II
118THCONGRESS
2
DSESSION S. 5242
To amend the Right to Financial Privacy Act of 1978 to preserve the
confidentiality of certain records, and for other purposes.
IN THE SENATE OF THE UNITED STATES
SEPTEMBER25, 2024
Mr. L
EE(for himself and Mr. SCOTTof Florida) introduced the following bill;
which was read twice and referred to the Committee on Homeland Secu-
rity and Governmental Affairs
A BILL
To amend the Right to Financial Privacy Act of 1978 to
preserve the confidentiality of certain records, and for
other purposes.
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; TABLE OF CONTENTS. 3
(a) S
HORTTITLE.—This Act may be cited as the 4
‘‘Saving Privacy Act’’. 5
(b) T
ABLE OFCONTENTS.—The table of contents for 6
this Act is as follows: 7
Sec. 1. Short title; table of contents.
TITLE I—BANK PRIVACY REFORM
Sec. 101. Bank Secrecy Act reforms.
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TITLE II—AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY
ACT OF 1978
Sec. 201. Warrant requirements and exceptions.
TITLE III—CONSOLIDATED AUDIT TRAIL
Sec. 301. Requirements and prohibitions regarding the Consolidated Audit
Trail.
TITLE IV—NO CENTRAL BANK DIGITAL CURRENCY
Sec. 401. Central bank digital currency.
TITLE V—REGULATIONS FROM THE EXECUTIVE IN NEED OF
SCRUTINY
Sec. 501. Purpose.
Sec. 502. Congressional review of certain agency rulemaking.
Sec. 503. Budgetary effects of rules subject to section 802 of title 5, United
States Code.
Sec. 504. Government Accountability Office study of rules.
TITLE VI—SUSPICIOUS ACTIVITY
Sec. 601. Criminal penalties.
Sec. 602. Civil penalties.
Sec. 603. Other relief.
TITLE I—BANK PRIVACY 1
REFORM 2
SEC. 101. BANK SECRECY ACT REFORMS. 3
(a) R
IGHT TOFINANCIALPRIVACYACT OF1978.— 4
The Right to Financial Privacy Act of 1978 (12 U.S.C. 5
3401 et seq.) is amended— 6
(1) by amending section 1102 (12 U.S.C. 3402) 7
to read as follows: 8
‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-9
MENT AUTHORITIES. 10
‘‘Except as provided by subsection (c) or (d) of sec-11
tion 1103 or section 1113, no Government authority may 12
have access to or obtain copies of, or the information con-13
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tained in the financial records of any customer from a fi-1
nancial institution unless the financial records are reason-2
ably described and such financial records are disclosed in 3
response to a search warrant which meets the require-4
ments of section 1106.’’; 5
(2) by striking sections 1104 (12 U.S.C. 3404), 6
1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 7
1108 (12 U.S.C. 3408); and 8
(3) in section 1109(a) (12 U.S.C. 3409(a)), by 9
striking ‘‘section 1104(c), 1105(2), 1106(c), 10
1107(2), 1108(4),’’ and inserting ‘‘section 1106(c)’’. 11
(b) T
ITLE31.—Chapter 53 of title 31, United States 12
Code, is amended— 13
(1) by amending section 5311 to read as fol-14
lows: 15
‘‘§ 5311. Declaration of purpose 16
‘‘It is the purpose of this subchapter to require finan-17
cial institutions to retain transaction records that include 18
information identified with or identifiable as being derived 19
from the financial records of particular customers.’’; 20
(2) in section 5312(a)— 21
(A) in paragraph (3)— 22
(i) in subparagraph (B), by adding 23
‘‘and’’ at the end; 24
(ii) by striking subparagraph (C); 25
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(iii) by redesignating subparagraph 1
(D) as subparagraph (C); and 2
(iv) in subparagraph (C), as so redes-3
ignated, by striking ‘‘subparagraph (A), 4
(B), or (C)’’ and inserting ‘‘subparagraph 5
(A) or (B)’’; and 6
(B) by amending paragraph (4) to read as 7
follows: 8
‘‘(4) ‘nonfinancial trade or business’ means any 9
entity engaged in trade or business other than a fi-10
nancial institution.’’; 11
(3) by striking sections 5313, 5314, 5315, 12
5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 13
5336; 14
(4) in section 5318— 15
(A) in subsection (a)— 16
(i) in the matter preceding paragraph 17
(1), by striking ‘‘(except under section 18
5315 of this title and regulations pre-19
scribed under section 5315)’’; 20
(ii) by striking paragraph (2); and 21
(iii) by redesignating paragraphs (3) 22
through (7) as paragraphs (2) through (6), 23
respectively; and 24
(B) in subsection (k)— 25
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(i) in paragraph (1)(C), by striking 1
‘‘has the same meaning as in section 2
5318A(e)(1)(B)’’ and inserting ‘‘means an 3
account established to receive deposits 4
from, make payments on behalf of a for-5
eign financial institution, or handle other 6
financial transactions related to such insti-7
tution’’; and 8
(ii) in paragraph (3)(A)(i)— 9
(I) in subclause (II), by adding 10
‘‘or’’ at the end; 11
(II) in subclause (III), by strik-12
ing ‘‘; or’’ and inserting a period; and 13
(III) by striking subclause (IV); 14
(5) in section 5321— 15
(A) in subsection (a)— 16
(i) in paragraph (1), by striking ‘‘(ex-17
cept sections 5314, 5315, and 5336 of this 18
title or a regulation prescribed under sec-19
tions 5314, 5315, and 5336)’’; 20
(ii) by striking paragraphs (2), (3), 21
(4), and (5); 22
(iii) in paragraph (6), by striking 23
‘‘(except section 5336)’’ each place that 24
term appears; 25
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(iv) in paragraph (7), by striking ‘‘or 1
any special measures imposed under sec-2
tion 5318A’’; and 3
(v) by redesignating paragraphs (6) 4
and (7) as paragraphs (2) and (3), respec-5
tively; 6
(B) by striking subsection (c); and 7
(C) by redesignating subsections (d) 8
