I
119THCONGRESS
1
STSESSION H. R. 1602
To require the Secretary of the Treasury to provide for greater transparency
and protections with regard to Bank Secrecy Act reports, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY26, 2025
Mr. D
AVIDSON(for himself and Mr. HIMES) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
To require the Secretary of the Treasury to provide for
greater transparency and protections with regard to
Bank Secrecy Act reports, 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. 3
This Act may be cited as the ‘‘Financial Privacy Act 4
of 2025’’. 5
SEC. 2. FINDINGS. 6
The Congress finds the following: 7
(1) Pursuant to the Bank Secrecy Act 8
(‘‘BSA’’), the Secretary of the Treasury, acting 9
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through the Financial Crimes Enforcement Network 1
(‘‘FinCEN’’), collects millions of reports annually on 2
the economic activity of ordinary Americans. 3
(2) Since 2001, FinCEN has applied the BSA 4
to collect over 322,000,000 Currency Transaction 5
Reports and more than 36,000,000 Suspicious Ac-6
tivity Reports, as well as nearly 5,000,000 Form 7
8300 Reports. In addition, FinCEN expects to 8
amass beneficial ownership information (‘‘BOI’’) 9
from 32,000,000 companies in its initial year of col-10
lection, plus 5,000,000 additional companies impli-11
cated each year thereafter. 12
(3) The mass of reporting collected by FinCEN 13
suggests that, while certain BSA reports might 14
prove useful to combat illicit finance, the bulk of 15
BSA-related data may possess little to no nexus to 16
legitimate law enforcement or intelligence purposes, 17
even as it encompasses highly sensitive details on the 18
everyday lives of Americans. 19
(4) By law, the Secretary of the Treasury must 20
ensure the security and confidentiality of BSA data. 21
In a Notice of Proposed Rulemaking from December 22
2022, FinCEN acknowledged that ‘‘BOI is highly 23
sensitive information. FinCEN therefore views it as 24
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critical to mitigate the risk of unauthorized disclo-1
sure of BOI as much as possible.’’. 2
SEC. 3. REPORTS TO CONGRESS; REVIEW OF PROTOCOLS 3
FOR AGENCY ACCESS TO REPORTS. 4
(a) I
NGENERAL.—Chapter 53 of title 31, United 5
States Code, is amended— 6
(1) in subchapter II, by inserting after section 7
5326 the following: 8
‘‘§ 5327. Reports to Congress; Review of protocols for 9
agency access to reports 10
‘‘(a) R
EPORTS TOCONGRESS.—Not later than 180 11
days following the date of the enactment of this section, 12
and annually thereafter, the Secretary of the Treasury 13
shall submit to the Committee on Financial Services of 14
the House of Representatives and the Committee on 15
Banking, Housing, and Urban Affairs of the Senate a re-16
port containing the following: 17
‘‘(1) The number of reports, by type, filed each 18
year with the Financial Crimes Enforcement Net-19
work (‘FinCEN’) under this subchapter since Janu-20
ary 1, 2022. 21
‘‘(2) The total number of reports filed under 22
this subchapter retained by FinCEN. 23
‘‘(3) A description of any written protocols or 24
guidance from the Secretary to national security, 25
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law enforcement, or intelligence agencies regarding 1
agency access to, and retention or dissemination of, 2
information held by FinCEN from reports filed 3
under this subchapter, including— 4
‘‘(A) a description of any updates to the 5
protocols or guidance during the reporting pe-6
riod; 7
‘‘(B) the number of queries by such agen-8
cies to access the information during the report-9
ing period; and 10
‘‘(C) any denials of requests for, or revoca-11
tions of, access by a national security, law en-12
forcement, or intelligence agency, or by any em-13
ployee thereof, with a description of the reasons 14
for the denial or revocation, as the case may be. 15
‘‘(b) R
EVIEW ANDREVISION OFPROTOCOLS.—In 16
consultation with the Director of National Intelligence and 17
the Attorney General, the Secretary of the Treasury shall 18
annually review and, as appropriate, revise any written 19
protocols or guidance described under subsection (a) for 20
the purposes of— 21
‘‘(1) better tailoring the collection, retention, 22
and dissemination of information filed under this 23
subchapter to authorized national security, law en-24
forcement, or intelligence objectives; 25
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‘‘(2) enforcing prohibitions against unauthor-1
ized disclosure of such information; and 2
‘‘(3) protecting fully the legal rights of all 3
United States persons, including freedoms, civil lib-4
erties, and privacy rights guaranteed by Federal law. 5
‘‘(c) C
ONGRESSIONAL REQUESTS; NOTICE OF 6
C
HANGES.— 7
‘‘(1) R
EQUESTS FOR INFORMATION .—Upon re-8
quest of the chair or ranking member of the Com-9
mittee on Financial Services of the House of Rep-10
resentatives or the Committee on Banking, Housing, 11
and Urban Affairs of the Senate, the Secretary shall 12
provide a copy of any written protocols or guidance 13
described in subsection (a)(3). 14
‘‘(2) N
OTICE OF CHANGES.—Not later than 30 15
days after revising any written protocols or guidance 16
described in subsection (a)(3), the Secretary shall 17
provide a copy of such revised written protocols or 18
guidance to the Committee on Financial Services of 19
the House of Representatives and the Committee on 20
Banking, Housing, and Urban Affairs of the Sen-21
ate.’’; and 22
(2) in the table of contents for such chapter, by 23
inserting after the item relating to section 5326 the 24
following: 25
‘‘5327. Reports to Congress; Review of protocols for agency access to reports.’’.
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(b) SUNSET.—On the date that is the end of the 7- 1
year period beginning on the date of enactment of this 2
Act— 3
(1) section 5327 of title 31, United States 4
Code, is repealed; and 5
(2) the table of contents for chapter 53 of title 6
31, United States Code, is amended by striking the 7
item relating to section 5327. 8
Æ
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