Us Congress 2025-2026 Regular Session

Us Congress House Bill HB2155 Compare Versions

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Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 2155
5	5	To amend the Right to Financial Privacy Act of 1978 to preserve the
6	6	confidentiality of certain records, and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	MARCH14, 2025
9	9	Mr. O
10	10	GLESintroduced the following bill; which was referred to the Committee
11	11	on Financial Services, and in addition to the Committees on the Judici-
12	12	ary, Rules, the Budget, and Ways and Means, for a period to be subse-
13	13	quently determined by the Speaker, in each case for consideration of such
14	14	provisions as fall within the jurisdiction of the committee concerned
15	15	A BILL
16	16	To amend the Right to Financial Privacy Act of 1978 to
17	17	preserve the confidentiality of certain records, and for
18	18	other purposes.
19	19	Be it enacted by the Senate and House of Representa-1
20	20	tives of the United States of America in Congress assembled, 2
21	21	SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 3
22	22	(a) S
23	23	HORTTITLE.—This Act may be cited as the 4
24	24	‘‘Saving Privacy Act’’. 5
25	25	(b) T
26	26	ABLE OFCONTENTS.—The table of contents for 6
27	27	this Act is as follows: 7
28	28	Sec. 1. Short title; table of contents.
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31	31	•HR 2155 IH
32	32	TITLE I—BANK PRIVACY REFORM
33	33	Sec. 101. Bank Secrecy Act reforms.
34	34	TITLE II—AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY
35	35	ACT OF 1978
36	36	Sec. 201. Warrant requirements and exceptions.
37	37	TITLE III—CONSOLIDATED AUDIT TRAIL
38	38	Sec. 301. Requirements and prohibitions regarding the Consolidated Audit
39	39	Trail.
40	40	TITLE IV—NO CENTRAL BANK DIGITAL CURRENCY
41	41	Sec. 401. Central bank digital currency.
42	42	TITLE V—REGULATIONS FROM THE EXECUTIVE IN NEED OF
43	43	SCRUTINY
44	44	Sec. 501. Purpose.
45	45	Sec. 502. Congressional review of certain agency rulemaking.
46	46	Sec. 503. Budgetary effects of rules subject to section 802 of title 5, United
47	47	States Code.
48	48	Sec. 504. Government Accountability Office study of rules.
49	49	TITLE VI—SUSPICIOUS ACTIVITY
50	50	Sec. 601. Criminal penalties.
51	51	Sec. 602. Civil penalties.
52	52	Sec. 603. Other relief.
53	53	TITLE VII—STOPPING THE NOSY OBSESSION WITH ONLINE
54	54	PAYMENTS
55	55	Sec. 701. Repeal of modification of exceptions for reporting of third party net-
56	56	work transactions.
57	57	TITLE VIII—PROHIBITION ON RESTRICTIONS RELATING TO
58	58	CONVERTIBLE VIRTUAL CURRENCY
59	59	Sec. 801. Short title.
60	60	Sec. 802. Prohibition on restricting use of convertible virtual currency by a per-
61	61	son to purchase goods or services for the person’s own use.
62	62	TITLE I—BANK PRIVACY 1
63	63	REFORM 2
64	64	SEC. 101. BANK SECRECY ACT REFORMS. 3
65	65	(a) R
66	66	IGHT TOFINANCIALPRIVACYACT OF1978.— 4
67	67	The Right to Financial Privacy Act of 1978 (12 U.S.C. 5
68	68	3401 et seq.) is amended— 6
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71	71	•HR 2155 IH
72	72	(1) by amending section 1102 (12 U.S.C. 3402) 1
73	73	to read as follows: 2
74	74	‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-3
75	75	MENT AUTHORITIES. 4
76	76	‘‘Except as provided by subsection (c) or (d) of sec-5
77	77	tion 1103 or section 1113, no Government authority may 6
78	78	have access to or obtain copies of, or the information con-7
79	79	tained in the financial records of any customer from a fi-8
80	80	nancial institution unless the financial records are reason-9
81	81	ably described and such financial records are disclosed in 10
82	82	response to a search warrant which meets the require-11
83	83	ments of section 1106.’’; 12
84	84	(2) by striking sections 1104 (12 U.S.C. 3404), 13
85	85	1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 14
86	86	1108 (12 U.S.C. 3408); and 15
87	87	(3) in section 1109(a) (12 U.S.C. 3409(a)), by 16
88	88	striking ‘‘section 1104(c), 1105(2), 1106(c), 17
89	89	1107(2), 1108(4),’’ and inserting ‘‘section 1106(c)’’. 18
90	90	(b) T
91	91	ITLE31.—Chapter 53 of title 31, United States 19
92	92	Code, is amended— 20
93	93	(1) by amending section 5311 to read as fol-21
94	94	lows: 22
95	95	‘‘§ 5311. Declaration of purpose 23
96	96	‘‘It is the purpose of this subchapter to require finan-24
97	97	cial institutions to retain transaction records that include 25
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101	101	information identified with or identifiable as being derived 1
102	102	from the financial records of particular customers.’’; 2
103	103	(2) in section 5312(a)— 3
104	104	(A) in paragraph (2), by repealing sub-4
105	105	paragraphs (O), (Q), (S), (T), (V), (Y), and 5
106	106	(Z); and 6
107	107	(B) by amending paragraph (4) to read as 7
108	108	follows: 8
109	109	‘‘(4) ‘nonfinancial trade or business’ means any 9
110	110	entity engaged in trade or business other than a fi-10
111	111	nancial institution.’’; 11
112	112	(3) by striking sections 5313, 5314, 5315, 12
113	113	5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 13
114	114	5336; 14
115	115	(4) in section 5318— 15
116	116	(A) in subsection (a)— 16
117	117	(i) in the matter preceding paragraph 17
118	118	(1), by striking ‘‘(except under section 18
119	119	5315 of this title and regulations pre-19
120	120	scribed under section 5315)’’; 20
121	121	(ii) by striking paragraph (2); and 21
122	122	(iii) by redesignating paragraphs (3) 22
123	123	through (7) as paragraphs (2) through (6), 23
124	124	respectively; and 24
125	125	(B) in subsection (k)— 25