through (g) as subsection (c) through (f), re-9
spectively; 10
(6) in section 5322— 11
(A) by striking ‘‘(except section 5315, 12
5324, or 5336 of this title or a regulation pre-13
scribed under section 5315, 5324, or 5336)’’ 14
each place that term appears; and 15
(B) in subsection (d)— 16
(i) by striking ‘‘, or any special meas-17
ures imposed under section 5318A,’’; and 18
(ii) by striking ‘‘or section 5318A’’; 19
(7) in section 5325(a), in the matter preceding 20
paragraph (1), by inserting after ‘‘$3,000’’ the fol-21
lowing: ‘‘(as such amount is annually adjusted by 22
the Secretary to reflect the percentage change in the 23
Consumer Price Index for All Urban Consumers 24
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published by the Bureau of Labor Statistics of the 1
Department of Labor)’’; 2
(8) in section 5330(d)(1)— 3
(A) in subparagraph (A), by adding ‘‘and’’ 4
at the end; 5
(B) by striking subparagraph (B); and 6
(C) by redesignating subparagraph (C) as 7
subparagraph (B); 8
(9) in section 5335— 9
(A) by striking subsection (c); and 10
(B) by redesignating subsections (d) and 11
(e) as subsections (c) and (d), respectively; 12
(10) by striking subchapter III; and 13
(11) in the table of contents for chapter 53, by 14
striking the items relating to— 15
(A) sections 5313, 5314, 5315, 5316, 16
5317, 5318A, 5324, 5326, 5331, 5332, and 17
5336; and 18
(B) subchapter III. 19
TITLE II—AMENDMENTS TO THE 20
RIGHT TO FINANCIAL PRI-21
VACY ACT OF 1978 22
SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS. 23
The Right to Financial Privacy Act of 1978 (12 24
U.S.C. 3401 et seq.) is amended— 25
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(1) in section 1108 (12 U.S.C. 3408)— 1
(A) by striking paragraph (2); and 2
(B) by redesignating paragraphs (3) and 3
(4) as paragraphs (2) and (3), respectively; and 4
(2) in section 1113 (12 U.S.C. 3413)— 5
(A) by repealing subsections (a), (b), (d), 6
(e), (f), (g), (i), (l), (m), (n), (p), (q), and (r); 7
and 8
(B) by adding at the end the following: 9
‘‘(s) A
CCESS OFRECORDS.—Notwithstanding any 10
other provision of this title, the Federal Government may 11
not access the financial records or information of an indi-12
vidual in a manner that is prohibited by the Fourth 13
Amendment to the Constitution of the United States with 14
respect to the records or information in question.’’. 15
TITLE III—CONSOLIDATED 16
AUDIT TRAIL 17
SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING 18
THE CONSOLIDATED AUDIT TRAIL. 19
(a) D
EFINITIONS.—In this section: 20
(1) C
OMMISSION.—The term ‘‘Commission’’ 21
means the Securities and Exchange Commission. 22
(2) C
ONSOLIDATED AUDIT TRAIL .—The term 23
‘‘Consolidated Audit Trail’’ means the consolidated 24
audit trail and central repository created, imple-25
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mented, and maintained pursuant to section 242.613 1
of title 17, Code of Federal Regulations, as in effect 2
on the day before the date of enactment of this Act. 3
(3) P
ERSONALLY IDENTIFIABLE INFORMA -4
TION.—The term ‘‘personally identifiable informa-5
tion’’— 6
(A) means information that can be used to 7
distinguish or trace the identity of an indi-8
vidual, either alone or when combined with 9
other personal or identifying information that is 10
linked or linkable to a specific individual, in-11
cluding the name, address, date or year of 12
birth, Social Security number, telephone num-13
ber, email, or IP-address of an individual; and 14
(B) does not include a CAT–Order–ID or 15
CAT–Reporter–ID, as those terms are defined 16
in section 242.613(j) of title 17, Code of Fed-17
eral Regulations (or any successor regulation). 18
(4) S
ELF-REGULATORY ORGANIZATION .—The 19
term ‘‘self-regulatory organization’’ has the meaning 20
given the term in section 3(a) of the Securities Ex-21
change Act of 1934 (15 U.S.C. 78c(a)). 22
(b) R
EQUIREMENT.—The Commission shall— 23
(1) not later than 30 days after the date of en-24
actment of this Act, and notwithstanding any other 25
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provision of law or regulation, terminate the Consoli-1
dated Audit Trail; and 2
(2) not later that 120 days after the date of en-3
actment of this Act, amend any regulation, no action 4
letter, interpretive letter, exemptive letter, legal bul-5
letin, or other guidance of the Commission to con-6
form to the requirements of this section. 7
(c) P
ROHIBITIONS.—On and after the date that the 8
Commission carries out the termination required under 9
subsection (b)(1)— 10
(1) neither the Commission nor any self-regu-11
latory organization may administer the Consolidated 12
Audit Trail; and 13
(2) no Federal agency may establish any con-14
solidated audit trail, central repository, or other cen-15
tralized database that collects personally identifiable 16
information of citizens of the United States, unless 17
a duly enacted law of the United States specifically 18
provides the Federal agency with the authority to 19
take that action. 20
(d) R
EIMBURSEMENT OF FEES.—Not later than 1 21
year after the date of enactment of this Act, Consolidated 22
Audit Trail, LLC and FINRA CAT, LLC shall reimburse 23
all fees collected by those entities before that date to carry 24
out the Consolidated Audit Trail. 25
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TITLE IV—NO CENTRAL BANK 1
DIGITAL CURRENCY 2
SEC. 401. CENTRAL BANK DIGITAL CURRENCY. 3
Section 13 of the Federal Reserve Act is amended 4
