119 S809 IS: Saving Privacy Act
U.S. Senate
2025-02-27
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
II
119th CONGRESS
1st Session
S. 809
IN THE SENATE OF THE UNITED STATES
February 27, 2025
Mr. Lee (for himself and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Right to Financial Privacy Act of 1978 to preserve the confidentiality of certain records, and for other purposes.
1.

Short title; table of contents
(a)

Short title
This Act may be cited as the “Saving Privacy Act”.
(b)

Table of contents
The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
TITLE I—Bank privacy reform
Sec. 101. Bank Secrecy Act reforms.
TITLE II—Amendments to the Right to Financial Privacy Act of 1978
Sec. 201. Warrant requirements and exceptions.
TITLE III—Consolidated audit trail
Sec. 301. Requirements and prohibitions regarding the Consolidated Audit Trail.
TITLE IV—No central bank digital currency
Sec. 401. Central bank digital currency.
TITLE V—Regulations from the executive in need of scrutiny
Sec. 501. Purpose.
Sec. 502. Congressional review of certain agency rulemaking.
Sec. 503. Budgetary effects of rules subject to section 802 of title 5, United States Code.
Sec. 504. Government Accountability Office study of rules.
TITLE VI—Suspicious activity
Sec. 601. Criminal penalties.
Sec. 602. Civil penalties.
Sec. 603. Other relief.
TITLE VII—Stopping the nosy obsession with online payments
Sec. 701. Repeal of modification of exceptions for reporting of third party network transactions.
TITLE VIII—Prohibition on restrictions relating to convertible virtual currency
Sec. 801. Short title.
Sec. 802. Prohibition on restricting use of convertible virtual currency by a person to purchase goods or services for the person’s own use.
I

Bank privacy reform
101.

Bank Secrecy Act reforms
(a)

Right to Financial Privacy Act of 1978
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended—
(1)
by amending section 1102 (12 U.S.C. 3402) to read as follows:
“1102.

Confidentiality of records—Government authorities
Except as provided by subsection (c) or (d) of section 1103 or section 1113, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and such financial records are disclosed in response to a search warrant which meets the requirements of section 1106.”;
(2)
by striking sections 1104 (12 U.S.C. 3404), 1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 1108 (12 U.S.C. 3408); and
(3)
in section 1109(a) (12 U.S.C. 3409(a)), by striking “section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),” and inserting “section 1106(c)”.
(b)

Title 31
Chapter 53 of title 31, United States Code, is amended—
(1)
by amending section 5311 to read as follows:
“5311.

Declaration of purpose
It is the purpose of this subchapter to require financial institutions to retain transaction records that include information identified with or identifiable as being derived from the financial records of particular customers.”;
(2)
in section 5312(a)—
(A)
in paragraph (2), by repealing subparagraphs (O), (Q), (S), (T), (V), (Y), and (Z); and
(B)
by amending paragraph (4) to read as follows:
“(4)
nonfinancial trade or business means any entity engaged in trade or business other than a financial institution.”;
(3)
by striking sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336;
(4)
in section 5318—
(A)
in subsection (a)—
(i)
in the matter preceding paragraph (1), by striking “(except under section 5315 of this title and regulations prescribed under section 5315)”;
(ii)
by striking paragraph (2); and
(iii)
by redesignating paragraphs (3) through (7) as paragraphs (2) through (6), respectively; and
(B)
in subsection (k)—
(i)
in paragraph (1)(C), by striking “has the same meaning as in section 5318A(e)(1)(B)” and inserting “means an account established to receive deposits from, make payments on behalf of a foreign financial institution, or handle other financial transactions related to such institution”; and
(ii)
in paragraph (3)(A)(i)—
(I)
in subclause (II), by adding “or” at the end;
(II)
in subclause (III), by striking “; or” and inserting a period; and
(III)
by striking subclause (IV);
(5)
in section 5321—
(A)
in subsection (a)—
(i)
in paragraph (1), by striking “(except sections 5314, 5315, and 5336 of this title or a regulation prescribed under sections 5314, 5315, and 5336)”;
(ii)
by striking paragraphs (2), (3), (4), and (5);
(iii)
in paragraph (6), by striking “(except section 5336)” each place that term appears;
(iv)
in paragraph (7), by striking “or any special measures imposed under section 5318A”; and
(v)
by redesignating paragraphs (6) and (7) as paragraphs (2) and (3), respectively;
(B)
by striking subsection (c); and
(C)
by redesignating subsections (d) through (g) as subsection (c) through (f), respectively;
(6)
in section 5322—
(A)
by striking “(except section 5315, 5324, or 5336 of this title or a regulation prescribed under section 5315, 5324, or 5336)” each place that term appears; and
(B)
in subsection (d)—
(i)
by striking “, or any special measures imposed under section 5318A,”; and
(ii)
by striking “or section 5318A”;
(7)
in section 5325(a), in the matter preceding paragraph (1), by inserting after “$3,000” the following: “(as such amount is annually adjusted by the Secretary to reflect the percentage change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor)”;
(8)
in section 5330(d)(1)—
(A)
in subparagraph (A), by adding “and” at the end;
(B)
by striking subparagraph (B); and
(C)
by redesignating subparagraph (C) as subparagraph (B);
(9)
in section 5335—
(A)
by striking subsection (c); and
(B)
by redesignating subsections (d) and (e) as subsections (c) and (d), respectively;
(10)
by striking subchapter III; and
(11)
in the table of contents for chapter 53, by striking the items relating to—
(A)
sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336; and
(B)
subchapter III.
II

