I 

118TH CONGRESS 

1ST SESSION H. R. 1220 

To make reforms to the Bank Secrecy Act, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 27, 2023 

Mr. ROSE (for himself and Mr. SESSIONS) introduced the following bill; which 

was referred to the Committee on Financial Services 

A BILL 

To make reforms to the Bank Secrecy Act, and for other 

purposes. 

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 ‘‘Bank Privacy Reform 

5 Act’’. 

6 SEC. 2. BANK SECRECY ACT REFORMS. 

7 (a) RIGHT TO FINANCIAL PRIVACY ACT OF 1978.— 

8 The Right to Financial Privacy Act of 1978 (12 U.S.C. 

9 3401 et seq.) is amended— 

10 (1) by amending section 1102 to read as fol11 lows: 


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1 ‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN2 MENT AUTHORITIES. 

3 ‘‘Except as provided by subsection (c) or (d) of sec4 tion 1103 or section 1113, no Government authority may 

5 have access to or obtain copies of, or the information con6 tained in the financial records of any customer from a fi7 nancial institution unless the financial records are reason8 ably described and such financial records are disclosed in 

9 response to a search warrant which meets the require10 ments of section 1106.’’; 

11 (2) by striking sections 1104, 1105, 1107, 

12 1108, and 1114; 

13 (3) in section 1109(a), by striking ‘‘section 

14 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),’’ and 

15 inserting ‘‘section 1106(c)’’; and 

16 (4) in section 1113, by striking subsections (c) 

17 through (r). 

18 (b) TITLE 31.—Chapter 53 of title 31, United States 

19 Code, is amended— 

20 (1) by amending section 5311 to read as fol21 lows: 

22 ‘‘§ 5311. Declaration of purpose 

23 ‘‘It is the purpose of this subchapter to require finan24 cial institutions to retain transaction records that include 

25 information identified with or identifiable as being derived 

26 from the financial records of particular customers.’’; 


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1 (2) in section 5312(a)— 

2 (A) in paragraph (3)— 

3 (i) in subparagraph (B), by adding 

4 ‘‘and’’ at the end; 

5 (ii) by striking subparagraph (C); and 

6 (iii) by redesignating subparagraph 

7 (D) as subparagraph (C); and 

8 (B) by amending paragraph (4) to read as 

9 follows: 

10 ‘‘(4) ‘nonfinancial trade or business’ means any 

11 entity engaged in trade or business other than a fi12 nancial institution.’’; 

13 (3) by striking sections 5313, 5314, 5315, 

14 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 

15 5336; 

16 (4) in section 5318— 

17 (A) in subsection (a)— 

18 (i) by striking ‘‘(except under section 

19 5315 of this title and regulations pre20 scribed under section 5315)’’; 

21 (ii) by striking paragraph (2); and 

22 (iii) by redesignating paragraphs (3) 

23 through (7) as paragraphs (2) through (6), 

24 respectively; and 

25 (B) in subsection (k)— 


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1 (i) in paragraph (1)(C), by striking 

2 ‘‘has the same meaning as in section 

3 5318A(e)(1)(B)’’ and inserting ‘‘means an 

4 account established to receive deposits 

5 from, make payments on behalf of a for6 eign financial institution, or handle other 

7 financial transactions related to such insti8 tution’’; and 

9 (ii) in paragraph (3)(A)(i)— 

10 (I) in subclause (II), by adding 

11 ‘‘or’’ at the end; 

12 (II) in subclause (III), by strik13 ing ‘‘; or’’ and inserting a period; and 

14 (III) by striking subclause (IV); 

15 (5) in section 5321— 

16 (A) in subsection (a)— 

17 (i) in paragraph (1), by striking ‘‘(ex18 cept sections 5314, 5315, and 5336 of this 

19 title or a regulation prescribed under sec20 tions 5314, 5315, and 5336)’’; 

21 (ii) by striking paragraphs (2), (3), 

22 (4), and (5); 

23 (iii) in paragraph (6), by striking 

24 ‘‘(except section 5336)’’ each place such 

25 term appears; 


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1 (iv) in paragraph (7), by striking ‘‘or 

2 any special measures imposed under sec3 tion 5318A’’; and 

4 (v) by redesignating paragraphs (6) 

5 and (7) as paragraphs (2) and (3), respec6 tively; 

7 (B) by striking subsection (c); and 

8 (C) by redesignating subsections (d) 

9 through (g) as subsection (c) through (f), re10 spectively; 

11 (6) in section 5322— 

12 (A) by striking ‘‘(except section 5315, 

13 5324, or 5336 of this title or a regulation pre14 scribed under section 5315, 5324, or 5336)’’ 

15 each place such term appears; and 

16 (B) in subsection (d)— 

17 (i) by striking ‘‘, or any special meas18 ures imposed under section 5318A,’’; and 

19 (ii) by striking ‘‘or section 5318A’’; 

20 (7) in section 5325(a), by inserting after 

21 ‘‘$3,000’’ the following: ‘‘(as such amount is annu22 ally adjusted by the Secretary to reflect the percent23 age change in the Consumer Price Index for All 

24 Urban Consumers published by the Bureau of Labor 

25 Statistics of the Department of Labor)’’; 


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1 (8) in section 5330(d)(1)— 

2 (A) in subparagraph (A), by adding ‘‘and’’ 

3 at the end; 

4 (B) by striking subparagraph (B); and 

5 (C) by redesignating subparagraph (C) as 

6 subparagraph (B); 

7 (9) in section 5335— 

8 (A) by striking subsection (c); and 

9 (B) by redesignating subsections (d) and 

10 (e) as subsections (c) and (d), respectively; 

11 (10) by striking subchapter III; and 

12 (11) in the table of contents in chapter 53, by 

13 striking the items relating to— 

14 (A) sections 5313, 5314, 5315, 5316, 

15 5317, 5318A, 5324, 5326, 5331, 5332, and 

16 5336; and 

17 (B) subchapter III. 

Æ 


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