IB
Union Calendar No. 14
119THCONGRESS
1
STSESSION H. R. 1602
[Report No. 119–24]
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
M
ARCH21, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on February 26, 2025]
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•HR 1602 RH
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.
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•HR 1602 RH
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 (‘‘BSA’’), 8
the Secretary of the Treasury, acting through the Fi-9
nancial Crimes Enforcement Network (‘‘FinCEN’’), 10
collects millions of reports annually on the economic 11
activity of ordinary Americans. 12
(2) Since 2001, FinCEN has applied the BSA to 13
collect over 322,000,000 Currency Transaction Re-14
ports and more than 36,000,000 Suspicious Activity 15
Reports, as well as nearly 5,000,000 Form 8300 Re-16
ports. In addition, FinCEN expects to amass bene-17
ficial ownership information (‘‘BOI’’) from 18
32,000,000 companies in its initial year of collection, 19
plus 5,000,000 additional companies implicated each 20
year thereafter. 21
(3) The mass of reporting collected by FinCEN 22
suggests that, while certain BSA reports might prove 23
useful to combat illicit finance, the bulk of BSA-re-24
lated data may possess little to no nexus to legitimate 25
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•HR 1602 RH
law enforcement or intelligence purposes, even as it 1
encompasses highly sensitive details on the everyday 2
lives of Americans. 3
(4) By law, the Secretary of the Treasury must 4
ensure the security and confidentiality of BSA data. 5
In a Notice of Proposed Rulemaking from December 6
2022, FinCEN acknowledged that ‘‘BOI is highly sen-7
sitive information. FinCEN therefore views it as crit-8
ical to mitigate the risk of unauthorized disclosure of 9
BOI as much as possible.’’. 10
SEC. 3. REPORTS TO CONGRESS; REVIEW OF PROTOCOLS 11
FOR AGENCY ACCESS TO REPORTS. 12
(a) I
NGENERAL.—Chapter 53 of title 31, United 13
States Code, is amended— 14
(1) in subchapter II, by inserting after section 15
5326 the following: 16
‘‘§ 5327. Reports to Congress; Review of protocols for 17
agency access to reports 18
‘‘(a) R
EPORTS TOCONGRESS.—Not later than 180 19
days following the date of the enactment of this section, and 20
annually thereafter, the Secretary of the Treasury shall sub-21
mit to the Committee on Financial Services of the House 22
of Representatives and the Committee on Banking, Hous-23
ing, and Urban Affairs of the Senate a report containing 24
the following: 25
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‘‘(1) The number of reports, by type, filed each 1
year with the Financial Crimes Enforcement Network 2
(‘FinCEN’) under this subchapter since January 1, 3
2022. 4
‘‘(2) The total number of reports filed under this 5
subchapter retained by FinCEN. 6
‘‘(3) A description of any written protocols or 7
guidance from the Secretary to national security, law 8
enforcement, or intelligence agencies regarding agency 9
access to, and retention or dissemination of, informa-10
tion held by FinCEN from reports filed under this 11
subchapter, including— 12
‘‘(A) a description of any updates to the 13
protocols or guidance during the reporting pe-14
riod; 15
‘‘(B) the number of queries by such agencies 16
to access the information during the reporting 17
period; and 18
‘‘(C) any denials of requests for, or revoca-19
tions of, access by a national security, law en-20
forcement, or intelligence agency, or by any em-21
ployee thereof, with a description of the reasons 22
for the denial or revocation, as the case may be. 23
‘‘(b) R
EVIEW ANDREVISION OFPROTOCOLS.—In con-24
sultation with the Director of National Intelligence and the 25
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•HR 1602 RH
Attorney General, the Secretary of the Treasury shall annu-1
ally review and, as appropriate, revise any written proto-2
cols or guidance described under subsection (a) for the pur-3
poses of— 4
‘‘(1) better tailoring the collection, retention, and 5
dissemination of information filed under this sub-6
chapter to authorized national security, law enforce-7
ment, or intelligence objectives; 8
‘‘(2) enforcing prohibitions against unauthorized 9
disclosure of such information; and 10
‘‘(3) protecting fully the legal rights of all United 11
States persons, including freedoms, civil liberties, and 12
privacy rights guaranteed by Federal law. 13
‘‘(c) C
ONGRESSIONAL REQUESTS; NOTICE OF 14
C
HANGES.— 15
‘‘(1) R
EQUESTS FOR INFORMATION .—Upon re-16
quest of the chair or ranking member of the Com-17
mittee on Financial Services of the House of Rep-18
resentatives or the Committee on Banking, Housing, 19
and Urban Affairs of the Senate, the Secretary shall 20
provide a copy of any written protocols or guidance 21
described in subsection (a)(3). 22
‘‘(2) N
OTICE OF REVISIONS.—Not later than 30 23
days after revising any written protocols or guidance 24
described in subsection (a)(3), the Secretary shall pro-25
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•HR 1602 RH
vide a copy of such revised written protocols or guid-1
ance to the Committee on Financial Services of the 2
House of Representatives and the Committee on 3
Banking, Housing, and Urban Affairs of the Senate.’’; 4
and 5
(2) in the table of contents for such chapter, by 6
inserting after the item relating to section 5326 the 7
following: 8
‘‘5327. Reports to Congress; Review of protocols for agency access to reports.’’.
(b) SUNSET.—On the date that is the end of the 7- 9
year period beginning on the date of enactment of this 10
Act— 11
(1) section 5327 of title 31, United States Code, 12
is repealed; and 13
(2) the table of contents for chapter 53 of title 31, 14
United States Code, is amended by striking the item 15
relating to section 5327. 16
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14
119
TH
CONGRESS
1
ST
S
ESSION
H. R. 1602
[Report No. 119–24]
A BILL
To require the Secretary of the Treasury to provide
for greater transparency and protections with re-
gard to Bank Secrecy Act reports, and for other
purposes.
M
ARCH
21, 2025
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union,
and ordered to be printed
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