Amendments to the Right to Financial Privacy Act of 1978
201.

Warrant requirements and exceptions
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended—
(1)
in section 1108 (12 U.S.C. 3408)—
(A)
by striking paragraph (2); and
(B)
by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively; and
(2)
in section 1113 (12 U.S.C. 3413)—
(A)
by repealing subsections (a), (d), (e), (f), (g), (i), (l), (m), (n), (p), (q), and (r); and
(B)
by adding at the end the following:
“(s)

Access of records
(1)

In general
Notwithstanding any other provision of this title, the Federal Government may not access the financial records or information of an individual in a manner that is prohibited by the Fourth Amendment to the Constitution of the United States with respect to the records or information in question.
(2)

Aid in statutory construction
It is the sense of Congress that, through the enactment of this title, Congress has established a statutory right that ensures that the expectation of privacy that the people of the United States have with respect to financial records is protected.”.
III

Consolidated audit trail
301.

Requirements and prohibitions regarding the Consolidated Audit Trail
(a)

Definitions
In this section:
(1)

Commission
The term Commission means the Securities and Exchange Commission.
(2)

Consolidated Audit Trail
The term Consolidated Audit Trail means the consolidated audit trail and central repository created, implemented, and maintained pursuant to section 242.613 of title 17, Code of Federal Regulations, as in effect on the day before the date of enactment of this Act.
(3)

Personally identifiable information
The term personally identifiable information—
(A)
means information that can be used to distinguish or trace the identity of an individual, either alone or when combined with other personal or identifying information that is linked or linkable to a specific individual, including the name, address, date or year of birth, Social Security number, telephone number, email, or IP-address of an individual; and
(B)
does not include a CAT–Order–ID or CAT–Reporter–ID, as those terms are defined in section 242.613(j) of title 17, Code of Federal Regulations (or any successor regulation).
(4)

Self-regulatory organization
The term self-regulatory organization has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).
(b)

Requirement
The Commission shall—
(1)
not later than 30 days after the date of enactment of this Act, and notwithstanding any other provision of law or regulation, terminate the Consolidated Audit Trail; and
(2)
not later that 120 days after the date of enactment of this Act, amend any regulation, no action letter, interpretive letter, exemptive letter, legal bulletin, or other guidance of the Commission to conform to the requirements of this section.
(c)

Prohibitions
On and after the date that the Commission carries out the termination required under subsection (b)(1)—
(1)
neither the Commission nor any self-regulatory organization may administer the Consolidated Audit Trail; and
(2)
no Federal agency may establish any consolidated audit trail, central repository, or other centralized database that collects personally identifiable information of citizens of the United States, unless a duly enacted law of the United States specifically provides the Federal agency with the authority to take that action.
(d)

Reimbursement of fees
Not later than 1 year after the date of enactment of this Act, Consolidated Audit Trail, LLC and FINRA CAT, LLC shall reimburse all fees collected by those entities before that date to carry out the Consolidated Audit Trail.
IV

No central bank digital currency
401.