by adding after the 14th undesignated paragraph (12 5
U.S.C. 347d) the following: 6
‘‘No Federal reserve bank, the Board, the Sec-7
retary of the Treasury, any other agency, or any en-8
tity directed to act on behalf of the Federal reserve 9
bank, the Board, the Secretary, or other agency, 10
may mint or issue a central bank digital currency di-11
rectly to an individual (including a central bank dig-12
ital currency issued to an individual through a custo-13
dial intermediary) or a digital currency inter-14
mediary, offer related products or services directly to 15
an individual, or maintain an account on behalf of 16
an individual (including an account in a specially 17
designated account at a digital currency inter-18
mediary or supervised commercial bank). No Federal 19
reserve bank may hold digital currencies minted or 20
issued by the United States Government as assets or 21
liabilities on a balance sheet of the bank or use such 22
digital currencies as part of fulfilling the require-23
ments under section 2A.’’. 24
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TITLE V—REGULATIONS FROM 1
THE EXECUTIVE IN NEED OF 2
SCRUTINY 3
SEC. 501. PURPOSE. 4
The purpose of this title is to increase accountability 5
for and transparency in the Federal regulatory process. 6
Section 1 of article I of the United States Constitution 7
grants all legislative powers to Congress. Over time, Con-8
gress has excessively delegated its constitutional charge 9
while failing to conduct appropriate oversight and retain 10
accountability for the content of the laws it passes. By 11
requiring a vote in Congress, the REINS Act will result 12
in more carefully drafted and detailed legislation, an im-13
proved regulatory process, and a legislative branch that 14
is truly accountable to the American people for the laws 15
imposed upon them. 16
SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY 17
RULEMAKING. 18
(a) I
NGENERAL.—Chapter 8 of title 5, United 19
States Code, is amended to read as follows: 20
‘‘CHAPTER 8—CONGRESSIONAL REVIEW 21
OF CERTAIN AGENCY RULEMAKING 22
‘‘Sec.
‘‘801. Congressional review.
‘‘802. Congressional approval procedure for major rules.
‘‘803. Congressional disapproval procedure for nonmajor rules.
‘‘804. Definitions.
‘‘805. Judicial review.
‘‘806. Exemption for monetary policy.
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‘‘807. Effective date of certain rules.
‘‘808. Review of rules currently in effect.
‘‘§ 801. Congressional review 1
‘‘(a)(1)(A) Before a rule may take effect, the Federal 2
agency promulgating such rule shall publish in the Federal 3
Register a list of information on which the rule is based, 4
including data, scientific and economic studies, and cost- 5
benefit analyses, and identify how the public can access 6
such information online, and shall submit to each House 7
of the Congress and to the Comptroller General a report 8
containing— 9
‘‘(i) a copy of the rule; 10
‘‘(ii) a concise general statement relating to the 11
rule; 12
‘‘(iii) a finding, rendered in consultation with 13
the Administrator of the Office of Information and 14
Regulatory Affairs of the Office of Management and 15
Budget, whether the rule is a major or nonmajor 16
rule, including an explanation of the finding specifi-17
cally addressing each criteria for a major rule con-18
tained within subparagraphs (A) through (C) of sec-19
tion 804(2); 20
‘‘(iv) a list of any other related regulatory ac-21
tions intended to implement the same statutory pro-22
vision or regulatory objective as well as the indi-23
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vidual and aggregate economic effects of those ac-1
tions; 2
‘‘(v) the proposed effective date of the rule; and 3
‘‘(vi) a statement of the constitutional authority 4
authorizing the agency to make the rule. 5
‘‘(B) On the date of the submission of the report 6
under subparagraph (A), the Federal agency promulgating 7
the rule shall submit to the Comptroller General and make 8
available to each House of Congress (and to each com-9
mittee of jurisdiction in each House)— 10
‘‘(i) a complete copy of the cost-benefit analysis 11
of the rule, if any, including an analysis of any jobs 12
added or lost, differentiating between public and pri-13
vate sector jobs; 14
‘‘(ii) the agency’s actions pursuant to sections 15
603, 604, 605, 607, and 609 of this title; 16
‘‘(iii) the agency’s actions pursuant to sections 17
202, 203, 204, and 205 of the Unfunded Mandates 18
Reform Act of 1995; 19
‘‘(iv) an estimate of the effect on inflation of 20
the rule; and 21
‘‘(v) any other relevant information or require-22
ments under any other Act and any relevant Execu-23
tive orders. 24
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‘‘(C) Upon receipt of a report submitted under sub-1
paragraph (A), each House shall provide copies of the re-2
port to the chairman and ranking member of each stand-3
ing committee with jurisdiction under the rules of the 4
House of Representatives or the Senate to report a bill 5
to amend the provision of law under which the rule is 6
issued. 7
‘‘(D) If requested in writing by a member of Con-8
gress— 9
‘‘(i) the Comptroller General shall make a de-10
termination whether an agency action qualifies as a 11
rule for purposes of this chapter, and shall submit 12
to Congress this determination not later than 60 13
days after the date of the request; and 14
‘‘(ii) the Comptroller General, in consultation 15
with the Director of the Congressional Budget Of-16
fice, shall make a determination whether a rule is 17
