To make reforms to the Bank Secrecy Act, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires bank Secrecy Act reforms The Right to Financial Privacy Act of 1978 (12 U.S.C, requires 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, and requires 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. It relies on compliance mandates, definition changes, reporting requirements, and delegation of rulemaking. The main policy areas are Environmental Groups, Finance, and Environment.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Financial services firms and customers affected by the bill would take on compliance duties, and Environmental and public health interests affected by the bill would take on compliance duties.
Key Provisions
- Requires bank Secrecy Act reforms The Right to Financial Privacy Act of 1978 (12 U.S.C.
- Requires 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...
- Requires 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...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires bank Secrecy Act reforms The Right to Financial Privacy Act of 1978 (12 U.S.C, requires 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, and requires 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.
Key Policy Areas
Environmental Groups, Finance, Environment
Primary Purpose
The bill requires bank Secrecy Act reforms The Right to Financial Privacy Act of 1978 (12 U.S.C, requires 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, and requires 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.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Financial services firms and customers affected by the bill
- Environmental and public health interests affected by the bill
- Businesses and employers affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Rose (for himself and Mr. Sessions) introduced the following …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
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