Saving Privacy Act

To index certain thresholds for inflation. 1. Short title This Act may be cited as the Saving Privacy Act 2. Findings Congress finds the following: (1) Public Law 91–508 (referred to in this section as the Bank Secrecy Act (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. 3. 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 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 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 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) (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) report any suspicious transaction (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) any other transaction (4) in section 5331, in subsections (a)(1)(B) and (d)(1)(B), by striking $10,000 $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) (5) in section 5332(a)(1), by striking $10,000 $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) 4. Returns relating to cash received in trade or business Section 6050I (a) in subsections (a)(2), (d)(2), and (g)(1), by striking $10,000 $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) (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) currency 5. Recordkeeping regulations for insured depository institutions Section 21(b) of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b(b) (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). .

Summary: Saving Privacy Act This bill adjusts certain amounts for inflation, including reporting thresholds applicable to financial transactions, the threshold for the criminal offense of cash smuggling, and tax return thresholds for cash receipts.