[Congressional Record Volume 167, Number 201 (Thursday, November 18, 2021)]
[Senate]
[Page S8499]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4811. Mr. TUBERVILLE (for himself and Mr. Braun) submitted an 
amendment intended to be proposed to amendment SA 3867 submitted by Mr. 
Reed and intended to be proposed to the bill H.R. 4350, to authorize 
appropriations for fiscal year 2022 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. ___. 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 section 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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