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129	129	(i) in paragraph (1)(C), by striking 1
130	130	‘‘has the same meaning as in section 2
131	131	5318A(e)(1)(B)’’ and inserting ‘‘means an 3
132	132	account established to receive deposits 4
133	133	from, make payments on behalf of a for-5
134	134	eign financial institution, or handle other 6
135	135	financial transactions related to such insti-7
136	136	tution’’; and 8
137	137	(ii) in paragraph (3)(A)(i)— 9
138	138	(I) in subclause (II), by adding 10
139	139	‘‘or’’ at the end; 11
140	140	(II) in subclause (III), by strik-12
141	141	ing ‘‘; or’’ and inserting a period; and 13
142	142	(III) by striking subclause (IV); 14
143	143	(5) in section 5321— 15
144	144	(A) in subsection (a)— 16
145	145	(i) in paragraph (1), by striking ‘‘(ex-17
146	146	cept sections 5314, 5315, and 5336 of this 18
147	147	title or a regulation prescribed under sec-19
148	148	tions 5314, 5315, and 5336)’’; 20
149	149	(ii) by striking paragraphs (2), (3), 21
150	150	(4), and (5); 22
151	151	(iii) in paragraph (6), by striking 23
152	152	‘‘(except section 5336)’’ each place that 24
153	153	term appears; 25
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157	157	(iv) in paragraph (7), by striking ‘‘or 1
158	158	any special measures imposed under sec-2
159	159	tion 5318A’’; and 3
160	160	(v) by redesignating paragraphs (6) 4
161	161	and (7) as paragraphs (2) and (3), respec-5
162	162	tively; 6
163	163	(B) by striking subsection (c); and 7
164	164	(C) by redesignating subsections (d) 8
165	165	through (g) as subsection (c) through (f), re-9
166	166	spectively; 10
167	167	(6) in section 5322— 11
168	168	(A) by striking ‘‘(except section 5315, 12
169	169	5324, or 5336 of this title or a regulation pre-13
170	170	scribed under section 5315, 5324, or 5336)’’ 14
171	171	each place that term appears; and 15
172	172	(B) in subsection (d)— 16
173	173	(i) by striking ‘‘, or any special meas-17
174	174	ures imposed under section 5318A,’’; and 18
175	175	(ii) by striking ‘‘or section 5318A’’; 19
176	176	(7) in section 5325(a), in the matter preceding 20
177	177	paragraph (1), by inserting after ‘‘$3,000’’ the fol-21
178	178	lowing: ‘‘(as such amount is annually adjusted by 22
179	179	the Secretary to reflect the percentage change in the 23
180	180	Consumer Price Index for All Urban Consumers 24
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184	184	published by the Bureau of Labor Statistics of the 1
185	185	Department of Labor)’’; 2
186	186	(8) in section 5330(d)(1)— 3
187	187	(A) in subparagraph (A), by adding ‘‘and’’ 4
188	188	at the end; 5
189	189	(B) by striking subparagraph (B); and 6
190	190	(C) by redesignating subparagraph (C) as 7
191	191	subparagraph (B); 8
192	192	(9) in section 5335— 9
193	193	(A) by striking subsection (c); and 10
194	194	(B) by redesignating subsections (d) and 11
195	195	(e) as subsections (c) and (d), respectively; 12
196	196	(10) by striking subchapter III; and 13
197	197	(11) in the table of contents for chapter 53, by 14
198	198	striking the items relating to— 15
199	199	(A) sections 5313, 5314, 5315, 5316, 16
200	200	5317, 5318A, 5324, 5326, 5331, 5332, and 17
201	201	5336; and 18
202	202	(B) subchapter III. 19
203	203	TITLE II—AMENDMENTS TO THE 20
204	204	RIGHT TO FINANCIAL PRI-21
205	205	VACY ACT OF 1978 22
206	206	SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS. 23
207	207	The Right to Financial Privacy Act of 1978 (12 24
208	208	U.S.C. 3401 et seq.) is amended— 25
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212	212	(1) in section 1108 (12 U.S.C. 3408)— 1
213	213	(A) by striking paragraph (2); and 2
214	214	(B) by redesignating paragraphs (3) and 3
215	215	(4) as paragraphs (2) and (3), respectively; and 4
216	216	(2) in section 1113 (12 U.S.C. 3413)— 5
217	217	(A) by repealing subsections (a), (d), (e), 6
218	218	(f), (g), (i), (l), (m), (n), (p), (q), and (r); and 7
219	219	(B) by adding at the end the following: 8
220	220	‘‘(s) A
221	221	CCESS OFRECORDS.— 9
222	222	‘‘(1) I
223	223	N GENERAL.—Notwithstanding any other 10
224	224	provision of this title, the Federal Government may 11
225	225	not access the financial records or information of an 12
226	226	individual in a manner that is prohibited by the 13
227	227	Fourth Amendment to the Constitution of the 14
228	228	United States with respect to the records or infor-15
229	229	mation in question. 16
230	230	‘‘(2) A
231	231	ID IN STATUTORY CONSTRUCTION .—It is 17
232	232	the sense of Congress that, through the enactment 18
233	233	of this title, Congress has established a statutory 19
234	234	right that ensures that the expectation of privacy 20
235	235	that the people of the United States have with re-21
236	236	spect to financial records is protected.’’. 22
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239	239	•HR 2155 IH
240	240	TITLE III—CONSOLIDATED 1
241	241	AUDIT TRAIL 2
242	242	SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING 3
243	243	THE CONSOLIDATED AUDIT TRAIL. 4
244	244	(a) D
245	245	EFINITIONS.—In this section: 5
246	246	(1) C
247	247	OMMISSION.—The term ‘‘Commission’’ 6
248	248	means the Securities and Exchange Commission. 7
249	249	(2) C
250	250	ONSOLIDATED AUDIT TRAIL .—The term 8
251	251	‘‘Consolidated Audit Trail’’ means the consolidated 9
252	252	audit trail and central repository created, imple-10
253	253	mented, and maintained pursuant to section 242.613 11
254	254	of title 17, Code of Federal Regulations, as in effect 12
255	255	on the day before the date of enactment of this Act. 13
256	256	(3) P
257	257	ERSONALLY IDENTIFIABLE INFORMA -14
258	258	TION.—The term ‘‘personally identifiable informa-15
259	259	tion’’— 16