considered a major rule under the provisions of this 18
act, and shall submit to Congress this determination 19
not later than 90 days after the date of the request. 20
For purposes of this section, a determination under this 21
subparagraph shall be deemed to be a report under sub-22
paragraph (A). 23
‘‘(2)(A) The Comptroller General shall provide a re-24
port on each major rule to the committees of jurisdiction 25
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by the end of 15 calendar days after the submission or 1
publication date. The report of the Comptroller General 2
shall include an assessment of the agency’s compliance 3
with procedural steps required by paragraph (1)(B) and 4
an assessment of whether the major rule imposes any new 5
limits or mandates on private-sector activity. 6
‘‘(B) Federal agencies shall cooperate with the Comp-7
troller General by providing information relevant to the 8
Comptroller General’s report under subparagraph (A). 9
‘‘(3) A major rule relating to a report submitted 10
under paragraph (1) shall take effect upon enactment of 11
a joint resolution of approval described in section 802 or 12
as provided for in the rule following enactment of a joint 13
resolution of approval described in section 802, whichever 14
is later. 15
‘‘(4) A nonmajor rule shall take effect as provided 16
by section 803 after submission to Congress under para-17
graph (1). 18
‘‘(5) If a joint resolution of approval relating to a 19
major rule is not enacted within the period provided in 20
subsection (b)(2), then a joint resolution of approval relat-21
ing to the same rule may not be considered under this 22
chapter in the same Congress by either the House of Rep-23
resentatives or the Senate. 24
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‘‘(b)(1) A major rule shall not take effect unless the 1
Congress enacts a joint resolution of approval described 2
under section 802. 3
‘‘(2) If a joint resolution described in subsection (a) 4
is not enacted into law by the end of 70 session days or 5
legislative days, as applicable, beginning on the date on 6
which the report referred to in subsection (a)(1)(A) is re-7
ceived by Congress (excluding days either House of Con-8
gress is adjourned for more than 3 days during a session 9
of Congress), then the rule described in that resolution 10
shall be deemed not to be approved and such rule shall 11
not take effect. 12
‘‘(c)(1) Notwithstanding any other provision of this 13
section (except subject to paragraph (3)), a major rule 14
may take effect for one 90-calendar-day period if the 15
President makes a determination under paragraph (2) and 16
submits written notice of such determination to the Con-17
gress. 18
‘‘(2) Paragraph (1) applies to a determination made 19
by the President by Executive order that the major rule 20
should take effect because such rule is— 21
‘‘(A) necessary because of an imminent threat 22
to health or safety or other emergency; 23
‘‘(B) necessary for the enforcement of criminal 24
laws; 25
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‘‘(C) necessary for national security; or 1
‘‘(D) issued pursuant to any statute imple-2
menting an international trade agreement. 3
‘‘(3) An exercise by the President of the authority 4
under this subsection shall have no effect on the proce-5
dures under section 802. 6
‘‘(d)(1) In addition to the opportunity for review oth-7
erwise provided under this chapter, in the case of any rule 8
for which a report was submitted in accordance with sub-9
section (a)(1)(A) during the period beginning on the date 10
occurring— 11
‘‘(A) in the case of the Senate, 60 session days; 12
or 13
‘‘(B) in the case of the House of Representa-14
tives, 60 legislative days, 15
before the date the Congress is scheduled to adjourn a 16
session of Congress through the date on which the same 17
or succeeding Congress first convenes its next session, sec-18
tions 802 and 803 shall apply to such rule in the suc-19
ceeding session of Congress. 20
‘‘(2)(A) In applying sections 802 and 803 for pur-21
poses of such additional review, a rule described under 22
paragraph (1) shall be treated as though— 23
‘‘(i) such rule were published in the Federal 24
Register on— 25
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‘‘(I) in the case of the Senate, the 15th 1
session day; or 2
‘‘(II) in the case of the House of Rep-3
resentatives, the 15th legislative day, 4
after the succeeding session of Congress first con-5
venes; and 6
‘‘(ii) a report on such rule were submitted to 7
Congress under subsection (a)(1) on such date. 8
‘‘(B) Nothing in this paragraph shall be construed 9
to affect the requirement under subsection (a)(1) that a 10
report shall be submitted to Congress before a rule can 11
take effect. 12
‘‘(3) A rule described under paragraph (1) shall take 13
effect as otherwise provided by law (including other sub-14
sections of this section). 15
‘‘§ 802. Congressional approval procedure for major 16
rules 17
‘‘(a)(1) For purposes of this section, the term ‘joint 18
resolution’ means only a joint resolution addressing a re-19
port classifying a rule as major pursuant to section 20
801(a)(1)(A)(iii) that— 21
‘‘(A) bears no preamble; 22
‘‘(B) bears the following title (with blanks filled 23
as appropriate): ‘Approving the rule submitted by 24
lll relating to lll.’; 25
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‘‘(C) includes after its resolving clause only the 1
following (with blanks filled as appropriate): ‘That 2
