I 
119TH CONGRESS 
1ST SESSION H. R. 1602 
To require the Secretary of the Treasury to provide for greater transparency 
and protections with regard to Bank Secrecy Act reports, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 26, 2025 
Mr. DAVIDSON (for himself and Mr. HIMES) introduced the following bill; 
which was referred to the Committee on Financial Services 
A BILL 
To require the Secretary of the Treasury to provide for 
greater transparency and protections with regard to 
Bank Secrecy Act reports, 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 ‘‘Financial Privacy Act 
of 2025’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
(1) Pursuant to the Bank Secrecy Act 
(‘‘BSA’’), the Secretary of the Treasury, acting 
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through the Financial Crimes Enforcement Network 
(‘‘FinCEN’’), collects millions of reports annually on 
the economic activity of ordinary Americans. 
(2) Since 2001, FinCEN has applied the BSA 
to collect over 322,000,000 Currency Transaction 
Reports and more than 36,000,000 Suspicious Ac-
tivity Reports, as well as nearly 5,000,000 Form 
8300 Reports. In addition, FinCEN expects to 
amass beneficial ownership information (‘‘BOI’’) 
from 32,000,000 companies in its initial year of col-
lection, plus 5,000,000 additional companies impli-
cated each year thereafter. 
(3) The mass of reporting collected by FinCEN 
suggests that, while certain BSA reports might 
prove useful to combat illicit finance, the bulk of 
BSA-related data may possess little to no nexus to 
legitimate law enforcement or intelligence purposes, 
even as it encompasses highly sensitive details on the 
everyday lives of Americans. 
(4) By law, the Secretary of the Treasury must 
ensure the security and confidentiality of BSA data. 
In a Notice of Proposed Rulemaking from December 
2022, FinCEN acknowledged that ‘‘BOI is highly 
sensitive information. FinCEN therefore views it as 
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critical to mitigate the risk of unauthorized disclo-
sure of BOI as much as possible.’’. 
SEC. 3. REPORTS TO CONGRESS; REVIEW OF PROTOCOLS 
FOR AGENCY ACCESS TO REPORTS. 
(a) IN GENERAL.—Chapter 53 of title 31, United 
States Code, is amended— 
(1) in subchapter II, by inserting after section 
5326 the following: 
‘‘§ 5327. Reports to Congress; Review of protocols for 
agency access to reports 
‘‘(a) REPORTS TO CONGRESS.—Not later than 180 
days following the date of the enactment of this section, 
and annually thereafter, the Secretary of the Treasury 
shall submit to the Committee on Financial Services of 
the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate a re-
port containing the following: 
‘‘(1) The number of reports, by type, filed each 
year with the Financial Crimes Enforcement Net-
work (‘FinCEN’) under this subchapter since Janu-
ary 1, 2022. 
‘‘(2) The total number of reports filed under 
this subchapter retained by FinCEN. 
‘‘(3) A description of any written protocols or 
guidance from the Secretary to national security, 
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