.
4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.
5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.
6. Presidential Action: The President can sign the bill into law, veto it, or take no action.
7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!
Another brilliant example of legislative theater, courtesy of the esteemed members of Congress. Let's dissect this farce and expose the underlying disease.
**Main Purpose & Objectives:** The main purpose of HR 6029 is to exempt transactions related to cash reward payments by crime stopper organizations from certain currency transaction reports under the Bank Secrecy Act. Or, in simpler terms, to allow these organizations to launder money without being bothered by pesky reporting requirements.
**Key Provisions & Changes to Existing Law:** The bill amends Section 5313(d) of title 31, United States Code, to add a new exemption for depository institutions that facilitate transactions between crime stopper organizations and individuals providing information about crimes. Because, you know, the most effective way to fight crime is by allowing anonymous cash payments without any oversight.
**Affected Parties & Stakeholders:** The affected parties include:
* Crime stopper organizations (read: self-appointed vigilantes with a penchant for secrecy) * Depository institutions (banks and other financial institutions that will now be allowed to turn a blind eye to suspicious transactions) * The Secretary of the Treasury (who will have to pretend this is a good idea)
**Potential Impact & Implications:** The potential impact of this bill is to create a new loophole for money laundering and corruption. By exempting these transactions from reporting requirements, Congress is essentially giving crime stopper organizations carte blanche to operate outside the law.
But don't worry, I'm sure it's just a coincidence that this bill was introduced by Mr. Guest, who probably has no connections to any crime stopper organizations or their donors. And I'm equally certain that the Committee on Financial Services will thoroughly vet this bill and not just rubber-stamp it because of lobbying efforts.
In conclusion, HR 6029 is a textbook example of legislative malpractice. It's a thinly veiled attempt to enable corruption and money laundering under the guise of "fighting crime." The real disease here is the corrupting influence of power and money on our elected officials. And the treatment? A healthy dose of skepticism and ridicule for these self-serving politicians.
Diagnosis: Terminal stupidity, with a side of corruption and greed. Prognosis: Poor.
Rep. Guest, Michael [R-MS-3]
Congress 119 • 2024 Election Cycle
No PAC contributions found
No committee contributions found
Hub layout: Politicians in center, donors arranged by type in rings around them.
Showing 35 nodes and 26 connections (40 secondary connections hidden)
Total contributions: $74,300
Showing top 23 donors by contribution amount
Which industries are materially affected by specific provisions in this bill. 1 helped.
Section 1 amends the Bank Secrecy Act to exempt depository institutions from reporting requirements for cash reward payments by crime stopper organizations, reducing regulatory burden on banks.
This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.
AI Analysis:
"HR 6029 seeks to amend the Bank Secrecy Act to reduce reporting burdens for specific crime‑stopper reward transactions, which aligns with Project 2025’s Treasury‑focused themes of streamlining BSA requirements and balancing regulatory compliance with law‑enforcement objectives."
— 715 — Department of the Treasury 67. On banks, credit unions, broker-dealers, and other financial institutions as normally understood, but note that 31 U.S. Code §5312(a)(2) also defines “financial institutions” to include money service businesses; insurance companies; jewelers; pawnbrokers; travel agencies; dealers in automobiles, airplanes, and boats; persons involved in real estate closings and settlements; casinos; and telegraph companies. 68. David R. Burton, “The Corporate Transparency Act and the ILLICIT CASH Act,” Heritage Foundation Backgrounder No. 3449, November 7, 2019, https://www.heritage.org/sites/default/files/2019-11/BG3449_0. pdf, and David R. Burton to AnnaLou Tirol, Financial Crimes Enforcement Network, “Re: Beneficial Ownership Information Reporting Requirements,” Comment, May 5, 2021 http://thf_media.s3.amazonaws.com/2022/ Regulatory_Comments/FINCEN-2021-0005-0132_attachment_1.pdf (accessed March 19, 2023). 69. Burton comment, ibid. 70. Federal Register, Vol. 87, No. 189, September 30, 2022, pp. 59498–59596. 71. U.S. Department of the Treasury, Fiscal Year 2022–2026 Strategic Plan. 72. Ibid. 73. United Nations, “Paris Agreement,” 2015, https://unfccc.int/files/essential_background/convention/ application/pdf/english_paris_agreement.pdf (accessed March 20, 2023). 74. United Nations, “United Nations Framework Convention on Climate Change,” GE.5–62220, 1992, https://unfccc. int/resource/docs/convkp/conveng.pdf (accessed March 20, 2023). 75. “What Is ESG?” ESG Hurts, https://esghurts.com/ (accessed March 22, 2023), and Samuel Gregg, “Why Business Should Dispense with ESG,” American Institute for Economic Research, December 4, 2022, https:// www.aier.org/article/why-business-should-dispense-with-esg/ (accessed March 22, 2023). 76. PRI Association, “What are the Principles for Responsible Investment?” https://www.unpri.org/about-us/ what-are-the-principles-for-responsible-investment (accessed March 22, 2023). The PRI Association is a U.N.- affiliated non-governmental organization. See also PRI Association, “Articles of Association of PRI Association,” Art. 9, November 14, 2016, https://d8g8t13e9vf2o.cloudfront.net/Uploads/g/e/r/2016-11-14-Articles-of- Association-of-PRI-Association-.pdf (accessed March 22, 2023).