Congress approves the rule submitted by lll re-3
lating to lll.’; and 4
‘‘(D) is introduced pursuant to paragraph (2). 5
‘‘(2) After a House of Congress receives a report 6
classifying a rule as major pursuant to section 7
801(a)(1)(A)(iii), the majority leader of that House (or 8
his or her respective designee) shall introduce (by request, 9
if appropriate) a joint resolution described in paragraph 10
(1)— 11
‘‘(A) in the case of the House of Representa-12
tives, within 3 legislative days; and 13
‘‘(B) in the case of the Senate, within 3 session 14
days. 15
‘‘(3) A joint resolution described in paragraph (1) 16
shall not be subject to amendment at any stage of pro-17
ceeding. 18
‘‘(b) A joint resolution described in subsection (a) 19
shall be referred in each House of Congress to the commit-20
tees having jurisdiction over the provision of law under 21
which the rule is issued. 22
‘‘(c) In the Senate, if the committee or committees 23
to which a joint resolution described in subsection (a) has 24
been referred have not reported it at the end of 15 session 25
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days after its introduction, such committee or committees 1
shall be automatically discharged from further consider-2
ation of the resolution and it shall be placed on the cal-3
endar. A vote on final passage of the resolution shall be 4
taken on or before the close of the 15th session day after 5
the resolution is reported by the committee or committees 6
to which it was referred, or after such committee or com-7
mittees have been discharged from further consideration 8
of the resolution. 9
‘‘(d)(1) In the Senate, when the committee or com-10
mittees to which a joint resolution is referred have re-11
ported, or when a committee or committees are discharged 12
(under subsection (c)) from further consideration of a 13
joint resolution described in subsection (a), it is at any 14
time thereafter in order (even though a previous motion 15
to the same effect has been disagreed to) for a motion 16
to proceed to the consideration of the joint resolution, and 17
all points of order against the joint resolution (and against 18
consideration of the joint resolution) are waived. The mo-19
tion is not subject to amendment, or to a motion to post-20
pone, or to a motion to proceed to the consideration of 21
other business. A motion to reconsider the vote by which 22
the motion is agreed to or disagreed to shall not be in 23
order. If a motion to proceed to the consideration of the 24
joint resolution is agreed to, the joint resolution shall re-25
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main the unfinished business of the Senate until disposed 1
of. 2
‘‘(2) In the Senate, debate on the joint resolution, 3
and on all debatable motions and appeals in connection 4
therewith, shall be limited to not more than 2 hours, which 5
shall be divided equally between those favoring and those 6
opposing the joint resolution. A motion to further limit 7
debate is in order and not debatable. An amendment to, 8
or a motion to postpone, or a motion to proceed to the 9
consideration of other business, or a motion to recommit 10
the joint resolution is not in order. 11
‘‘(3) In the Senate, immediately following the conclu-12
sion of the debate on a joint resolution described in sub-13
section (a), and a single quorum call at the conclusion of 14
the debate if requested in accordance with the rules of the 15
Senate, the vote on final passage of the joint resolution 16
shall occur. 17
‘‘(4) Appeals from the decisions of the Chair relating 18
to the application of the rules of the Senate to the proce-19
dure relating to a joint resolution described in subsection 20
(a) shall be decided without debate. 21
‘‘(e) In the House of Representatives, if any com-22
mittee to which a joint resolution described in subsection 23
(a) has been referred has not reported it to the House 24
at the end of 15 legislative days after its introduction, 25
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such committee shall be discharged from further consider-1
ation of the joint resolution, and it shall be placed on the 2
appropriate calendar. On the second and fourth Thursdays 3
of each month it shall be in order at any time for the 4
Speaker to recognize a Member who favors passage of a 5
joint resolution that has appeared on the calendar for at 6
least 5 legislative days to call up that joint resolution for 7
immediate consideration in the House without intervention 8
of any point of order. When so called up a joint resolution 9
shall be considered as read and shall be debatable for 1 10
hour equally divided and controlled by the proponent and 11
an opponent, and the previous question shall be considered 12
as ordered to its passage without intervening motion. It 13
shall not be in order to reconsider the vote on passage. 14
If a vote on final passage of the joint resolution has not 15
been taken by the third Thursday on which the Speaker 16
may recognize a Member under this subsection, such vote 17
shall be taken on that day. 18
‘‘(f)(1) If, before passing a joint resolution described 19
in subsection (a), one House receives from the other a 20
joint resolution having the same text, then— 21
‘‘(A) the joint resolution of the other House 22
shall not be referred to a committee; and 23
‘‘(B) the procedure in the receiving House shall 24
be the same as if no joint resolution had been re-25
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ceived from the other House until the vote on pas-1
