1. Streamlining requirements for currency transaction reports and suspicious activity reports (a) Review The Secretary of the Treasury (in consultation with Federal law enforcement agencies, the Director of National Intelligence, and the Federal functional regulators and in consultation with other relevant stakeholders) shall undertake a formal review of the current financial institution reporting requirements under the Bank Secrecy Act and its implementing regulations and propose changes to further reduce regulatory burdens, and ensure that the information provided is of a high degree of usefulness to law enforcement, as set forth under section 5311 of title 31, United States Code. (b) Contents The review required under subsection (a) shall include a study of— (1) whether the timeframe for filing a suspicious activity report should be increased from 30 days; (2) whether or not currency transaction report and suspicious activity report thresholds should be tied to inflation or otherwise periodically be adjusted; (3) whether the circumstances under which a financial institution determines whether to file a continuing suspicious activity report , or the processes followed by a financial institution in determining whether to file a continuing suspicious activity report (or both) can be narrowed; (4) analyzing the fields designated as critical on the suspicious activity report form and whether the number of fields should be reduced; (5) the categories, types, and characteristics of suspicious activity reports and currency transaction reports that are of the greatest value to, and that best support, investigative priorities of law enforcement and national security personnel; (6) the increased use of exemption provisions to reduce currency transaction reports that are of little or no value to law enforcement efforts