Bill Details
HR.533 - 119th Congress
Status
Latest action
2025-01-16 - Referred to the House Committee on Financial Services.
Introduced Date
2025-01-16
Policy Area
Finance and Financial Sector
Committees
View committees (1)
Sponsors
Cosponsors
View cosponsors (1)
8
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AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would make major changes to federal banking privacy and reporting rules. It would make it harder for the government to get a person’s financial records by generally requiring a search warrant to access them. It would also roll back a large number of Bank Secrecy Act rules that currently require banks and other financial firms to collect, keep, and report certain financial information. In short, the bill would give customers more privacy and sharply reduce many existing bank reporting and enforcement requirements.
- Government agencies would generally need a search warrant before getting a customer’s financial records from a bank, except in a few limited cases already allowed by law.
- Many current banking reporting and recordkeeping rules would be removed, including several sections of federal law tied to account reporting, transaction tracking, and related enforcement tools.
- The bill would also remove some special federal measures used to investigate financial crime and would narrow some penalty and compliance provisions.
- One cash-related threshold would be tied to inflation, so it would automatically adjust over time based on changes in the Consumer Price Index.
Official Summaries
Bank Privacy Reform Act
This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions (e.g., transfers of over $10,000) for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant.
The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 533 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 533
To make reforms to the Bank Secrecy Act, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 16, 2025
Mr. Rose (for himself and Mr. Ogles) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To make reforms to the Bank Secrecy Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bank Privacy Reform Act''.
SEC. 2. BANK SECRECY ACT REFORMS.
(a) Right to Financial Privacy Act of 1978.--The Right to Financial
Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended--
(1) by amending section 1102 to read as follows:
``SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT AUTHORITIES.
``Except as provided by subsection (c) or (d) of section 1103 or
section 1113, no Government authority may have access to or obtain
copies of, or the information contained in the financial records of any
customer from a financial institution unless the financial records are
reasonably described and such financial records are disclosed in
response to a search warrant which meets the requirements of section
1106.'';
(2) by striking sections 1104, 1105, 1107, 1108, and 1114;
(3) in section 1109(a), by striking ``section 1104(c),
1105(2), 1106(c), 1107(2), 1108(4),'' and inserting ``section
1106(c)''; and
(4) in section 1113, by striking subsections (c) through
(r).
(b) Title 31.--Chapter 53 of title 31, United States Code, is
amended--
(1) by amending section 5311 to read as follows:
``Sec. 5311. Declaration of purpose
``It is the purpose of this subchapter to require financial
institutions to retain transaction records that include information
identified with or identifiable as being derived from the financial
records of particular customers.'';
(2) in section 5312(a)--
(A) in paragraph (3)--
(i) in subparagraph (B), by adding ``and''
at the end;
(ii) by striking subparagraph (C); and
(iii) by redesignating subparagraph (D) as
subparagraph (C); and
(B) by amending paragraph (4) to read as follows:
``(4) `nonfinancial trade or business' means any entity
engaged in trade or business other than a financial
institution.'';
(3) by striking sections 5313, 5314, 5315, 5316, 5317,
5318A, 5324, 5326, 5331, 5332, and 5336;
(4) in section 5318--
(A) in subsection (a)--
(i) by striking ``(except under section
5315 of this title and regulations prescribed
under section 5315)'';
(ii) by striking paragraph (2); and
(iii) by redesignating paragraphs (3)
through (7) as paragraphs (2) through (6),
respectively; and
(B) in subsection (k)--
(i) in paragraph (1)(C), by striking ``has
the same meaning as in section 5318A(e)(1)(B)''
and inserting ``means an account established to
receive deposits from, make payments on behalf
of a foreign financial institution, or handle
other financial transactions related to such
institution''; and
(ii) in paragraph (3)(A)(i)--
(I) in subclause (II), by adding
``or'' at the end;
(II) in subclause (III), by
striking ``; or'' and inserting a
period; and
(III) by striking subclause (IV);
(5) in section 5321--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(except
sections 5314, 5315, and 5336 of this title or
a regulation prescribed under sections 5314,
5315, and 5336)'';
(ii) by striking paragraphs (2), (3), (4),
and (5);
(iii) in paragraph (6), by striking
``(except section 5336)'' each place such term
appears;
(iv) in paragraph (7), by striking ``or any
special measures imposed under section 5318A'';
and
(v) by redesignating paragraphs (6) and (7)
as paragraphs (2) and (3), respectively;
(B) by striking subsection (c); and
(C) by redesignating subsections (d) through (g) as
subsection (c) through (f), respectively;
(6) in section 5322--
(A) by striking ``(except section 5315, 5324, or
5336 of this title or a regulation prescribed under
section 5315, 5324, or 5336)'' each place such term
appears; and
(B) in subsection (d)--
(i) by striking ``, or any special measures
imposed under section 5318A,''; and
(ii) by striking ``or section 5318A'';
(7) in section 5325(a), by inserting after ``$3,000'' the
following: ``(as such amount is annually adjusted by the
Secretary to reflect the percentage change in the Consumer
Price Index for All Urban Consumers published by the Bureau of
Labor Statistics of the Department of Labor)'';
(8) in section 5330(d)(1)--
(A) in subparagraph (A), by adding ``and'' at the
end;
(B) by striking subparagraph (B); and
(C) by redesignating subparagraph (C) as
subparagraph (B);
(9) in section 5335--
(A) by striking subsection (c); and
(B) by redesignating subsections (d) and (e) as
subsections (c) and (d), respectively;
(10) by striking subchapter III; and
(11) in the table of contents in chapter 53, by striking
the items relating to--
(A) sections 5313, 5314, 5315, 5316, 5317, 5318A,
5324, 5326, 5331, 5332, and 5336; and
(B) subchapter III.
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