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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Bank Privacy Reform 
Act’’. 
SEC. 2. 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 to read as fol-
lows: 
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‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-
MENT AUTHORITIES. 
‘‘Except as provided by subsection (c) or (d) of sec-
tion 1103 or section 1113, no Government authority may 
have access to or obtain copies of, or the information con-
tained in the financial records of any customer from a fi-
nancial institution unless the financial records are reason-
ably described and such financial records are disclosed in 
response to a search warrant which meets the require-
ments of section 1106.’’; 
(2) by striking sections 1104, 1105, 1107, 
1108, and 1114; 
(3) in section 1109(a), by striking ‘‘section 
1104(c), 1105(2), 1106(c), 1107(2), 1108(4),’’ and 
inserting ‘‘section 1106(c)’’; and 
(4) in section 1113, by striking subsections (c) 
through (r). 
(b) TITLE 31.—Chapter 53 of title 31, United States 
Code, is amended— 
(1) by amending section 5311 to read as fol-
lows: 
‘‘§ 5311. Declaration of purpose 
‘‘It is the purpose of this subchapter to require finan-
cial institutions to retain transaction records that include 
information identified with or identifiable as being derived 
from the financial records of particular customers.’’; 
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(2) in section 5312(a)— 
(A) in paragraph (3)— 
(i) in subparagraph (B), by adding 
‘‘and’’ at the end; 
(ii) by striking subparagraph (C); and 
(iii) by redesignating subparagraph 
(D) as subparagraph (C); 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 fi-
nancial 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) by striking ‘‘(except under section 
5315 of this title and regulations pre-
scribed 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)— 
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(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 for-
eign financial institution, or handle other 
financial transactions related to such insti-
tution’’; and 
(ii) in paragraph (3)(A)(i)— 
(I) in subclause (II), by adding 
‘‘or’’ at the end; 
(II) in subclause (III), by strik-
ing ‘‘; 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 ‘‘(ex-
cept sections 5314, 5315, and 5336 of this 
title or a regulation prescribed under sec-
tions 5314, 5315, and 5336)’’; 
(ii) by striking paragraphs (2), (3), 
(4), and (5); 
(iii) in paragraph (6), by striking 
‘‘(except section 5336)’’ each place such 
term appears; 
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(iv) in paragraph (7), by striking ‘‘or 
any special measures imposed under sec-
tion 5318A’’; and 
(v) by redesignating paragraphs (6) 
and (7) as paragraphs (2) and (3), respec-
tively; 
(B) by striking subsection (c); and 
(C) 
by 
redesignating 
subsections 
(d) 
through (g) as subsection (c) through (f), re-
spectively; 
(6) in section 5322— 
(A) by striking ‘‘(except section 5315, 
5324, or 5336 of this title or a regulation pre-
scribed under section 5315, 5324, or 5336)’’ 
each place such term appears; and 
(B) in subsection (d)— 
(i) by striking ‘‘, or any special meas-
ures imposed under section 5318A,’’; and 
(ii) by striking ‘‘or section 5318A’’; 
(7) in section 5325(a), by inserting after 
‘‘$3,000’’ the following: ‘‘(as such amount is annu-
ally adjusted by the Secretary to reflect the percent-
age change in the Consumer Price Index for All 
Urban Consumers published by the Bureau of Labor 
Statistics of the Department of Labor)’’; 
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(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 in 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. 
Æ 
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