260	260	(A) means information that can be used to 17
261	261	distinguish or trace the identity of an indi-18
262	262	vidual, either alone or when combined with 19
263	263	other personal or identifying information that is 20
264	264	linked or linkable to a specific individual, in-21
265	265	cluding the name, address, date or year of 22
266	266	birth, Social Security number, telephone num-23
267	267	ber, email, or IP-address of an individual; and 24
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271	271	(B) does not include a CAT–Order–ID or 1
272	272	CAT–Reporter–ID, as those terms are defined 2
273	273	in section 242.613(j) of title 17, Code of Fed-3
274	274	eral Regulations (or any successor regulation). 4
275	275	(4) S
276	276	ELF-REGULATORY ORGANIZATION .—The 5
277	277	term ‘‘self-regulatory organization’’ has the meaning 6
278	278	given the term in section 3(a) of the Securities Ex-7
279	279	change Act of 1934 (15 U.S.C. 78c(a)). 8
280	280	(b) R
281	281	EQUIREMENT.—The Commission shall— 9
282	282	(1) not later than 30 days after the date of en-10
283	283	actment of this Act, and notwithstanding any other 11
284	284	provision of law or regulation, terminate the Consoli-12
285	285	dated Audit Trail; and 13
286	286	(2) not later that 120 days after the date of en-14
287	287	actment of this Act, amend any regulation, no action 15
288	288	letter, interpretive letter, exemptive letter, legal bul-16
289	289	letin, or other guidance of the Commission to con-17
290	290	form to the requirements of this section. 18
291	291	(c) P
292	292	ROHIBITIONS.—On and after the date that the 19
293	293	Commission carries out the termination required under 20
294	294	subsection (b)(1)— 21
295	295	(1) neither the Commission nor any self-regu-22
296	296	latory organization may administer the Consolidated 23
297	297	Audit Trail; and 24
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301	301	(2) no Federal agency may establish any con-1
302	302	solidated audit trail, central repository, or other cen-2
303	303	tralized database that collects personally identifiable 3
304	304	information of citizens of the United States, unless 4
305	305	a duly enacted law of the United States specifically 5
306	306	provides the Federal agency with the authority to 6
307	307	take that action. 7
308	308	(d) R
309	309	EIMBURSEMENT OF FEES.—Not later than 1 8
310	310	year after the date of enactment of this Act, Consolidated 9
311	311	Audit Trail, LLC and FINRA CAT, LLC shall reimburse 10
312	312	all fees collected by those entities before that date to carry 11
313	313	out the Consolidated Audit Trail. 12
314	314	TITLE IV—NO CENTRAL BANK 13
315	315	DIGITAL CURRENCY 14
316	316	SEC. 401. CENTRAL BANK DIGITAL CURRENCY. 15
317	317	Section 13 of the Federal Reserve Act is amended 16
318	318	by adding after the 14th undesignated paragraph (12 17
319	319	U.S.C. 347d) the following: 18
320	320	‘‘No Federal reserve bank, the Board, the Sec-19
321	321	retary of the Treasury, any other agency, or any en-20
322	322	tity directed to act on behalf of the Federal reserve 21
323	323	bank, the Board, the Secretary, or other agency, 22
324	324	may mint or issue a central bank digital currency di-23
325	325	rectly to an individual (including a central bank dig-24
326	326	ital currency issued to an individual through a custo-25
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330	330	dial intermediary) or a digital currency inter-1
331	331	mediary, offer related products or services directly to 2
332	332	an individual, or maintain an account on behalf of 3
333	333	an individual (including an account in a specially 4
334	334	designated account at a digital currency inter-5
335	335	mediary or supervised commercial bank). No Federal 6
336	336	reserve bank may hold digital currencies minted or 7
337	337	issued by the United States Government as assets or 8
338	338	liabilities on a balance sheet of the bank or use such 9
339	339	digital currencies as part of fulfilling the require-10
340	340	ments under section 2A.’’. 11
341	341	TITLE V—REGULATIONS FROM 12
342	342	THE EXECUTIVE IN NEED OF 13
343	343	SCRUTINY 14
344	344	SEC. 501. PURPOSE. 15
345	345	The purpose of this title is to increase accountability 16
346	346	for and transparency in the Federal regulatory process. 17
347	347	Section 1 of article I of the United States Constitution 18
348	348	grants all legislative powers to Congress. Over time, Con-19
349	349	gress has excessively delegated its constitutional charge 20
350	350	while failing to conduct appropriate oversight and retain 21
351	351	accountability for the content of the laws it passes. By 22
352	352	requiring a vote in Congress, the REINS Act will result 23
353	353	in more carefully drafted and detailed legislation, an im-24
354	354	proved regulatory process, and a legislative branch that 25
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358	358	is truly accountable to the American people for the laws 1
359	359	imposed upon them. 2
360	360	SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY 3
361	361	RULEMAKING. 4
362	362	(a) I
363	363	NGENERAL.—Chapter 8 of title 5, United 5
364	364	States Code, is amended to read as follows: 6
365	365	‘‘CHAPTER 8—CONGRESSIONAL REVIEW 7
366	366	OF CERTAIN AGENCY RULEMAKING 8
367	367	‘‘Sec.
368	368	‘‘801. Congressional review.
369	369	‘‘802. Congressional approval procedure for major rules.
370	370	‘‘803. Congressional disapproval procedure for nonmajor rules.
371	371	‘‘804. Definitions.
372	372	‘‘805. Judicial review.
373	373	‘‘806. Exemption for monetary policy.
374	374	‘‘807. Effective date of certain rules.
375	375	‘‘808. Review of rules currently in effect.