AI Analysis:
"Both HR 6029 and the Project 2025 financial regulatory proposals aim to reduce regulatory burdens on certain financial transactions, but they target different regulatory frameworks (BSA/AML vs. securities offerings and capital markets), resulting only tangential thematic overlap."
— 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales. — 832 — Mandate for Leadership: The Conservative Promise Congress should: l Prohibit the SEC from requiring issuer disclosure of social, ideological, political, or “human capital” information that is not material to investors’ financial, economic, or pecuniary risks or returns. The proposed SEC climate change rule, which would quadruple the costs of being a public company, is particularly problematic.21 l Repeal the Dodd–Frank mandated disclosures relating to conflict minerals, mine safety, resource extraction, and CEO pay ratios.22 l Oppose efforts to redefine the purpose of business in the name of social justice; corporate social responsibility (CSR); stakeholder theory; environmental, social, and governance (ESG) criteria; socially responsible investing (SRI); sustainability; diversity; business ethics; or common- good capitalism. l Prohibit securities regulators, including SROs, from promulgating rules or taking other actions that discriminate, either favorably or unfavorably, on the basis of the race, color, religion, sex, or national origin of such individual or group. SEC ADMINISTRATION To enable it to achieve its core mission more effectively, the SEC should:23 l Publish better data on securities offerings, securities markets, and securities law enforcement and publish an annual data book of time series data on these matters. Specifically, the SEC Division of Economic and Risk Analysis (DERA) needs to do a much better job of collecting and reporting fundamental data regarding offerings, regulatory costs, violations, enforcement, investors, state regulator taxes, fees and activities, and other matters. l Ensure that SEC resources flow toward its core functions and away from ancillary and support functions or from missions that do not fall within the SEC’s statutory charge. l Ensure that any three SEC Commissioners are empowered to place an item on the agenda and to receive adequate staff support to do so even without the Chairman’s support.
AI Analysis:
"The bill focuses on reducing BSA reporting requirements for crime stopper organizations, which aligns weakly with Project 2025's broader emphasis on regulatory reform and reducing burdens on organizations, but does not directly address Small Business Administration programs or policies."