sage, when the joint resolution received from the 2
other House shall supplant the joint resolution of 3
the receiving House. 4
‘‘(2) This subsection shall not apply to the House of 5
Representatives if the joint resolution received from the 6
Senate is a revenue measure. 7
‘‘(g) If either House has not taken a vote on final 8
passage of the joint resolution by the last day of the period 9
described in section 801(b)(2), then such vote shall be 10
taken on that day. 11
‘‘(h) This section and section 803 are enacted by 12
Congress— 13
‘‘(1) as an exercise of the rulemaking power of 14
the Senate and House of Representatives, respec-15
tively, and as such are deemed to be part of the 16
rules of each House, respectively, but applicable only 17
with respect to the procedure to be followed in that 18
House in the case of a joint resolution described in 19
subsection (a) and superseding other rules only 20
where explicitly so; and 21
‘‘(2) with full recognition of the constitutional 22
right of either House to change the rules (so far as 23
they relate to the procedure of that House) at any 24
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time, in the same manner and to the same extent as 1
in the case of any other rule of that House. 2
‘‘§ 803. Congressional disapproval procedure for 3
nonmajor rules 4
‘‘(a) For purposes of this section, the term ‘joint res-5
olution’ means only a joint resolution introduced in the 6
period beginning on the date on which the report referred 7
to in section 801(a)(1)(A) is received by Congress and 8
ending 60 days thereafter (excluding days either House 9
of Congress is adjourned for more than 3 days during a 10
session of Congress), the matter after the resolving clause 11
of which is as follows: ‘That Congress disapproves the 12
nonmajor rule submitted by the lll relating to 13
lll, and such rule shall have no force or effect.’ (The 14
blank spaces being appropriately filled in). 15
‘‘(b) A joint resolution described in subsection (a) 16
shall be referred to the committees in each House of Con-17
gress with jurisdiction. 18
‘‘(c) In the Senate, if the committee to which is re-19
ferred a joint resolution described in subsection (a) has 20
not reported such joint resolution (or an identical joint 21
resolution) at the end of 15 session days after the date 22
of introduction of the joint resolution, such committee may 23
be discharged from further consideration of such joint res-24
olution upon a petition supported in writing by 30 Mem-25
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bers of the Senate, and such joint resolution shall be 1
placed on the calendar. 2
‘‘(d)(1) In the Senate, when the committee to which 3
a joint resolution is referred has reported, or when a com-4
mittee is discharged (under subsection (c)) from further 5
consideration of a joint resolution described in subsection 6
(a), it is at any time thereafter in order (even though a 7
previous motion to the same effect has been disagreed to) 8
for a motion to proceed to the consideration of the joint 9
resolution, and all points of order against the joint resolu-10
tion (and against consideration of the joint resolution) are 11
waived. The motion is not subject to amendment, or to 12
a motion to postpone, or to a motion to proceed to the 13
consideration of other business. A motion to reconsider the 14
vote by which the motion is agreed to or disagreed to shall 15
not be in order. If a motion to proceed to the consideration 16
of the joint resolution is agreed to, the joint resolution 17
shall remain the unfinished business of the Senate until 18
disposed of. 19
‘‘(2) In the Senate, debate on the joint resolution, 20
and on all debatable motions and appeals in connection 21
therewith, shall be limited to not more than 10 hours, 22
which shall be divided equally between those favoring and 23
those opposing the joint resolution. A motion to further 24
limit debate is in order and not debatable. An amendment 25
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to, or a motion to postpone, or a motion to proceed to 1
the consideration of other business, or a motion to recom-2
mit the joint resolution is not in order. 3
‘‘(3) In the Senate, immediately following the conclu-4
sion of the debate on a joint resolution described in sub-5
section (a), and a single quorum call at the conclusion of 6
the debate if requested in accordance with the rules of the 7
Senate, the vote on final passage of the joint resolution 8
shall occur. 9
‘‘(4) Appeals from the decisions of the Chair relating 10
to the application of the rules of the Senate to the proce-11
dure relating to a joint resolution described in subsection 12
(a) shall be decided without debate. 13
‘‘(e) In the Senate, the procedure specified in sub-14
section (c) or (d) shall not apply to the consideration of 15
a joint resolution respecting a nonmajor rule— 16
‘‘(1) after the expiration of the 60 session days 17
beginning with the applicable submission or publica-18
tion date; or 19
‘‘(2) if the report under section 801(a)(1)(A) 20
was submitted during the period referred to in sec-21
tion 801(d)(1), after the expiration of the 60 session 22
days beginning on the 15th session day after the 23
succeeding session of Congress first convenes. 24
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‘‘(f) If, before the passage by one House of a joint 1
resolution of that House described in subsection (a), that 2
House receives from the other House a joint resolution 3