376	376	‘‘§ 801. Congressional review 9
377	377	‘‘(a)(1)(A) Before a rule may take effect, the Federal 10
378	378	agency promulgating such rule shall publish in the Federal 11
379	379	Register a list of information on which the rule is based, 12
380	380	including data, scientific and economic studies, and cost- 13
381	381	benefit analyses, and identify how the public can access 14
382	382	such information online, and shall submit to each House 15
383	383	of the Congress and to the Comptroller General a report 16
384	384	containing— 17
385	385	‘‘(i) a copy of the rule; 18
386	386	‘‘(ii) a concise general statement relating to the 19
387	387	rule; 20
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391	391	‘‘(iii) a finding, rendered in consultation with 1
392	392	the Administrator of the Office of Information and 2
393	393	Regulatory Affairs of the Office of Management and 3
394	394	Budget, whether the rule is a major or nonmajor 4
395	395	rule, including an explanation of the finding specifi-5
396	396	cally addressing each criteria for a major rule con-6
397	397	tained within subparagraphs (A) through (C) of sec-7
398	398	tion 804(2); 8
399	399	‘‘(iv) a list of any other related regulatory ac-9
400	400	tions intended to implement the same statutory pro-10
401	401	vision or regulatory objective as well as the indi-11
402	402	vidual and aggregate economic effects of those ac-12
403	403	tions; 13
404	404	‘‘(v) the proposed effective date of the rule; and 14
405	405	‘‘(vi) a statement of the constitutional authority 15
406	406	authorizing the agency to make the rule. 16
407	407	‘‘(B) On the date of the submission of the report 17
408	408	under subparagraph (A), the Federal agency promulgating 18
409	409	the rule shall submit to the Comptroller General and make 19
410	410	available to each House of Congress (and to each com-20
411	411	mittee of jurisdiction in each House)— 21
412	412	‘‘(i) a complete copy of the cost-benefit analysis 22
413	413	of the rule, if any, including an analysis of any jobs 23
414	414	added or lost, differentiating between public and pri-24
415	415	vate sector jobs; 25
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419	419	‘‘(ii) the agency’s actions pursuant to sections 1
420	420	603, 604, 605, 607, and 609 of this title; 2
421	421	‘‘(iii) the agency’s actions pursuant to sections 3
422	422	202, 203, 204, and 205 of the Unfunded Mandates 4
423	423	Reform Act of 1995; 5
424	424	‘‘(iv) an estimate of the effect on inflation of 6
425	425	the rule; and 7
426	426	‘‘(v) any other relevant information or require-8
427	427	ments under any other Act and any relevant Execu-9
428	428	tive orders. 10
429	429	‘‘(C) Upon receipt of a report submitted under sub-11
430	430	paragraph (A), each House shall provide copies of the re-12
431	431	port to the chairman and ranking member of each stand-13
432	432	ing committee with jurisdiction under the rules of the 14
433	433	House of Representatives or the Senate to report a bill 15
434	434	to amend the provision of law under which the rule is 16
435	435	issued. 17
436	436	‘‘(D) If requested in writing by a member of Con-18
437	437	gress— 19
438	438	‘‘(i) the Comptroller General shall make a de-20
439	439	termination whether an agency action qualifies as a 21
440	440	rule for purposes of this chapter, and shall submit 22
441	441	to Congress this determination not later than 60 23
442	442	days after the date of the request; and 24
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445	445	•HR 2155 IH
446	446	‘‘(ii) the Comptroller General, in consultation 1
447	447	with the Director of the Congressional Budget Of-2
448	448	fice, shall make a determination whether a rule is 3
449	449	considered a major rule under the provisions of this 4
450	450	act, and shall submit to Congress this determination 5
451	451	not later than 90 days after the date of the request. 6
452	452	For purposes of this section, a determination under this 7
453	453	subparagraph shall be deemed to be a report under sub-8
454	454	paragraph (A). 9
455	455	‘‘(2)(A) The Comptroller General shall provide a re-10
456	456	port on each major rule to the committees of jurisdiction 11
457	457	by the end of 15 calendar days after the submission or 12
458	458	publication date. The report of the Comptroller General 13
459	459	shall include an assessment of the agency’s compliance 14
460	460	with procedural steps required by paragraph (1)(B) and 15
461	461	an assessment of whether the major rule imposes any new 16
462	462	limits or mandates on private-sector activity. 17
463	463	‘‘(B) Federal agencies shall cooperate with the Comp-18
464	464	troller General by providing information relevant to the 19
465	465	Comptroller General’s report under subparagraph (A). 20
466	466	‘‘(3) A major rule relating to a report submitted 21
467	467	under paragraph (1) shall take effect upon enactment of 22
468	468	a joint resolution of approval described in section 802 or 23
469	469	as provided for in the rule following enactment of a joint 24
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472	472	•HR 2155 IH
473	473	resolution of approval described in section 802, whichever 1
474	474	is later. 2
475	475	‘‘(4) A nonmajor rule shall take effect as provided 3
476	476	by section 803 after submission to Congress under para-4
477	477	graph (1). 5
478	478	‘‘(5) If a joint resolution of approval relating to a 6
479	479	major rule is not enacted within the period provided in 7
480	480	subsection (b)(2), then a joint resolution of approval relat-8
481	481	ing to the same rule may not be considered under this 9
482	482	chapter in the same Congress by either the House of Rep-10
483	483	resentatives or the Senate. 11
484	484	‘‘(b)(1) A major rule shall not take effect unless the 12
485	485	Congress enacts a joint resolution of approval described 13
486	486	under section 802. 14
487	487	‘‘(2) If a joint resolution described in subsection (a) 15
488	488	is not enacted into law by the end of 70 session days or 16
489	489	legislative days, as applicable, beginning on the date on 17
490	490	which the report referred to in subsection (a)(1)(A) is re-18
491	491	ceived by Congress (excluding days either House of Con-19
492	492	gress is adjourned for more than 3 days during a session 20
493	493	of Congress), then the rule described in that resolution 21
