[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2857 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 2857

To prohibit any Federal agency from requiring financial institutions to 
        report on the financial transactions of their customers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 27, 2021

Mr. Tuberville introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To prohibit any Federal agency from requiring financial institutions to 
        report on the financial transactions of their customers.

    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 ``Protecting Financial Privacy Act of 
2021''.

SEC. 2. PROHIBITING FEDERAL AGENCIES FROM REQUIRING FINANCIAL 
              INSTITUTIONS TO REPORT ON FINANCIAL TRANSACTIONS OF 
              CUSTOMERS.

    (a) In General.--Notwithstanding the Bank Secrecy Act or any 
regulations promulgated under such Act (as in effect on September 1, 
2021), no Federal agency (including the Department of the Treasury) 
shall be permitted to create, implement, or administer any financial 
account information reporting program that would require financial 
institutions or individuals to report data on financial accounts in an 
information return listing balances, transactions, transfers, or 
inflows or outflows of any kind.
    (b) Bank Secrecy Act.--The term ``Bank Secrecy Act'' means--
            (1) section 21 of the Federal Deposit Insurance Act (12 
        U.S.C. 1829b),
            (2) chapter 2 of title I of Public Law 91-508 (12 U.S.C. 
        1951 et seq.), and
            (3) subchapter II of chapter 53 of title 31, United States 
        Code.
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