We have received text from S. 2157: Gun Violence Prevention Through Financial Intelligence Act. This bill was received on 2025-06-24, and currently has 4 cosponsors.
Here is a short summary of the bill:
This bill, known as the Gun Violence Prevention Through Financial Intelligence Act, aims to enhance the monitoring and reporting of suspicious financial activities related to the procurement of firearms by homegrown violent extremists and domestic terrorists. Here is a breakdown of its key components:
Advisory on Firearms Procurement
The bill mandates that the Financial Crimes Enforcement Network (FinCEN) issue an advisory outlining how individuals involved in domestic terrorism acquire firearms and firearm accessories. The goal is to provide guidance on identifying and reporting suspicious activities in financial transactions connected to these purchases.
Timeline for Information Gathering
- Request for Information: FinCEN must request information from financial institutions within one year of the bill's enactment. The information will focus on how violent extremists procure firearms and accessories to commit acts of terrorism in the U.S.
- Development of Advisory: If FinCEN determines that it has sufficient information within 540 days of the request, it will issue an advisory based on this information. If not, FinCEN must report to Congress detailing the types of information gathered and any issues faced in collecting this data.
Consultation Requirements
Before requesting information from financial institutions, FinCEN is required to consult with several entities, including:
- The Director of the Federal Bureau of Investigation (FBI)
- The Director of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF)
- Various sellers of firearms and firearm accessories
Rulemaking Process
FinCEN must also define specific terms relevant to the advisory, such as "firearm accessory," "homegrown violent extremist," "lone wolf," and "lone actor" within 90 days of the bill's enactment, in consultation with the FBI and ATF.
Definitions Included in the Bill
- Domestic Terrorism: Defined according to existing U.S. law (Section 2331 of Title 18).
- FinCEN: Refers to the Financial Crimes Enforcement Network, which plays a crucial role in the bill.
- Financial Institution: Defined by Section 5312(a) of Title 31.
- Firearm: Defined by Section 921(a) of Title 18.
Overall Purpose
The overarching purpose of this legislation is to utilize financial intelligence to better understand and prevent domestic terrorism incidents related to gun violence. By requiring financial institutions to report suspicious activities, the bill aims to create a system that can help identify potential threats before they lead to violence.
Relevant Companies
- GOOGL (Alphabet Inc.): As a major financial technology and service provider, changes in reporting requirements could necessitate adjustments in compliance protocols.
- V (Visa Inc.): Involved in payment processing, Visa may need to adapt its operations concerning monitoring financial transactions for compliance with the new advisory.
- MA (Mastercard Inc.): Similar to Visa, Mastercard may face changes in transaction monitoring responsibilities based on the bill's requirements.
Senator Edward J. Markey Bill Proposals
Here are some bills which have recently been proposed by Senator Edward J. Markey:
- S.2201: LGBTQ+ Panic Defense Prohibition Act of 2025
- S.2165: A bill to amend chapter 44 of title 18, United States Code, to prohibit the distribution of 3D printer plans for the printing of firearms, and for other purposes.
- S.2161: NRC Office of Public Engagement and Participation Act of 2025
- S.2157: Gun Violence Prevention Through Financial Intelligence Act
- S.2156: MASS Act
- S.2155: Keeping Gun Dealers Honest Act of 2025
You can track bills proposed by Senator Edward J. Markey on Quiver Quantitative's politician page for Markey.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