494	494	shall be deemed not to be approved and such rule shall 22
495	495	not take effect. 23
496	496	‘‘(c)(1) Notwithstanding any other provision of this 24
497	497	section (except subject to paragraph (3)), a major rule 25
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500	500	•HR 2155 IH
501	501	may take effect for one 90-calendar-day period if the 1
502	502	President makes a determination under paragraph (2) and 2
503	503	submits written notice of such determination to the Con-3
504	504	gress. 4
505	505	‘‘(2) Paragraph (1) applies to a determination made 5
506	506	by the President by Executive order that the major rule 6
507	507	should take effect because such rule is— 7
508	508	‘‘(A) necessary because of an imminent threat 8
509	509	to health or safety or other emergency; 9
510	510	‘‘(B) necessary for the enforcement of criminal 10
511	511	laws; 11
512	512	‘‘(C) necessary for national security; or 12
513	513	‘‘(D) issued pursuant to any statute imple-13
514	514	menting an international trade agreement. 14
515	515	‘‘(3) An exercise by the President of the authority 15
516	516	under this subsection shall have no effect on the proce-16
517	517	dures under section 802. 17
518	518	‘‘(d)(1) In addition to the opportunity for review oth-18
519	519	erwise provided under this chapter, in the case of any rule 19
520	520	for which a report was submitted in accordance with sub-20
521	521	section (a)(1)(A) during the period beginning on the date 21
522	522	occurring— 22
523	523	‘‘(A) in the case of the Senate, 60 session days; 23
524	524	or 24
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527	527	•HR 2155 IH
528	528	‘‘(B) in the case of the House of Representa-1
529	529	tives, 60 legislative days, 2
530	530	before the date the Congress is scheduled to adjourn a 3
531	531	session of Congress through the date on which the same 4
532	532	or succeeding Congress first convenes its next session, sec-5
533	533	tions 802 and 803 shall apply to such rule in the suc-6
534	534	ceeding session of Congress. 7
535	535	‘‘(2)(A) In applying sections 802 and 803 for pur-8
536	536	poses of such additional review, a rule described under 9
537	537	paragraph (1) shall be treated as though— 10
538	538	‘‘(i) such rule were published in the Federal 11
539	539	Register on— 12
540	540	‘‘(I) in the case of the Senate, the 15th 13
541	541	session day; or 14
542	542	‘‘(II) in the case of the House of Rep-15
543	543	resentatives, the 15th legislative day, 16
544	544	after the succeeding session of Congress first con-17
545	545	venes; and 18
546	546	‘‘(ii) a report on such rule were submitted to 19
547	547	Congress under subsection (a)(1) on such date. 20
548	548	‘‘(B) Nothing in this paragraph shall be construed 21
549	549	to affect the requirement under subsection (a)(1) that a 22
550	550	report shall be submitted to Congress before a rule can 23
551	551	take effect. 24
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554	554	•HR 2155 IH
555	555	‘‘(3) A rule described under paragraph (1) shall take 1
556	556	effect as otherwise provided by law (including other sub-2
557	557	sections of this section). 3
558	558	‘‘§ 802. Congressional approval procedure for major 4
559	559	rules 5
560	560	‘‘(a)(1) For purposes of this section, the term ‘joint 6
561	561	resolution’ means only a joint resolution addressing a re-7
562	562	port classifying a rule as major pursuant to section 8
563	563	801(a)(1)(A)(iii) that— 9
564	564	‘‘(A) bears no preamble; 10
565	565	‘‘(B) bears the following title (with blanks filled 11
566	566	as appropriate): ‘Approving the rule submitted by 12
567	567	lll relating to lll.’; 13
568	568	‘‘(C) includes after its resolving clause only the 14
569	569	following (with blanks filled as appropriate): ‘That 15
570	570	Congress approves the rule submitted by lll re-16
571	571	lating to lll.’; and 17
572	572	‘‘(D) is introduced pursuant to paragraph (2). 18
573	573	‘‘(2) After a House of Congress receives a report 19
574	574	classifying a rule as major pursuant to section 20
575	575	801(a)(1)(A)(iii), the majority leader of that House (or 21
576	576	his or her respective designee) shall introduce (by request, 22
577	577	if appropriate) a joint resolution described in paragraph 23
578	578	(1)— 24
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581	581	•HR 2155 IH
582	582	‘‘(A) in the case of the House of Representa-1
583	583	tives, within 3 legislative days; and 2
584	584	‘‘(B) in the case of the Senate, within 3 session 3
585	585	days. 4
586	586	‘‘(3) A joint resolution described in paragraph (1) 5
587	587	shall not be subject to amendment at any stage of pro-6
588	588	ceeding. 7
589	589	‘‘(b) A joint resolution described in subsection (a) 8
590	590	shall be referred in each House of Congress to the commit-9
591	591	tees having jurisdiction over the provision of law under 10
592	592	which the rule is issued. 11
593	593	‘‘(c) In the Senate, if the committee or committees 12
594	594	to which a joint resolution described in subsection (a) has 13
595	595	been referred have not reported it at the end of 15 session 14
596	596	days after its introduction, such committee or committees 15
597	597	shall be automatically discharged from further consider-16
598	598	ation of the resolution and it shall be placed on the cal-17
599	599	endar. A vote on final passage of the resolution shall be 18
600	600	taken on or before the close of the 15th session day after 19
601	601	the resolution is reported by the committee or committees 20
602	602	to which it was referred, or after such committee or com-21
603	603	mittees have been discharged from further consideration 22
604	604	of the resolution. 23
605	605	‘‘(d)(1) In the Senate, when the committee or com-24
606	606	mittees to which a joint resolution is referred have re-25
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609	609	•HR 2155 IH
610	610	ported, or when a committee or committees are discharged 1
611	611	(under subsection (c)) from further consideration of a 2
612	612	joint resolution described in subsection (a), it is at any 3
613	613	time thereafter in order (even though a previous motion 4
614	614	to the same effect has been disagreed to) for a motion 5
615	615	to proceed to the consideration of the joint resolution, and 6
616	616	all points of order against the joint resolution (and against 7
