United States HR 5451: Protecting Financial Privacy Act of 2021

Status: Introduced in House (as of 2021-09-30)

State: United States · Session: 117 · Bill: HR 5451

Sponsors: Ashley Hinson, Andrew R. Garbarino, Ben Cline, Beth Van Duyne, Bill Huizenga, Bill Johnson, Blake D. Moore, Bob Gibbs, Bob Good, Brian K. Fitzpatrick, Burgess Owens, Byron Donalds, C. Scott Franklin, Carlos A. Gimenez, Cathy McMorris Rodgers, Charles J. "Chuck" Fleischmann, Chris Jacobs, Claudia Tenney, Cliff Bentz, Daniel Meuser, David B. McKinley, David G. Valadao, Debbie Lesko, Earl L. "Buddy" Carter, Elise M. Stefanik

Bill Text

I
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 in-
stitutions to report on the financial transactions of their
customers.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Protecting Financial 4
Privacy Act of 2021’’. 5
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SEC. 2. PROHIBITING FEDERAL AGENCIES FROM REQUIR-1
ING FINANCIAL INSTITUTIONS TO REPORT 2
ON FINANCIAL TRANSACTIONS OF CUS-3
TOMERS. 4
(a) IN GENERAL.—No Federal agency (including the 5
Department of the Treasury) shall be permitted to create, 6
implement, or administer any financial account informa-7
tion reporting program that would require financial insti-8
tutions or individuals to report data on financial accounts 9
in an information return listing balances, transactions, 10
transfers, or inflows or outflows of any kind. 11
(b) EXCEPTIONS.—Subsection (a) shall not apply 12
to— 13
(1) any law or regulation in effect on Sep-14
tember 1, 2021; or 15
(2) the Bank Secrecy Act, except that sub-16
section (a) shall apply to any regulations issued pur-17
suant to the Bank Secrecy Act after September 1, 18
2021. 19
(c) BANK SECRECY ACT DEFINED.—In this section, 20
the term ‘‘Bank Secrecy Act’’ means— 21
(1) section 21 of the Federal Deposit Insurance 22
Act (12 U.S.C. 1829b); 23
(2) chapter 2 of title I of Public Law 91–508 24
(12 U.S.C. 1951 et seq.); and 25
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(3) subchapter II of chapter 53 of title 31, 1
United States Code. 2
Æ
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