described in subsection (a), then the following procedures 4
shall apply: 5
‘‘(1) The joint resolution of the other House 6
shall not be referred to a committee. 7
‘‘(2) With respect to a joint resolution described 8
in subsection (a) of the House receiving the joint 9
resolution— 10
‘‘(A) the procedure in that House shall be 11
the same as if no joint resolution had been re-12
ceived from the other House; but 13
‘‘(B) the vote on final passage shall be on 14
the joint resolution of the other House. 15
‘‘§ 804. Definitions 16
‘‘For purposes of this chapter: 17
‘‘(1) The term ‘Federal agency’ means— 18
‘‘(A) the Board of Governors of the Fed-19
eral Reserve System; 20
‘‘(B) the Securities and Exchange Commis-21
sion; 22
‘‘(C) the Commodity Futures Trading 23
Commission; 24
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‘‘(D) the Federal Deposit Insurance Cor-1
poration; 2
‘‘(E) the Bureau of Consumer Financial 3
Protection; 4
‘‘(F) the Department of the Treasury, in-5
cluding the Office of the Comptroller of the 6
Currency and the Financial Crimes Enforce-7
ment Network; or 8
‘‘(G) the National Credit Union Adminis-9
tration. 10
‘‘(2) The term ‘major rule’ means any rule, in-11
cluding an interim final rule, that the Administrator 12
of the Office of Information and Regulatory Affairs 13
of the Office of Management and Budget or the 14
Federal agency promulgating such rule finds has re-15
sulted in or is likely to result in— 16
‘‘(A) an annual effect on the economy of 17
$100 million or more; 18
‘‘(B) a major increase in costs or prices for 19
consumers, individual industries, Federal, 20
State, or local government agencies, or geo-21
graphic regions; 22
‘‘(C) significant adverse effects on competi-23
tion, employment, investment, productivity, in-24
novation, or the ability of United States-based 25
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enterprises to compete with foreign-based enter-1
prises in domestic and export markets; or 2
‘‘(D) in an increase in mandatory vaccina-3
tions. 4
‘‘(3) The term ‘nonmajor rule’ means any rule 5
that is not a major rule. 6
‘‘(4) The term ‘rule’ has the meaning given the 7
term in section 551, except that the term— 8
‘‘(A) includes interpretative rules, general 9
statements of policy, and all other agency guid-10
ance documents; and 11
‘‘(B) does not include— 12
‘‘(i) any rule of particular applica-13
bility, including a rule that approves or 14
prescribes for the future rates, wages, 15
prices, services, or allowances therefore, 16
corporate or financial structures, reorga-17
nizations, mergers, or acquisitions thereof, 18
or accounting practices or disclosures bear-19
ing on any of the foregoing; 20
‘‘(ii) any rule relating to agency man-21
agement or personnel; or 22
‘‘(iii) any rule of agency organization, 23
procedure, or practice that does not sub-24
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stantially affect the rights or obligations of 1
non-agency parties. 2
‘‘(5) The term ‘submission or publication date’, 3
except as otherwise provided in this chapter, 4
means— 5
‘‘(A) in the case of a major rule, the date 6
on which the Congress receives the report sub-7
mitted under section 801(a)(1); and 8
‘‘(B) in the case of a nonmajor rule, the 9
later of— 10
‘‘(i) the date on which the Congress 11
receives the report submitted under section 12
801(a)(1); and 13
‘‘(ii) the date on which the nonmajor 14
rule is published in the Federal Register, if 15
so published. 16
‘‘§ 805. Judicial review 17
‘‘(a) I
NGENERAL.—No determination, finding, ac-18
tion, or omission under this chapter shall be subject to 19
judicial review. 20
‘‘(b) E
XCEPTION.—Notwithstanding subsection (a), a 21
court may determine whether a Federal agency has com-22
pleted the necessary requirements under this chapter for 23
a rule to take effect. 24
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‘‘(c) RULE OFCONSTRUCTION.—The enactment of a 1
joint resolution of approval under section 802 shall not 2
be interpreted to serve as a grant or modification of statu-3
tory authority by Congress for the promulgation of a rule, 4
shall not extinguish or affect any claim, whether sub-5
stantive or procedural, against any alleged defect in a rule, 6
and shall not form part of the record before the court in 7
any judicial proceeding concerning a rule except for pur-8
poses of determining whether or not the rule is in effect. 9
‘‘§ 806. Exemption for monetary policy 10
‘‘Nothing in this chapter shall apply to rules that con-11
cern monetary policy proposed or implemented by the 12
Board of Governors of the Federal Reserve System or the 13
Federal Open Market Committee. 14
‘‘§ 807. Effective date of certain rules 15
‘‘Notwithstanding section 801— 16
‘‘(1) any rule that establishes, modifies, opens, 17
closes, or conducts a regulatory program for a com-18
mercial, recreational, or subsistence activity related 19
to hunting, fishing, or camping; or 20
‘‘(2) any rule other than a major rule which an 21
agency for good cause finds (and incorporates the 22
finding and a brief statement of reasons therefore in 23
the rule issued) that notice and public procedure 24
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thereon are impracticable, unnecessary, or contrary 1
to the public interest, 2
shall take effect at such time as the Federal agency pro-3
mulgating the rule determines. 4
‘‘§ 808. Review of rules currently in effect 5
‘‘(a) A
NNUALREVIEW.—Beginning on the date that 6
is 180 days after the date of enactment of this section, 7