Central bank digital currency
Section 13 of the Federal Reserve Act is amended by adding after the 14th undesignated paragraph (12 U.S.C. 347d) the following:
“No Federal reserve bank, the Board, the Secretary of the Treasury, any other agency, or any entity directed to act on behalf of the Federal reserve bank, the Board, the Secretary, or other agency, may mint or issue a central bank digital currency directly to an individual (including a central bank digital currency issued to an individual through a custodial intermediary) or a digital currency intermediary, offer related products or services directly to an individual, or maintain an account on behalf of an individual (including an account in a specially designated account at a digital currency intermediary or supervised commercial bank). No Federal reserve bank may hold digital currencies minted or issued by the United States Government as assets or liabilities on a balance sheet of the bank or use such digital currencies as part of fulfilling the requirements under section 2A.”.
V

Regulations from the executive in need of scrutiny
501.

Purpose
The purpose of this title is to increase accountability for and transparency in the Federal regulatory process. Section 1 of article I of the United States Constitution grants all legislative powers to Congress. Over time, Congress has excessively delegated its constitutional charge while failing to conduct appropriate oversight and retain accountability for the content of the laws it passes. By requiring a vote in Congress, the REINS Act will result in more carefully drafted and detailed legislation, an improved regulatory process, and a legislative branch that is truly accountable to the American people for the laws imposed upon them.
502.

Congressional review of certain agency rulemaking
(a)

In general
Chapter 8 of title 5, United States Code, is amended to read as follows:
“8

Congressional Review of Certain Agency Rulemaking
Sec.
801. Congressional review.
802. Congressional approval procedure for major rules.
803. Congressional disapproval procedure for nonmajor rules.
804. Definitions.
805. Judicial review.
806. Exemption for monetary policy.
807. Effective date of certain rules.
808. Review of rules currently in effect.
801.

Congressional review
(a)
(1)
(A)
Before a rule may take effect, the Federal agency promulgating such rule shall publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, and identify how the public can access such information online, and shall submit to each House of the Congress and to the Comptroller General a report containing—
(i)
a copy of the rule;
(ii)
a concise general statement relating to the rule;
(iii)
a finding, rendered in consultation with the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget, whether the rule is a major or nonmajor rule, including an explanation of the finding specifically addressing each criteria for a major rule contained within subparagraphs (A) through (C) of section 804(2);
(iv)
a list of any other related regulatory actions intended to implement the same statutory provision or regulatory objective as well as the individual and aggregate economic effects of those actions;
(v)
the proposed effective date of the rule; and
(vi)
a statement of the constitutional authority authorizing the agency to make the rule.
(B)
On the date of the submission of the report under subparagraph (A), the Federal agency promulgating the rule shall submit to the Comptroller General and make available to each House of Congress (and to each committee of jurisdiction in each House)—
(i)
a complete copy of the cost-benefit analysis of the rule, if any, including an analysis of any jobs added or lost, differentiating between public and private sector jobs;
(ii)
the agency’s actions pursuant to sections 603, 604, 605, 607, and 609 of this title;
(iii)
the agency’s actions pursuant to sections 202, 203, 204, and 205 of the Unfunded Mandates Reform Act of 1995;
(iv)
an estimate of the effect on inflation of the rule; and
(v)
any other relevant information or requirements under any other Act and any relevant Executive orders.
(C)
Upon receipt of a report submitted under subparagraph (A), each House shall provide copies of the report to the chairman and ranking member of each standing committee with jurisdiction under the rules of the House of Representatives or the Senate to report a bill to amend the provision of law under which the rule is issued.
(D)
If requested in writing by a member of Congress—
(i)
the Comptroller General shall make a determination whether an agency action qualifies as a rule for purposes of this chapter, and shall submit to Congress this determination not later than 60 days after the date of the request; and
(ii)
the Comptroller General, in consultation with the Director of the Congressional Budget Office, shall make a determination whether a rule is considered a major rule under the provisions of this act, and shall submit to Congress this determination not later than 90 days after the date of the request.
For purposes of this section, a determination under this subparagraph shall be deemed to be a report under subparagraph (A).
(2)
(A)
The Comptroller General shall provide a report on each major rule to the committees of jurisdiction by the end of 15 calendar days after the submission or publication date. The report of the Comptroller General shall include an assessment of the agency’s compliance with procedural steps required by paragraph (1)(B) and an assessment of whether the major rule imposes any new limits or mandates on private-sector activity.
(B)
Federal agencies shall cooperate with the Comptroller General by providing information relevant to the Comptroller General’s report under subparagraph (A).
(3)
A major rule relating to a report submitted under paragraph (1) shall take effect upon enactment of a joint resolution of approval described in section 802 or as provided for in the rule following enactment of a joint resolution of approval described in section 802, whichever is later.
(4)
A nonmajor rule shall take effect as provided by section 803 after submission to Congress under paragraph (1).
(5)
If a joint resolution of approval relating to a major rule is not enacted within the period provided in subsection (b)(2), then a joint resolution of approval relating to the same rule may not be considered under this chapter in the same Congress by either the House of Representatives or the Senate.
(b)
(1)
A major rule shall not take effect unless the Congress enacts a joint resolution of approval described under section 802.
(2)
If a joint resolution described in subsection (a) is not enacted into law by the end of 70 session days or legislative days, as applicable, beginning on the date on which the report referred to in subsection (a)(1)(A) is received by Congress (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), then the rule described in that resolution shall be deemed not to be approved and such rule shall not take effect.
(c)
(1)
Notwithstanding any other provision of this section (except subject to paragraph (3)), a major rule may take effect for one 90-calendar-day period if the President makes a determination under paragraph (2) and submits written notice of such determination to the Congress.
(2)
Paragraph (1) applies to a determination made by the President by Executive order that the major rule should take effect because such rule is—
(A)
necessary because of an imminent threat to health or safety or other emergency;
(B)
necessary for the enforcement of criminal laws;
(C)
necessary for national security; or
(D)
issued pursuant to any statute implementing an international trade agreement.
(3)
An exercise by the President of the authority under this subsection shall have no effect on the procedures under section 802.
(d)
(1)
In addition to the opportunity for review otherwise provided under this chapter, in the case of any rule for which a report was submitted in accordance with subsection (a)(1)(A) during the period beginning on the date occurring—
(A)
in the case of the Senate, 60 session days; or
(B)
in the case of the House of Representatives, 60 legislative days,
before the date the Congress is scheduled to adjourn a session of Congress through the date on which the same or succeeding Congress first convenes its next session, sections 802 and 803 shall apply to such rule in the succeeding session of Congress.
(2)
(A)
In applying sections 802 and 803 for purposes of such additional review, a rule described under paragraph (1) shall be treated as though—
(i)
such rule were published in the Federal Register on—
(I)
in the case of the Senate, the 15th session day; or
(II)
in the case of the House of Representatives, the 15th legislative day,
after the succeeding session of Congress first convenes; and
(ii)
a report on such rule were submitted to Congress under subsection (a)(1) on such date.
(B)
Nothing in this paragraph shall be construed to affect the requirement under subsection (a)(1) that a report shall be submitted to Congress before a rule can take effect.
(3)
A rule described under paragraph (1) shall take effect as otherwise provided by law (including other subsections of this section).
802.

