Short title

This Act may be cited as the

Saving Privacy Act

Findings

Congress finds the following:(1)Public Law 91–508 (referred to in this section as the Bank Secrecy Act) authorized the Secretary of the Treasury to establish recording and reporting requirements for financial institutions, including the prescription of thresholds for such requirements.(2)In 1972, the Department of the Treasury published the final rule implementing the Bank Secrecy Act, which required filing a report on each transaction in currency of more than $10,000.(3)While the Supreme Court of the United States issued a ruling in California Bankers Association v. Shultz, 416 U.S. 21 (1974) that the Bank Secrecy Act did not violate the Fourth Amendment to the Constitution of the United States, the controlling opinion cautioned that a significant extension of the regulations’ reporting requirements . . . would pose substantial and difficult constitutional questions.(4)Inflation has risen to almost 600 percent since the 1974 decision described in paragraph (3) and the threshold has not been adjusted accordingly.(5)While $10,000 was sufficient to buy a modest multi-bedroom home in the 1970s, today that amount cannot even cover the purchase of many lightly used cars.(6)This development represents a significant extension of the reporting requirements under the applicable regulations and could render the Bank Secrecy Act reporting requirement unconstitutional unless redressed.

Records and reports on monetary instrument transactions

Title 31, United States Code, is amended—(1)in section 5313(a), in the first sentence, by striking , or under circumstances the Secretary prescribes by regulation and inserting not less than $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974); (2)in section 5316(a), by striking more than $10,000 each place the term appears and inserting not less than $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974);(3)in section 5318—(A)in subsection (a)(2), by striking as the Secretary may prescribe by regulation and inserting relating to transactions of not less than $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974); and(B)in subsection (g)—(i)in paragraph (1), by inserting of not less than $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974) after report any suspicious transaction; and(ii)in paragraph (5)(D)(ii)(II), by inserting of not less than $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974) after any other transaction;(4)in section 5331, in subsections (a)(1)(B) and (d)(1)(B), by striking $10,000 each place the term appears and inserting $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974); and(5)in section 5332(a)(1), by striking $10,000 and inserting $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974).

Returns relating to cash received in trade or business

Section 6050I of the Internal Revenue Code of 1986 is amended—(a)in subsections (a)(2), (d)(2), and (g)(1), by striking $10,000 each place the term appears and inserting $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974); and(b)in subsection (d)(1), by inserting of not more than $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974) after currency.

Recordkeeping regulations for insured depository institutions

Section 21(b) of the Federal Deposit Insurance Act (12 U.S.C. 1829b(b)) is amended by adding at the end the following:

(4)

Thresholds

The regulations prescribed under this subsection shall apply to transactions of not less than $10,000 (as adjusted for each fiscal year beginning after September 30, 2022 to reflect the percentage change in the Consumer Price Index for such fiscal year compared to the Consumer Price Index for the year ending September 30, 1974).