and annually thereafter for the 4 years following, each 8
agency shall designate not less than 20 percent of eligible 9
rules made by that agency for review and shall submit a 10
report including each such eligible rule in the same man-11
ner as a report under section 801(a)(1). Sections 801, 12
802, and 803 shall apply to each such rule, subject to sub-13
section (c) of this section. No eligible rule previously des-14
ignated may be designated again. 15
‘‘(b) S
UNSET FOR ELIGIBLERULESNOTEX-16
TENDED.—Beginning after the date that is 5 years after 17
the date of enactment of this section, if Congress has not 18
enacted a joint resolution of approval for that eligible rule, 19
that eligible rule shall not continue in effect. 20
‘‘(c) A
PPROVAL OFRULES.— 21
‘‘(1) I
N GENERAL.—Unless Congress approves 22
all eligible rules designated by executive agencies for 23
review within 90 days of designation, they shall have 24
no effect. 25
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‘‘(2) FORMATTING.—A single joint resolution of 1
approval shall apply to all eligible rules in a report 2
designated for a year as follows: ‘That Congress ap-3
proves the rules submitted by thelll for the 4
year lll.’ (The blank spaces being appropriately 5
filled in). 6
‘‘(3) P
ROCEDURE.—A member of either House 7
may move that a separate joint resolution be re-8
quired for a specified rule. 9
‘‘(d) D
EFINITION.—In this section, the term ‘eligible 10
rule’ means a rule that is in effect as of the date of enact-11
ment of this section.’’. 12
(b) T
ECHNICAL AND CONFORMINGAMENDMENT.— 13
The chapter heading for chapter 8 of title 5, United States 14
Code, is amended by inserting ‘‘CERTAIN’’ after 15
‘‘OF’’. 16
SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO 17
SECTION 802 OF TITLE 5, UNITED STATES 18
CODE. 19
Section 257(b)(2) of the Balanced Budget and Emer-20
gency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) 21
is amended by adding at the end the following new sub-22
paragraph: 23
‘‘(E) B
UDGETARY EFFECTS OF RULES 24
SUBJECT TO SECTION 802 OF TITLE 5 , UNITED 25
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STATES CODE.—Any rule subject to the con-1
gressional approval procedure set forth in sec-2
tion 802 of chapter 8 of title 5, United States 3
Code, affecting budget authority, outlays, or re-4
ceipts shall be assumed to be effective unless it 5
is not approved in accordance with such sec-6
tion.’’. 7
SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 8
OF RULES. 9
(a) I
NGENERAL.—The Comptroller General of the 10
United States shall conduct a study to determine, as of 11
the date of the enactment of this Act— 12
(1) how many rules (as that term is defined in 13
section 804 of title 5, United States Code, as added 14
by this title) were in effect; 15
(2) how many major rules (as that term is de-16
fined in section 804 of title 5, United States Code, 17
as added by this title) were in effect; and 18
(3) the total estimated economic cost imposed 19
by all such rules. 20
(b) R
EPORT.—Not later than 1 year after the date 21
of enactment of this Act, the Comptroller General of the 22
United States shall submit to Congress, and publish on 23
the website of the Government Accountability Office, a re-24
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port that contains the findings of the study conducted 1
under subsection (a). 2
TITLE VI—SUSPICIOUS ACTIVITY 3
SEC. 601. CRIMINAL PENALTIES. 4
The Right to Financial Privacy Act of 1978 (12 5
U.S.C. 3401 et seq.) is amended by inserting after section 6
1116 (12 U.S.C. 3416) the following: 7
‘‘
CRIMINAL PENALTIES 8
‘‘S
EC. 1116A. (a) Except as provided in subsection 9
(b), any agency or department of the United States or fi-10
nancial institution knowingly obtaining or knowingly dis-11
closing financial records or information contained therein 12
in violation of this title shall be fined in any amount not 13
exceeding $5,000, or imprisoned not more than 5 years, 14
or both, together with the costs of prosecution, and if such 15
offense is committed by any officer or employee of the 16
United States, the officer or employee shall, in addition 17
to any other punishment, be dismissed from office or dis-18
charged from employment upon conviction for such of-19
fense. 20
‘‘(b) Any financial institution or agent or employee 21
thereof making a disclosure of financial records pursuant 22
to this title in good-faith reliance upon a certificate by any 23
Government authority or pursuant to the provisions of sec-24
tion 1113(l) shall not be subject to prosecution under sub-25
section (a).’’. 26
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SEC. 602. CIVIL PENALTIES. 1
Section 1117(a) of the Right to Financial Privacy Act 2
of 1978 (12 U.S.C. 3417(a)) is amended by striking para-3
graphs (1) through (4) and inserting the following: 4
‘‘(1) not less than $1,000 per violation per day; 5
‘‘(2) reasonable attorney’s fees and litigation 6
costs; and 7
‘‘(3) compensatory damages.’’. 8
SEC. 603. OTHER RELIEF. 9
The Right to Financial Privacy Act of 1978 (12 10
U.S.C. 3401 et seq.) is amended by inserting after section 11
1118 (12 U.S.C. 3418) the following: 12
‘‘
OTHER RELIEF 13
‘‘S
EC. 1118A. In addition to any other remedy con-14
tained in this title, a writ of mandamus and all other ap-15
propriate relief, including any equitable or declaratory re-16
lief, shall be available to require that the procedures of 17
this title are complied with.’’. 18
Æ
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