[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1077 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1077

       To require judicial review of Suspicious Activity Reports.


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                   IN THE SENATE OF THE UNITED STATES

                              May 25, 2011

   Mr. Paul introduced the following bill; which was read twice and 
               referred to the Committee on the Judiciary

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                                 A BILL


 
       To require judicial review of Suspicious Activity Reports.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. JUDICIAL REVIEW OF SUSPICIOUS ACTIVITY REPORTS.

    Section 5318(g) of title 31, United States Code, is amended--
            (1) in paragraph (1), by inserting before the period at the 
        end ``, subject to judicial review under paragraph (5)''; and
            (2) by adding at the end the following:
            ``(5) Judicial review.--The Secretary may not, under this 
        section or the rules issued under this section, or under any 
        other provision of law, require any financial institution, 
        director, officer, employee, or agent of any financial 
        institution, or any other entity that is otherwise subject to 
        regulation or oversight by the Secretary or pursuant to the 
        securities laws (as that term is defined under section 3 of the 
        Securities Exchange Act of 1934) to report any transaction 
        under this section or its equivalent under such provision of 
        law, unless the appropriate district court of the United States 
        issues an order finding that a warrant could be issued under 
        rule 41 of the Federal Rules of Criminal Procedure for the 
        information sought to be obtained by the Secretary.''.
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