Congressional approval procedure for major rules
(a)
(1)
For purposes of this section, the term joint resolution means only a joint resolution addressing a report classifying a rule as major pursuant to section 801(a)(1)(A)(iii) that—
(A)
bears no preamble;
(B)
bears the following title (with blanks filled as appropriate): “Approving the rule submitted by ___ relating to ___.”;
(C)
includes after its resolving clause only the following (with blanks filled as appropriate): “That Congress approves the rule submitted by ___ relating to ___.”; and
(D)
is introduced pursuant to paragraph (2).
(2)
After a House of Congress receives a report classifying a rule as major pursuant to section 801(a)(1)(A)(iii), the majority leader of that House (or his or her respective designee) shall introduce (by request, if appropriate) a joint resolution described in paragraph (1)—
(A)
in the case of the House of Representatives, within 3 legislative days; and
(B)
in the case of the Senate, within 3 session days.
(3)
A joint resolution described in paragraph (1) shall not be subject to amendment at any stage of proceeding.
(b)
A joint resolution described in subsection (a) shall be referred in each House of Congress to the committees having jurisdiction over the provision of law under which the rule is issued.
(c)
In the Senate, if the committee or committees to which a joint resolution described in subsection (a) has been referred have not reported it at the end of 15 session days after its introduction, such committee or committees shall be automatically discharged from further consideration of the resolution and it shall be placed on the calendar. A vote on final passage of the resolution shall be taken on or before the close of the 15th session day after the resolution is reported by the committee or committees to which it was referred, or after such committee or committees have been discharged from further consideration of the resolution.
(d)
(1)
In the Senate, when the committee or committees to which a joint resolution is referred have reported, or when a committee or committees are discharged (under subsection (c)) from further consideration of a joint resolution described in subsection (a), it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.
(2)
In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 2 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion to further limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.
(3)
In the Senate, immediately following the conclusion of the debate on a joint resolution described in subsection (a), and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.
(4)
Appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution described in subsection (a) shall be decided without debate.
(e)
In the House of Representatives, if any committee to which a joint resolution described in subsection (a) has been referred has not reported it to the House at the end of 15 legislative days after its introduction, such committee shall be discharged from further consideration of the joint resolution, and it shall be placed on the appropriate calendar. On the second and fourth Thursdays of each month it shall be in order at any time for the Speaker to recognize a Member who favors passage of a joint resolution that has appeared on the calendar for at least 5 legislative days to call up that joint resolution for immediate consideration in the House without intervention of any point of order. When so called up a joint resolution shall be considered as read and shall be debatable for 1 hour equally divided and controlled by the proponent and an opponent, and the previous question shall be considered as ordered to its passage without intervening motion. It shall not be in order to reconsider the vote on passage. If a vote on final passage of the joint resolution has not been taken by the third Thursday on which the Speaker may recognize a Member under this subsection, such vote shall be taken on that day.
(f)
(1)
If, before passing a joint resolution described in subsection (a), one House receives from the other a joint resolution having the same text, then—
(A)
the joint resolution of the other House shall not be referred to a committee; and
(B)
the procedure in the receiving House shall be the same as if no joint resolution had been received from the other House until the vote on passage, when the joint resolution received from the other House shall supplant the joint resolution of the receiving House.
(2)
This subsection shall not apply to the House of Representatives if the joint resolution received from the Senate is a revenue measure.
(g)
If either House has not taken a vote on final passage of the joint resolution by the last day of the period described in section 801(b)(2), then such vote shall be taken on that day.
(h)
This section and section 803 are enacted by Congress—
(1)
as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such are deemed to be part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution described in subsection (a) and superseding other rules only where explicitly so; and
(2)
with full recognition of the constitutional right of either House to change the rules (so far as they relate to the procedure of that House) at any time, in the same manner and to the same extent as in the case of any other rule of that House.
803.

