119-hr533

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 533 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 533

 To make reforms to the Bank Secrecy Act, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 January 16, 2025

 Mr. Rose (for himself and Mr. Ogles) 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 Representatives 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 follows:

``

SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT AUTHORITIES.

 ``Except as provided by subsection
            (c) or
            (d) of 

section 1103 or 

section 1113, no Government authority may have access to or obtain 
copies of, or the information contained in the financial records of any 
customer from a financial institution unless the financial records are 
reasonably described and such financial records are disclosed in 
response to a search warrant which meets the requirements 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 follows:
``

Sec. 5311. Declaration of purpose
 ``It is the purpose of this subchapter to require financial 
institutions to retain transaction records that include information 
identified with or identifiable as being derived from the financial 
records of particular customers.'';

    (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 financial 
 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 prescribed 
 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) --
            (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 foreign financial institution, or handle 
 other financial transactions related to such 
 institution''; and
            (ii) in paragraph

    (3)
        (A)
            (i) --
            (I) in subclause
            (II) , by adding 
 ``or'' at the end;
            (II) in subclause
            (III) , by 
 striking ``; 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 ``(except 
 sections 5314, 5315, and 5336 of this title or 
 a regulation prescribed under sections 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;
            (iv) in paragraph

    (7) , by striking ``or any 
 special measures imposed under 

section 5318A''; 
 and
            (v) by redesignating paragraphs

    (6) and

    (7) as paragraphs

    (2) and

    (3) , respectively;
        (B) by striking subsection
            (c) ; and
            (C) by redesignating subsections
            (d) through

    (g) as 
 subsection
            (c) through

    (f) , respectively;

    (6) in 

section 5322--
        (A) by striking ``(except 

section 5315, 5324, or 
 5336 of this title or a regulation prescribed under 
 

section 5315, 5324, or 5336)'' each place such term 
 appears; and
        (B) in subsection
            (d) --
            (i) by striking ``, or any special measures 
 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 annually adjusted by the 
 Secretary to reflect the percentage change in the Consumer 
 Price Index for All Urban Consumers published by the Bureau of 
 Labor Statistics of the Department of Labor)'';

    (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.
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