Protecting Financial Privacy Act of 2021

Bill: 117-s-2953
Sponsor: full_name: Sen. Tuberville, Tommy [R-AL]
Introduced: 2021-10-07
Policy area: Taxation
Latest action: action_date: 2021-10-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-10-07
action_desc: Introduced in Senate
text: <p><strong>Protecting Financial Privacy Act of 2021</strong></p> <p>This bill prohibits the Internal Revenue Service from creating or implementing any new financial account reporting program that would require financial institutions to report data on financial accounts in an information return listing balances, transactions, transfers, or inflows or outflows of any kind, and that was not in effect as of October 1, 2021.</p>

tv_txt: II 117th CONGRESS 1st Session S. 2953 IN THE SENATE OF THE UNITED STATES October 7, 2021 Mr. Tuberville (for himself, Mr. Scott of Florida , and Mr. Braun ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To prohibit the Internal Revenue Service from requiring financial institutions to report on the financial transactions of their customers.

1. Short title This Act may be cited as the Protecting Financial Privacy Act of 2021 . 2. Prohibiting the Internal Revenue Service from requiring financial institutions to report on financial transactions of customers (a) In general Subject to subsection (b), the Internal Revenue Service shall not be permitted to create or implement any new financial account information reporting program that— (1) was not in effect as of October 1, 2021, and (2) would require financial institutions to report data on financial accounts in an information return listing balances, transactions, transfers, or inflows or outflows of any kind. (b) Rule of construction (1) In general Nothing in this Act shall preempt, limit, or supersede, or be construed to preempt, limit, or supersede, any provision of, or requirement under, the Bank Secrecy Act or any regulations promulgated under such Act. (2) Definition For purposes of this subsection, the term Bank Secrecy Act means— (A) section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ), (B) chapter 2 of title I of Public Law 91–508 ( 12 U.S.C. 1951 et seq. ), and (C) subchapter II of chapter 53 of title 31, United States Code.