II 

117TH CONGRESS 

2D SESSION S. 4869 

To index certain thresholds for inflation. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 15, 2022 

Mr. LEE (for himself, Ms. LUMMIS, and Mr. BRAUN) introduced the following 

bill; which was read twice and referred to the Committee on Finance 

A BILL 

To index certain thresholds for inflation. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Saving Privacy Act’’. 

5 SEC. 2. FINDINGS. 

6 Congress finds the following: 

7 (1) Public Law 91–508 (referred to in this sec8 tion as the ‘‘Bank Secrecy Act’’) authorized the Sec9 retary of the Treasury to establish recording and re10 porting requirements for financial institutions, in11 cluding the prescription of thresholds for such re12 quirements. 


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1 (2) In 1972, the Department of the Treasury 

2 published the final rule implementing the Bank Se3 crecy Act, which required filing a report on each 

4 ‘‘transaction in currency of more than $10,000’’. 

5 (3) While the Supreme Court of the United 

6 States issued a ruling in California Bankers Associa7 tion v. Shultz, 416 U.S. 21 (1974) that the Bank 

8 Secrecy Act did not violate the Fourth Amendment 

9 to the Constitution of the United States, the control10 ling opinion cautioned that ‘‘a significant extension 

11 of the regulations’ reporting requirements . . . would 

12 pose substantial and difficult constitutional ques13 tions’’. 

14 (4) Inflation has risen to almost 600 percent 

15 since the 1974 decision described in paragraph (3) 

16 and the threshold has not been adjusted accordingly. 

17 (5) While $10,000 was sufficient to buy a mod18 est multi-bedroom home in the 1970s, today that 

19 amount cannot even cover the purchase of many 

20 lightly used cars. 

21 (6) This development represents a significant 

22 extension of the reporting requirements under the 

23 applicable regulations and could render the Bank 

24 Secrecy Act reporting requirement unconstitutional 

25 unless redressed. 


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1 SEC. 3. RECORDS AND REPORTS ON MONETARY INSTRU2 MENT TRANSACTIONS. 

3 Title 31, United States Code, is amended— 

4 (1) in section 5313(a), in the first sentence, by 

5 striking ‘‘, or under circumstances the Secretary 

6 prescribes by regulation’’ and inserting ‘‘not less 

7 than $10,000 (as adjusted for each fiscal year begin8 ning after September 30, 2022 to reflect the per9 centage change in the Consumer Price Index for 

10 such fiscal year compared to the Consumer Price 

11 Index for the year ending September 30, 1974)’’; 

12 (2) in section 5316(a), by striking ‘‘more than 

13 $10,000’’ each place the term appears and inserting 

14 ‘‘not less than $10,000 (as adjusted for each fiscal 

15 year beginning after September 30, 2022 to reflect 

16 the percentage change in the Consumer Price Index 

17 for such fiscal year compared to the Consumer Price 

18 Index for the year ending September 30, 1974)’’; 

19 (3) in section 5318— 

20 (A) in subsection (a)(2), by striking ‘‘as 

21 the Secretary may prescribe by regulation’’ and 

22 inserting ‘‘relating to transactions of not less 

23 than $10,000 (as adjusted for each fiscal year 

24 beginning after September 30, 2022 to reflect 

25 the percentage change in the Consumer Price 

26 Index for such fiscal year compared to the ConVerDate Sep 11 2014 05:18 Sep 17, 2022 Jkt 029200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4869.IS S4869

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1 sumer Price Index for the year ending Sep2 tember 30, 1974)’’; and 

3 (B) in subsection (g)— 

4 (i) in paragraph (1), by inserting ‘‘of 

5 not less than $10,000 (as adjusted for 

6 each fiscal year beginning after September 

7 30, 2022 to reflect the percentage change 

8 in the Consumer Price Index for such fis9 cal year compared to the Consumer Price 

10 Index for the year ending September 30, 

11 1974)’’ after ‘‘report any suspicious trans12 action’’; and 

13 (ii) in paragraph (5)(D)(ii)(II), by in14 serting ‘‘of not less than $10,000 (as ad15 justed for each fiscal year beginning after 

16 September 30, 2022 to reflect the percent17 age change in the Consumer Price Index 

18 for such fiscal year compared to the Con19 sumer Price Index for the year ending Sep20 tember 30, 1974)’’ after ‘‘any other trans21 action’’; 

22 (4) in section 5331, in subsections (a)(1)(B) 

23 and (d)(1)(B), by striking ‘‘$10,000’’ each place the 

24 term appears and inserting ‘‘$10,000 (as adjusted 

25 for each fiscal year beginning after September 30, 


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1 2022 to reflect the percentage change in the Con2 sumer Price Index for such fiscal year compared to 

3 the Consumer Price Index for the year ending Sep4 tember 30, 1974)’’; and 

5 (5) in section 5332(a)(1), by striking 

6 ‘‘$10,000’’ and inserting ‘‘$10,000 (as adjusted for 

7 each fiscal year beginning after September 30, 2022 

8 to reflect the percentage change in the Consumer 

9 Price Index for such fiscal year compared to the 

10 Consumer Price Index for the year ending Sep11 tember 30, 1974)’’. 

12 SEC. 4. RETURNS RELATING TO CASH RECEIVED IN TRADE 

13 OR BUSINESS. 

14 Section 6050I of the Internal Revenue Code of 1986 

15 is amended— 

16 (a) in subsections (a)(2), (d)(2), and (g)(1), by strik17 ing ‘‘$10,000’’ each place the term appears and inserting 

18 ‘‘$10,000 (as adjusted for each fiscal year beginning after 

19 September 30, 2022 to reflect the percentage change in 

20 the Consumer Price Index for such fiscal year compared 

21 to the Consumer Price Index for the year ending Sep22 tember 30, 1974)’’; and 

23 (b) in subsection (d)(1), by inserting ‘‘of not more 

24 than $10,000 (as adjusted for each fiscal year beginning 

25 after September 30, 2022 to reflect the percentage change 


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1 in the Consumer Price Index for such fiscal year compared 

2 to the Consumer Price Index for the year ending Sep3 tember 30, 1974)’’ after ‘‘currency’’. 

4 SEC. 5. RECORDKEEPING REGULATIONS FOR INSURED DE5 POSITORY INSTITUTIONS. 

6 Section 21(b) of the Federal Deposit Insurance Act 

7 (12 U.S.C. 1829b(b)) is amended by adding at the end 

8 the following: 

9 ‘‘(4) THRESHOLDS.—The regulations prescribed 

10 under this subsection shall apply to transactions of 

11 not less than $10,000 (as adjusted for each fiscal 

12 year beginning after September 30, 2022 to reflect 

13 the percentage change in the Consumer Price Index 

14 for such fiscal year compared to the Consumer Price 

15 Index for the year ending September 30, 1974).’’. 

Æ 


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