[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2953 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 2953

   To prohibit the Internal Revenue Service from requiring financial 
     institutions to report on the financial transactions of their 
                               customers.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 7, 2021

   Mr. Tuberville (for himself, Mr. Scott of Florida, and Mr. Braun) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To prohibit the Internal Revenue Service 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 THE INTERNAL REVENUE SERVICE FROM REQUIRING 
              FINANCIAL INSTITUTIONS TO REPORT ON FINANCIAL 
              TRANSACTIONS OF CUSTOMERS.

    (a) In General.--Subject to subsection (b), the Internal Revenue 
Service shall not be permitted to create or implement any new financial 
account information reporting program that--
            (1) was not in effect as of October 1, 2021, and
            (2) would require financial institutions to report data on 
        financial accounts in an information return listing balances, 
        transactions, transfers, or inflows or outflows of any kind.
    (b) Rule of Construction.--
            (1) In general.--Nothing in this Act shall preempt, limit, 
        or supersede, or be construed to preempt, limit, or supersede, 
        any provision of, or requirement under, the Bank Secrecy Act or 
        any regulations promulgated under such Act.
            (2) Definition.--For purposes of this subsection, the term 
        ``Bank Secrecy Act'' means--
                    (A) section 21 of the Federal Deposit Insurance Act 
                (12 U.S.C. 1829b),
                    (B) chapter 2 of title I of Public Law 91-508 (12 
                U.S.C. 1951 et seq.), and
                    (C) subchapter II of chapter 53 of title 31, United 
                States Code.
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