To amend the Right to Financial Privacy Act of 1978 to preserve the confidentiality of certain records, 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 amends Bank Secrecy Act and Right to Financial Privacy Act to require search warrants for government access to financial records, and repeals key BSA provisions including currency transaction reporting (sections, amends section 1102 to require government authorities obtain a search warrant meeting section 1106 requirements to access financial records from financial institutions, with limited exceptions, and amends the purpose of the Bank Secrecy Act subchapter to focus solely on requiring financial institutions to retain transaction records, removing the anti-money laundering purpose. It relies on compliance mandates, exemptions, reporting requirements, and repeal. The main policy areas are Financial Privacy, Finance, Administrative Law, and Criminal Justice.
Who Benefits and How
Individual bank customers could face reduced risk, Bank customers could face reduced risk, and Regulated industries could face lower compliance burdens.
Who Bears the Burden and How
Federal regulatory agencies would take on compliance duties, Federal regulatory agencies (Fed, SEC, CFTC, FDIC, CFPB, Treasury, OCC, FinCEN, NCUA) would take on compliance duties, and Federal Reserve System could face higher barriers.
Key Provisions
- Amends Bank Secrecy Act and Right to Financial Privacy Act to require search warrants for government access to financial records, and repeals key BSA provisions including currency transaction reporting (sections...
- Amends section 1102 to require government authorities obtain a search warrant meeting section 1106 requirements to access financial records from financial institutions, with limited exceptions.
- Amends the purpose of the Bank Secrecy Act subchapter to focus solely on requiring financial institutions to retain transaction records, removing the anti-money laundering purpose.
- Repeals various exceptions to warrant requirements in the Right to Financial Privacy Act and explicitly prohibits government access to financial records in violation of the Fourth Amendment.
- Exempts terminates SEC Consolidated Audit Trail within 30 days, prohibits SEC and self-regulatory organizations from collecting personally identifiable information in centralized databases, and requires fee...
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 amends Bank Secrecy Act and Right to Financial Privacy Act to require search warrants for government access to financial records, and repeals key BSA provisions including currency transaction reporting (sections, amends section 1102 to require government authorities obtain a search warrant meeting section 1106 requirements to access financial records from financial institutions, with limited exceptions, and amends the purpose of the Bank Secrecy Act subchapter to focus solely on requiring financial institutions to retain transaction records, removing the anti-money laundering purpose.
Key Policy Areas
Financial Privacy, Finance, Administrative Law, Criminal Justice
Primary Purpose
The bill amends Bank Secrecy Act and Right to Financial Privacy Act to require search warrants for government access to financial records, and repeals key BSA provisions including currency transaction reporting (sections, amends section 1102 to require government authorities obtain a search warrant meeting section 1106 requirements to access financial records from financial institutions, with limited exceptions, and amends the purpose of the Bank Secrecy Act subchapter to focus solely on requiring financial institutions to retain transaction records, removing the anti-money laundering purpose.
Policy Domains
Title I - Bank Secrecy Act Reforms
Identified Gains
- Individual bank customers
- Bank customers
- Regulated industries
- Third-party settlement organizations (PayPal, Venmo, Square, etc.)
- Securities brokers and dealers
Identified Costs
- Federal regulatory agencies
- Federal regulatory agencies (Fed, SEC, CFTC, FDIC, CFPB, Treasury, OCC, FinCEN, NCUA)
- Federal Reserve System
- Treasury Department
- Law enforcement agencies investigating financial crimes
Sponsors
Mike Lee
R-UT | Primary Sponsor
Legislative Progress
IntroducedMr. Lee (for himself and Mr. Scott of Florida) introduced …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Agencies regulating hunting, fishing, camping activities, All federal regulatory agencies, Comptroller General / GAO
Positive-direction: Agencies regulating hunting, fishing, camping activities, Congress, Federal Reserve Board of Governors and FOMC
Negative-direction: All federal regulatory agencies, Federal Reserve System, Federal courts, Federal government employees, Federal law enforcement and regulatory agencies, Federal regulatory agencies, Federal regulatory agencies (Fed, SEC, CFTC, FDIC, CFPB, Treasury, OCC, FinCEN, NCUA), Federal regulatory agencies (FinCEN, SEC, CFTC), FinCEN / Treasury, Financial regulatory agencies (Fed, SEC, CFTC, FDIC, CFPB, Treasury, NCUA), Government agencies, Government agencies and employees accessing financial records, Government agencies seeking financial records, Internal Revenue Service, Law enforcement agencies investigating financial crimes, Securities and Exchange Commission, Treasury Department, Treasury Department / FinCEN (anti-money laundering enforcement)
CAT, LLC and FINRA CAT, LLC, Commercial banks providing payment services, Cryptocurrency and digital asset companies
Financial institutions faces effects in multiple directions
Positive-direction: Commercial banks providing payment services, Cryptocurrency and digital asset companies, Cryptocurrency exchanges and wallet providers, Cryptocurrency users and holders, Financial institutions (banks, credit unions, money services businesses), Regulated financial industry, Regulated industries, Regulated industries (banking, securities, commodities), Securities brokers and dealers, Stock exchanges and self-regulatory organizations (FINRA, etc.)
Negative-direction: CAT, LLC and FINRA CAT, LLC, Financial institutions disclosing records
Bank customers, Individual bank customers, Individuals seeking enforcement of financial privacy rights
Third-party settlement organizations (PayPal, Venmo, Square, etc.)
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → Securities and Exchange Commission
- "the_board"
- → Board of Governors of the Federal Reserve
- "the_secretary"
- → Secretary of the Treasury
- "federal_agency"
- → Any Federal agency promulgating rules
- "the_comptroller_general"
- → Comptroller General (GAO)
Note: The Secretary in Title IV refers to Secretary of the Treasury in context of CBDC prohibition
Key Definitions
Terms defined in this bill
Includes Board of Governors of the Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation
Rule likely to result in annual effect on economy of 100,000,000 dollars or more, major increase in costs/prices, or significant adverse effects on competition, employment, investment, productivity, or innovation
Any rule that is not a major rule
Securities and Exchange Commission
The consolidated audit trail and central repository created pursuant to 17 CFR 242.613
Information that can be used to distinguish or trace identity of an individual, including name, address, DOB, SSN, phone, email, IP address; excludes CAT-Order-ID and CAT-Reporter-ID
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.
Learn more about our methodology