Congressional disapproval procedure for nonmajor rules
(a)
For purposes of this section, the term joint resolution means only a joint resolution introduced in the period beginning on the date on which the report referred to in section 801(a)(1)(A) is received by Congress and ending 60 days thereafter (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), the matter after the resolving clause of which is as follows: “That Congress disapproves the nonmajor rule submitted by the ___ relating to ___ , and such rule shall have no force or effect.” (The blank spaces being appropriately filled in).
(b)
A joint resolution described in subsection (a) shall be referred to the committees in each House of Congress with jurisdiction.
(c)
In the Senate, if the committee to which is referred a joint resolution described in subsection (a) has not reported such joint resolution (or an identical joint resolution) at the end of 15 session days after the date of introduction of the joint resolution, such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by 30 Members of the Senate, and such joint resolution shall be placed on the calendar.
(d)
(1)
In the Senate, when the committee to which a joint resolution is referred has reported, or when a committee is discharged (under subsection (c)) from further consideration of a joint resolution described in subsection (a), it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.
(2)
In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion to further limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.
(3)
In the Senate, immediately following the conclusion of the debate on a joint resolution described in subsection (a), and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.
(4)
Appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution described in subsection (a) shall be decided without debate.
(e)
In the Senate, the procedure specified in subsection (c) or (d) shall not apply to the consideration of a joint resolution respecting a nonmajor rule—
(1)
after the expiration of the 60 session days beginning with the applicable submission or publication date; or
(2)
if the report under section 801(a)(1)(A) was submitted during the period referred to in section 801(d)(1), after the expiration of the 60 session days beginning on the 15th session day after the succeeding session of Congress first convenes.
(f)
If, before the passage by one House of a joint resolution of that House described in subsection (a), that House receives from the other House a joint resolution described in subsection (a), then the following procedures shall apply:
(1)
The joint resolution of the other House shall not be referred to a committee.
(2)
With respect to a joint resolution described in subsection (a) of the House receiving the joint resolution—
(A)
the procedure in that House shall be the same as if no joint resolution had been received from the other House; but
(B)
the vote on final passage shall be on the joint resolution of the other House.
804.