617	617	consideration of the joint resolution) are waived. The mo-8
618	618	tion is not subject to amendment, or to a motion to post-9
619	619	pone, or to a motion to proceed to the consideration of 10
620	620	other business. A motion to reconsider the vote by which 11
621	621	the motion is agreed to or disagreed to shall not be in 12
622	622	order. If a motion to proceed to the consideration of the 13
623	623	joint resolution is agreed to, the joint resolution shall re-14
624	624	main the unfinished business of the Senate until disposed 15
625	625	of. 16
626	626	‘‘(2) In the Senate, debate on the joint resolution, 17
627	627	and on all debatable motions and appeals in connection 18
628	628	therewith, shall be limited to not more than 2 hours, which 19
629	629	shall be divided equally between those favoring and those 20
630	630	opposing the joint resolution. A motion to further limit 21
631	631	debate is in order and not debatable. An amendment to, 22
632	632	or a motion to postpone, or a motion to proceed to the 23
633	633	consideration of other business, or a motion to recommit 24
634	634	the joint resolution is not in order. 25
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637	637	•HR 2155 IH
638	638	‘‘(3) In the Senate, immediately following the conclu-1
639	639	sion of the debate on a joint resolution described in sub-2
640	640	section (a), and a single quorum call at the conclusion of 3
641	641	the debate if requested in accordance with the rules of the 4
642	642	Senate, the vote on final passage of the joint resolution 5
643	643	shall occur. 6
644	644	‘‘(4) Appeals from the decisions of the Chair relating 7
645	645	to the application of the rules of the Senate to the proce-8
646	646	dure relating to a joint resolution described in subsection 9
647	647	(a) shall be decided without debate. 10
648	648	‘‘(e) In the House of Representatives, if any com-11
649	649	mittee to which a joint resolution described in subsection 12
650	650	(a) has been referred has not reported it to the House 13
651	651	at the end of 15 legislative days after its introduction, 14
652	652	such committee shall be discharged from further consider-15
653	653	ation of the joint resolution, and it shall be placed on the 16
654	654	appropriate calendar. On the second and fourth Thursdays 17
655	655	of each month it shall be in order at any time for the 18
656	656	Speaker to recognize a Member who favors passage of a 19
657	657	joint resolution that has appeared on the calendar for at 20
658	658	least 5 legislative days to call up that joint resolution for 21
659	659	immediate consideration in the House without intervention 22
660	660	of any point of order. When so called up a joint resolution 23
661	661	shall be considered as read and shall be debatable for 1 24
662	662	hour equally divided and controlled by the proponent and 25
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665	665	•HR 2155 IH
666	666	an opponent, and the previous question shall be considered 1
667	667	as ordered to its passage without intervening motion. It 2
668	668	shall not be in order to reconsider the vote on passage. 3
669	669	If a vote on final passage of the joint resolution has not 4
670	670	been taken by the third Thursday on which the Speaker 5
671	671	may recognize a Member under this subsection, such vote 6
672	672	shall be taken on that day. 7
673	673	‘‘(f)(1) If, before passing a joint resolution described 8
674	674	in subsection (a), one House receives from the other a 9
675	675	joint resolution having the same text, then— 10
676	676	‘‘(A) the joint resolution of the other House 11
677	677	shall not be referred to a committee; and 12
678	678	‘‘(B) the procedure in the receiving House shall 13
679	679	be the same as if no joint resolution had been re-14
680	680	ceived from the other House until the vote on pas-15
681	681	sage, when the joint resolution received from the 16
682	682	other House shall supplant the joint resolution of 17
683	683	the receiving House. 18
684	684	‘‘(2) This subsection shall not apply to the House of 19
685	685	Representatives if the joint resolution received from the 20
686	686	Senate is a revenue measure. 21
687	687	‘‘(g) If either House has not taken a vote on final 22
688	688	passage of the joint resolution by the last day of the period 23
689	689	described in section 801(b)(2), then such vote shall be 24
690	690	taken on that day. 25
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693	693	•HR 2155 IH
694	694	‘‘(h) This section and section 803 are enacted by 1
695	695	Congress— 2
696	696	‘‘(1) as an exercise of the rulemaking power of 3
697	697	the Senate and House of Representatives, respec-4
698	698	tively, and as such are deemed to be part of the 5
699	699	rules of each House, respectively, but applicable only 6
700	700	with respect to the procedure to be followed in that 7
701	701	House in the case of a joint resolution described in 8
702	702	subsection (a) and superseding other rules only 9
703	703	where explicitly so; and 10
704	704	‘‘(2) with full recognition of the constitutional 11
705	705	right of either House to change the rules (so far as 12
706	706	they relate to the procedure of that House) at any 13
707	707	time, in the same manner and to the same extent as 14
708	708	in the case of any other rule of that House. 15
709	709	‘‘§ 803. Congressional disapproval procedure for 16
710	710	nonmajor rules 17
711	711	‘‘(a) For purposes of this section, the term ‘joint res-18
712	712	olution’ means only a joint resolution introduced in the 19
713	713	period beginning on the date on which the report referred 20
714	714	to in section 801(a)(1)(A) is received by Congress and 21
715	715	ending 60 days thereafter (excluding days either House 22
716	716	of Congress is adjourned for more than 3 days during a 23
717	717	session of Congress), the matter after the resolving clause 24
718	718	of which is as follows: ‘That Congress disapproves the 25
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721	721	•HR 2155 IH
722	722	nonmajor rule submitted by the lll relating to 1
723	723	lll, and such rule shall have no force or effect.’ (The 2
724	724	blank spaces being appropriately filled in). 3
725	725	‘‘(b) A joint resolution described in subsection (a) 4