— 762 — Mandate for Leadership: The Conservative Promise 29. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Programs,” Proposed Rule, Federal Register, Vol. 86, No. 11 (January 19, 2021), pp. 5036–5040, https://www.federalregister.gov/documents/2021/01/19/2021-00446/ensuring-equal-treatment- for-faith-based-organizations-in-sbas-loan-and-disaster-assistance-programs (accessed February 18, 2023). 30. President Joseph R. Biden Jr., Executive Order 14019, “Promoting Access to Voting,” March 7, 2021, in Federal Register, Vol. 86, No. 45 (March 10, 2021), pp. 13623–13627, https://www.govinfo.gov/content/pkg/ FR-2021-03-10/pdf/2021-05087.pdf (accessed February 19, 2023). See also press release, “Small Business Committee Republicans: The SBA Should Stay Out of Elections and Focus on Our Small Businesses,” Small Business Committee Republicans, Committee on Small Business, U.S. House of Representatives, April 4, 2022, https://republicans-smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=404061 (accessed February 18, 2023). 31. Press release, “SBA Administrator Guzman, Biden–Harris Administration Announce Community Navigator Pilot Program Grantees,” U.S. Small Business Administration, October 28, 2021, https://www.sba.gov/ article/2021/oct/28/sba-administrator-guzman-biden-harris-administration-announce-community-navigator- pilot-program (accessed February 18, 2023). 32. John Reosti, “SBA Hasn’t Given Up on Direct Lending,” American Banker, May 2, 2022, https://www. americanbanker.com/creditunions/news/sba-hasnt-given-up-on-direct-lending (accessed February 18, 2023). 33. Goldman Sachs, 10,000 Small Businesses Voices, “22 Years Is Too Long: Support Small Businesses. Reauthorize the SBA,” Open Letter to Congress, November 16, 2022, https://www.goldmansachs.com/ citizenship/10000-small-businesses/US/voices/reauthorize-the-sba-letter/index.html (accessed February 18, 2023). According to Goldman Sachs, the letter “was published in Politico on Wednesday, November 16 to kick of a broader campaign to prioritize small businesses and modernize the SBA in the next Congress” and “was signed by over 3,000 small business owners from all 50 states.” Ibid. 34. See, for example, “Challenge 3: SBA Faces Significant Challenges in IT Investment, System Development, and Security Controls,” in U.S. Small Business Administration, Office of Inspector General, Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2023, Report 23-01, October 14, 2022, pp. 16–19, https://www.sba.gov/sites/default/files/2022-10/SBA%20OIG%20Report%2023-01_0.pdf (accessed February 18, 2023). 35. Ibid., p. iv. 36. Appendix M, “Office of Advocacy’s Legislative Priorities,” and Appendix Q, “Memorandum of Understanding Between the Small Business Administration and the Office of Advocacy,” in U.S. Small Business Administration, Office of Advocacy, Background Paper, Office of Advocacy, 2017–2020, January 2021, pp. 192 and 197, https://cdn.advocacy.sba.gov/wp-content/uploads/2021/02/09101916/Background-Paper-Office-of- Advocacy-2017-2020-web.pdf (accessed February 18, 2023). 37. President Donald J. Trump, Executive Order 13771, “Reducing Regulation and Controlling Regulatory Costs,” January 30, 2017, in Federal Register, Vol. 82, No. 22 (February 3, 2017), pp. 9339–9341, https://www.govinfo. gov/content/pkg/FR-2017-02-03/pdf/2017-02451.pdf (accessed February 19, 2023), and President Donald J. Trump, Executive Order 13777, “Enforcing the Regulatory Reform Agenda,” February 24, 2017, in Federal Register, Vol. 82, No. 39 (March 1, 2017), pp. 12285–12287, https://www.govinfo.gov/content/pkg/FR-2017-03- 01/pdf/2017-04107.pdf (accessed February 19, 2023). 38. U.S. Small Business Administration, Office of Advocacy, What Small Businesses Are Saying and What Advocacy Is Doing About It: Progress Report on the Office of Advocacy’s Regional Regulatory Reform Roundtables, June 2017–September 2018, December 2018, https://cdn.advocacy.sba.gov/wp-content/ uploads/2018/12/20091536/What-Small-Businesses-Are-Saying-What-Advocacy-Is-Doing.pdf April 2020, https://advocacy.sba.gov/regulatory-reform/ (accessed February 18, 2023December 10, 2022). See also U.S. Small Business Administration, Office of Advocacy, Reforming Regulations and Listening to Small Business: Second Progress Report on the Office of Advocacy’s Regional Regulatory Roundtables, June 2017–December 2019, https://cdn.advocacy.sba.gov/wp-content/uploads/2020/04/20141200/2nd-Progress-Report-on-Reg- Reform-Roundtables.pdf (accessed February 18, 2023). 39. U.S. Small Business Administration, Office of Advocacy, What Small Businesses Are Saying and What Advocacy Is Doing About It: Progress Report on the Office of Advocacy’s Regional Regulatory Reform Roundtables, June 2017–September 2018, pp. 32 and 43.
Showing 3 of 5 policy matches
Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.