Definitions
For purposes of this chapter:
(1)
The term Federal agency means—
(A)
the Board of Governors of the Federal Reserve System;
(B)
the Securities and Exchange Commission;
(C)
the Commodity Futures Trading Commission;
(D)
the Federal Deposit Insurance Corporation;
(E)
the Bureau of Consumer Financial Protection;
(F)
the Department of the Treasury, including the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network; or
(G)
the National Credit Union Administration.
(2)
The term major rule means any rule, including an interim final rule, that the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget or the Federal agency promulgating such rule finds has resulted in or is likely to result in—
(A)
an annual effect on the economy of $100 million or more;
(B)
a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies, or geographic regions;
(C)
significant adverse effects on competition, employment, investment, productivity, innovation, or the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets; or
(D)
in an increase in mandatory vaccinations.
(3)
The term nonmajor rule means any rule that is not a major rule.
(4)
The term rule has the meaning given the term in section 551, except that the term—
(A)
includes interpretative rules, general statements of policy, and all other agency guidance documents; and
(B)
does not include—
(i)
any rule of particular applicability, including a rule that approves or prescribes for the future rates, wages, prices, services, or allowances therefore, corporate or financial structures, reorganizations, mergers, or acquisitions thereof, or accounting practices or disclosures bearing on any of the foregoing;
(ii)
any rule relating to agency management or personnel; or
(iii)
any rule of agency organization, procedure, or practice that does not substantially affect the rights or obligations of non-agency parties.
(5)
The term submission or publication date, except as otherwise provided in this chapter, means—
(A)
in the case of a major rule, the date on which the Congress receives the report submitted under section 801(a)(1); and
(B)
in the case of a nonmajor rule, the later of—
(i)
the date on which the Congress receives the report submitted under section 801(a)(1); and
(ii)
the date on which the nonmajor rule is published in the Federal Register, if so published.
805.

Judicial review
(a)

In general
No determination, finding, action, or omission under this chapter shall be subject to judicial review.
(b)

Exception
Notwithstanding subsection (a), a court may determine whether a Federal agency has completed the necessary requirements under this chapter for a rule to take effect.
(c)

Rule of construction
The enactment of a joint resolution of approval under section 802 shall not be interpreted to serve as a grant or modification of statutory authority by Congress for the promulgation of a rule, shall not extinguish or affect any claim, whether substantive or procedural, against any alleged defect in a rule, and shall not form part of the record before the court in any judicial proceeding concerning a rule except for purposes of determining whether or not the rule is in effect.
806.

Exemption for monetary policy
Nothing in this chapter shall apply to rules that concern monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.
807.

Effective date of certain rules
Notwithstanding section 801—
(1)
any rule that establishes, modifies, opens, closes, or conducts a regulatory program for a commercial, recreational, or subsistence activity related to hunting, fishing, or camping; or
(2)
any rule other than a major rule which an agency for good cause finds (and incorporates the finding and a brief statement of reasons therefore in the rule issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest,
shall take effect at such time as the Federal agency promulgating the rule determines.
808.

Review of rules currently in effect
(a)

Annual review
Beginning on the date that is 180 days after the date of enactment of this section, and annually thereafter for the 4 years following, each agency shall designate not less than 20 percent of eligible rules made by that agency for review and shall submit a report including each such eligible rule in the same manner as a report under section 801(a)(1). Sections 801, 802, and 803 shall apply to each such rule, subject to subsection (c) of this section. No eligible rule previously designated may be designated again.
(b)

Sunset for eligible rules not extended
Beginning after the date that is 5 years after the date of enactment of this section, if Congress has not enacted a joint resolution of approval for that eligible rule, that eligible rule shall not continue in effect.
(c)

Approval of Rules
(1)

In general
Unless Congress approves all eligible rules designated by executive agencies for review within 90 days of designation, they shall have no effect.
(2)

Formatting
A single joint resolution of approval shall apply to all eligible rules in a report designated for a year as follows: “That Congress approves the rules submitted by the___ for the year ___.” (The blank spaces being appropriately filled in).
(3)

Procedure
A member of either House may move that a separate joint resolution be required for a specified rule.
(d)

Definition
In this section, the term eligible rule means a rule that is in effect as of the date of enactment of this section.”.
(b)

Technical and conforming amendment
The chapter heading for chapter 8 of title 5, United States Code, is amended by inserting “certain” after “of”.
503.