726	726	shall be referred to the committees in each House of Con-5
727	727	gress with jurisdiction. 6
728	728	‘‘(c) In the Senate, if the committee to which is re-7
729	729	ferred a joint resolution described in subsection (a) has 8
730	730	not reported such joint resolution (or an identical joint 9
731	731	resolution) at the end of 15 session days after the date 10
732	732	of introduction of the joint resolution, such committee may 11
733	733	be discharged from further consideration of such joint res-12
734	734	olution upon a petition supported in writing by 30 Mem-13
735	735	bers of the Senate, and such joint resolution shall be 14
736	736	placed on the calendar. 15
737	737	‘‘(d)(1) In the Senate, when the committee to which 16
738	738	a joint resolution is referred has reported, or when a com-17
739	739	mittee is discharged (under subsection (c)) from further 18
740	740	consideration of a joint resolution described in subsection 19
741	741	(a), it is at any time thereafter in order (even though a 20
742	742	previous motion to the same effect has been disagreed to) 21
743	743	for a motion to proceed to the consideration of the joint 22
744	744	resolution, and all points of order against the joint resolu-23
745	745	tion (and against consideration of the joint resolution) are 24
746	746	waived. The motion is not subject to amendment, or to 25
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749	749	•HR 2155 IH
750	750	a motion to postpone, or to a motion to proceed to the 1
751	751	consideration of other business. A motion to reconsider the 2
752	752	vote by which the motion is agreed to or disagreed to shall 3
753	753	not be in order. If a motion to proceed to the consideration 4
754	754	of the joint resolution is agreed to, the joint resolution 5
755	755	shall remain the unfinished business of the Senate until 6
756	756	disposed of. 7
757	757	‘‘(2) In the Senate, debate on the joint resolution, 8
758	758	and on all debatable motions and appeals in connection 9
759	759	therewith, shall be limited to not more than 10 hours, 10
760	760	which shall be divided equally between those favoring and 11
761	761	those opposing the joint resolution. A motion to further 12
762	762	limit debate is in order and not debatable. An amendment 13
763	763	to, or a motion to postpone, or a motion to proceed to 14
764	764	the consideration of other business, or a motion to recom-15
765	765	mit the joint resolution is not in order. 16
766	766	‘‘(3) In the Senate, immediately following the conclu-17
767	767	sion of the debate on a joint resolution described in sub-18
768	768	section (a), and a single quorum call at the conclusion of 19
769	769	the debate if requested in accordance with the rules of the 20
770	770	Senate, the vote on final passage of the joint resolution 21
771	771	shall occur. 22
772	772	‘‘(4) Appeals from the decisions of the Chair relating 23
773	773	to the application of the rules of the Senate to the proce-24
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776	776	•HR 2155 IH
777	777	dure relating to a joint resolution described in subsection 1
778	778	(a) shall be decided without debate. 2
779	779	‘‘(e) In the Senate, the procedure specified in sub-3
780	780	section (c) or (d) shall not apply to the consideration of 4
781	781	a joint resolution respecting a nonmajor rule— 5
782	782	‘‘(1) after the expiration of the 60 session days 6
783	783	beginning with the applicable submission or publica-7
784	784	tion date; or 8
785	785	‘‘(2) if the report under section 801(a)(1)(A) 9
786	786	was submitted during the period referred to in sec-10
787	787	tion 801(d)(1), after the expiration of the 60 session 11
788	788	days beginning on the 15th session day after the 12
789	789	succeeding session of Congress first convenes. 13
790	790	‘‘(f) If, before the passage by one House of a joint 14
791	791	resolution of that House described in subsection (a), that 15
792	792	House receives from the other House a joint resolution 16
793	793	described in subsection (a), then the following procedures 17
794	794	shall apply: 18
795	795	‘‘(1) The joint resolution of the other House 19
796	796	shall not be referred to a committee. 20
797	797	‘‘(2) With respect to a joint resolution described 21
798	798	in subsection (a) of the House receiving the joint 22
799	799	resolution— 23
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802	802	•HR 2155 IH
803	803	‘‘(A) the procedure in that House shall be 1
804	804	the same as if no joint resolution had been re-2
805	805	ceived from the other House; but 3
806	806	‘‘(B) the vote on final passage shall be on 4
807	807	the joint resolution of the other House. 5
808	808	‘‘§ 804. Definitions 6
809	809	‘‘For purposes of this chapter: 7
810	810	‘‘(1) The term ‘Federal agency’ means— 8
811	811	‘‘(A) the Board of Governors of the Fed-9
812	812	eral Reserve System; 10
813	813	‘‘(B) the Securities and Exchange Commis-11
814	814	sion; 12
815	815	‘‘(C) the Commodity Futures Trading 13
816	816	Commission; 14
817	817	‘‘(D) the Federal Deposit Insurance Cor-15
818	818	poration; 16
819	819	‘‘(E) the Bureau of Consumer Financial 17
820	820	Protection; 18
821	821	‘‘(F) the Department of the Treasury, in-19
822	822	cluding the Office of the Comptroller of the 20
823	823	Currency and the Financial Crimes Enforce-21
824	824	ment Network; or 22
825	825	‘‘(G) the National Credit Union Adminis-23
826	826	tration. 24
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829	829	•HR 2155 IH
830	830	‘‘(2) The term ‘major rule’ means any rule, in-1
831	831	cluding an interim final rule, that the Administrator 2
832	832	of the Office of Information and Regulatory Affairs 3
833	833	of the Office of Management and Budget or the 4
834	834	Federal agency promulgating such rule finds has re-5
835	835	sulted in or is likely to result in— 6
836	836	‘‘(A) an annual effect on the economy of 7
837	837	$100 million or more; 8
838	838	‘‘(B) a major increase in costs or prices for 9
839	839	consumers, individual industries, Federal, 10
840	840	State, or local government agencies, or geo-11
841	841	graphic regions; 12
842	842	‘‘(C) significant adverse effects on competi-13
843	843	tion, employment, investment, productivity, in-14
844	844	novation, or the ability of United States-based 15
845	845	enterprises to compete with foreign-based enter-16
