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title: Banking industry relieved the federal government scrapped an effort to monitor more financial transactions
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# Banking industry relieved the federal government scrapped an effort to monitor more financial transactions

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[ Ryan Foley ](https://www.jec-llc.com/in-the-news/author/ryan-foley)

 Nov 8, 2021 2:49:00 PM

< 1

min. read

When President Joe Biden’s administration dropped a planned $600 reporting requirement on bank account transactions, financial institutions across Central Massachusetts and the nation breathed a collective sigh of relief.

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