Budgetary effects of rules subject to section 802 of title 5, United States Code
Section 257(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) is amended by adding at the end the following new subparagraph:
“(E)

Budgetary effects of rules subject to section 802 of title 5, United States Code
Any rule subject to the congressional approval procedure set forth in section 802 of chapter 8 of title 5, United States Code, affecting budget authority, outlays, or receipts shall be assumed to be effective unless it is not approved in accordance with such section.”.
504.

Government Accountability Office study of rules
(a)

In general
The Comptroller General of the United States shall conduct a study to determine, as of the date of the enactment of this Act—
(1)
how many rules (as that term is defined in section 804 of title 5, United States Code, as added by this title) were in effect;
(2)
how many major rules (as that term is defined in section 804 of title 5, United States Code, as added by this title) were in effect; and
(3)
the total estimated economic cost imposed by all such rules.
(b)

Report
Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress, and publish on the website of the Government Accountability Office, a report that contains the findings of the study conducted under subsection (a).
VI

Suspicious activity
601.

Criminal penalties
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended by inserting after section 1116 (12 U.S.C. 3416) the following:
“1116A.

Criminal penalties
(a)
Except as provided in subsection (b), any agency or department of the United States or financial institution knowingly obtaining or knowingly disclosing financial records or information contained therein in violation of this title shall be fined in any amount not exceeding $5,000, or imprisoned not more than 5 years, or both, together with the costs of prosecution, and if such offense is committed by any officer or employee of the United States, the officer or employee shall, in addition to any other punishment, be dismissed from office or discharged from employment upon conviction for such offense.
(b)
Any financial institution or agent or employee thereof making a disclosure of financial records pursuant to this title in good-faith reliance upon a certificate by any Government authority or pursuant to the provisions of section 1113(l) shall not be subject to prosecution under subsection (a).”.
602.

Civil penalties
Section 1117(a) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3417(a)) is amended by striking paragraphs (1) through (4) and inserting the following:
“(1)
not less than $1,000 per violation per day;
(2)
reasonable attorney’s fees and litigation costs; and
(3)
compensatory damages.”.
603.

Other relief
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended by inserting after section 1118 (12 U.S.C. 3418) the following:
“1118A.

Other relief
In addition to any other remedy contained in this title, a writ of mandamus and all other appropriate relief, including any equitable or declaratory relief, shall be available to require that the procedures of this title are complied with.”.
VII

Stopping the nosy obsession with online payments
701.

Repeal of modification of exceptions for reporting of third party network transactions
(a)

In general
Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows:
“(e)

Exception for de minimis payments by third party settlement organizations
A third party settlement organization shall be required to report any information under subsection (a) with respect to third party network transactions of any participating payee only if—
(1)
the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions exceeds $20,000, and
(2)
the aggregate number of such transactions exceeds 200.”.
(b)

Conforming amendment
Section 6050W(c)(3) of the Internal Revenue Code of 1986 is amended by striking “described in subsection (d)(3)(A)(iii)”.
(c)

Effective date
(1)

In general
The amendment made by subsection (a) shall apply to returns for calendar years beginning after December 31, 2021.
(2)

Clarification
The amendment made by subsection (b) shall apply to transactions after the date of the enactment of the American Rescue Plan Act of 2021.
VIII

Prohibition on restrictions relating to convertible virtual currency
801.

Short title
This title may be cited as the “Keep Your Coins Act”.
802.

Prohibition on restricting use of convertible virtual currency by a person to purchase goods or services for the person’s own use
(a)

In general
No Federal agency head may prohibit or otherwise restrict the ability of a covered user to—
(1)
use virtual currency or its equivalent for such user’s own purposes, such as to purchase real or virtual goods and services for the user’s own use; or
(2)
conduct transactions through a self-hosted wallet.
(b)

Definitions
In this section:
(1)

Convertible virtual currencies
The term convertible virtual currencies means a medium of exchange that—
(A)
has an equivalent value as currency (as defined in section 1010.100 of title 31, Code of Federal Regulations (or successor regulations)); or
(B)
acts as a substitute for currency but may not possess all the attributes (including legal tender status) specified under such section 1010.100.
(2)

Covered user
The term covered user means a person that obtains convertible virtual currency to purchase goods or services on that person’s own behalf, without regard to the method in which such covered user obtained such convertible virtual currency.
(3)

Self-hosted wallet
The term self-hosted wallet means an interface—
(A)
used to secure and transfer convertible virtual currency; and
(B)
under which the owner of convertible virtual currency retains independent control over such convertible virtual currency that is secured by such digital interface.