Protecting Financial Privacy Act of 2021

Bill: 117-s-2857
Sponsor: full_name: Sen. Tuberville, Tommy [R-AL]
Introduced: 2021-09-27
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-09-27
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6705-6707)

Summaries:
action_date: 2021-09-27
action_desc: Introduced in Senate
text: <p><strong>Protecting Financial Privacy Act of 2021 </strong></p> <p>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.</p>

tv_txt: II 117th CONGRESS 1st Session S. 2857 IN THE SENATE OF THE UNITED STATES September 27, 2021 Mr. Tuberville introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit any Federal agency 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 Federal agencies from requiring financial institutions to report on financial transactions of customers (a) In general Notwithstanding the Bank Secrecy Act or any regulations promulgated under such Act (as in effect on September 1, 2021), 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) Bank Secrecy Act 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.