Title: Protecting Financial Privacy Act of 2021
Policy area: Finance and Financial Sector

Summary:
Protecting Financial Privacy Act of 2021
This bill prohibits a federal agency from creating, implementing, or administering a program that requires financial institutions or individuals to report on the balances of, transactions involving, or transfers into and out of financial accounts.
This prohibition does not apply to laws or regulations in effect on September 1, 2021, or to the Bank Secrecy Act (laws that require financial institutions and other entities to report on certain financial transactions to prevent money laundering, the financing of terrorism, and other criminal activity). This prohibition does apply, however, to regulations issued under the Bank Secrecy Act after September 1, 2021.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5451 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 5451

To prohibit any Federal agency from requiring financial institutions to 
        report on the financial transactions of their customers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 30, 2021

 Mrs. Hinson introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To prohibit any Federal agency from requiring financial institutions to 
        report on the financial transactions of their customers.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Financial Privacy Act of 
2021''.

SEC. 2. PROHIBITING FEDERAL AGENCIES FROM REQUIRING FINANCIAL 
              INSTITUTIONS TO REPORT ON FINANCIAL TRANSACTIONS OF 
              CUSTOMERS.

    (a) In General.--No Federal agency (including the Department of the 
Treasury) shall be permitted to create, implement, or administer any 
financial account information reporting program that would require 
financial institutions or individuals to report data on financial 
accounts in an information return listing balances, transactions, 
transfers, or inflows or outflows of any kind.
    (b) Exceptions.--Subsection (a) shall not apply to--
            (1) any law or regulation in effect on September 1, 2021; 
        or
            (2) the Bank Secrecy Act, except that subsection (a) shall 
        apply to any regulations issued pursuant to the Bank Secrecy 
        Act after September 1, 2021.
    (c) Bank Secrecy Act Defined.--In this section, the term ``Bank 
Secrecy Act'' means--
            (1) section 21 of the Federal Deposit Insurance Act (12 
        U.S.C. 1829b);
            (2) chapter 2 of title I of Public Law 91-508 (12 U.S.C. 
        1951 et seq.); and
            (3) subchapter II of chapter 53 of title 31, United States 
        Code.
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