846	846	prises in domestic and export markets; or 17
847	847	‘‘(D) in an increase in mandatory vaccina-18
848	848	tions. 19
849	849	‘‘(3) The term ‘nonmajor rule’ means any rule 20
850	850	that is not a major rule. 21
851	851	‘‘(4) The term ‘rule’ has the meaning given the 22
852	852	term in section 551, except that the term— 23
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855	855	•HR 2155 IH
856	856	‘‘(A) includes interpretative rules, general 1
857	857	statements of policy, and all other agency guid-2
858	858	ance documents; and 3
859	859	‘‘(B) does not include— 4
860	860	‘‘(i) any rule of particular applica-5
861	861	bility, including a rule that approves or 6
862	862	prescribes for the future rates, wages, 7
863	863	prices, services, or allowances therefore, 8
864	864	corporate or financial structures, reorga-9
865	865	nizations, mergers, or acquisitions thereof, 10
866	866	or accounting practices or disclosures bear-11
867	867	ing on any of the foregoing; 12
868	868	‘‘(ii) any rule relating to agency man-13
869	869	agement or personnel; or 14
870	870	‘‘(iii) any rule of agency organization, 15
871	871	procedure, or practice that does not sub-16
872	872	stantially affect the rights or obligations of 17
873	873	non-agency parties. 18
874	874	‘‘(5) The term ‘submission or publication date’, 19
875	875	except as otherwise provided in this chapter, 20
876	876	means— 21
877	877	‘‘(A) in the case of a major rule, the date 22
878	878	on which the Congress receives the report sub-23
879	879	mitted under section 801(a)(1); and 24
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883	883	‘‘(B) in the case of a nonmajor rule, the 1
884	884	later of— 2
885	885	‘‘(i) the date on which the Congress 3
886	886	receives the report submitted under section 4
887	887	801(a)(1); and 5
888	888	‘‘(ii) the date on which the nonmajor 6
889	889	rule is published in the Federal Register, if 7
890	890	so published. 8
891	891	‘‘§ 805. Judicial review 9
892	892	‘‘(a) I
893	893	NGENERAL.—No determination, finding, ac-10
894	894	tion, or omission under this chapter shall be subject to 11
895	895	judicial review. 12
896	896	‘‘(b) E
897	897	XCEPTION.—Notwithstanding subsection (a), a 13
898	898	court may determine whether a Federal agency has com-14
899	899	pleted the necessary requirements under this chapter for 15
900	900	a rule to take effect. 16
901	901	‘‘(c) R
902	902	ULE OFCONSTRUCTION.—The enactment of a 17
903	903	joint resolution of approval under section 802 shall not 18
904	904	be interpreted to serve as a grant or modification of statu-19
905	905	tory authority by Congress for the promulgation of a rule, 20
906	906	shall not extinguish or affect any claim, whether sub-21
907	907	stantive or procedural, against any alleged defect in a rule, 22
908	908	and shall not form part of the record before the court in 23
909	909	any judicial proceeding concerning a rule except for pur-24
910	910	poses of determining whether or not the rule is in effect. 25
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914	914	‘‘§ 806. Exemption for monetary policy 1
915	915	‘‘Nothing in this chapter shall apply to rules that con-2
916	916	cern monetary policy proposed or implemented by the 3
917	917	Board of Governors of the Federal Reserve System or the 4
918	918	Federal Open Market Committee. 5
919	919	‘‘§ 807. Effective date of certain rules 6
920	920	‘‘Notwithstanding section 801— 7
921	921	‘‘(1) any rule that establishes, modifies, opens, 8
922	922	closes, or conducts a regulatory program for a com-9
923	923	mercial, recreational, or subsistence activity related 10
924	924	to hunting, fishing, or camping; or 11
925	925	‘‘(2) any rule other than a major rule which an 12
926	926	agency for good cause finds (and incorporates the 13
927	927	finding and a brief statement of reasons therefore in 14
928	928	the rule issued) that notice and public procedure 15
929	929	thereon are impracticable, unnecessary, or contrary 16
930	930	to the public interest, 17
931	931	shall take effect at such time as the Federal agency pro-18
932	932	mulgating the rule determines. 19
933	933	‘‘§ 808. Review of rules currently in effect 20
934	934	‘‘(a) A
935	935	NNUALREVIEW.—Beginning on the date that 21
936	936	is 180 days after the date of enactment of this section, 22
937	937	and annually thereafter for the 4 years following, each 23
938	938	agency shall designate not less than 20 percent of eligible 24
939	939	rules made by that agency for review and shall submit a 25
940	940	report including each such eligible rule in the same man-26
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944	944	ner as a report under section 801(a)(1). Sections 801, 1
945	945	802, and 803 shall apply to each such rule, subject to sub-2
946	946	section (c) of this section. No eligible rule previously des-3
947	947	ignated may be designated again. 4
948	948	‘‘(b) S
949	949	UNSET FOR ELIGIBLERULESNOTEX-5
950	950	TENDED.—Beginning after the date that is 5 years after 6
951	951	the date of enactment of this section, if Congress has not 7
952	952	enacted a joint resolution of approval for that eligible rule, 8
953	953	that eligible rule shall not continue in effect. 9
954	954	‘‘(c) A
955	955	PPROVAL OFRULES.— 10
956	956	‘‘(1) I
957	957	N GENERAL.—Unless Congress approves 11
958	958	all eligible rules designated by executive agencies for 12
959	959	review within 90 days of designation, they shall have 13
960	960	no effect. 14
961	961	‘‘(2) F
962	962	ORMATTING.—A single joint resolution of 15
963	963	approval shall apply to all eligible rules in a report 16
964	964	designated for a year as follows: ‘That Congress ap-17
965	965	proves the rules submitted by thelll for the 18
966	966	year lll.’ (The blank spaces being appropriately 19
967	967	filled in). 20
968	968	‘‘(3) P
969	969	ROCEDURE.—A member of either House 21
970	970	may move that a separate joint resolution be re-22
971	971	quired for a specified rule. 23
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975	975	‘‘(d) DEFINITION.—In this section, the term ‘eligible 1
976	976	rule’ means a rule that is in effect as of the date of enact-2
977	977	ment of this section.’’. 3
978	978	(b) T
979	979	ECHNICAL AND CONFORMINGAMENDMENT.— 4
980	980	The chapter heading for chapter 8 of title 5, United States 5
981	981	Code, is amended by inserting ‘‘CERTAIN’’ after 6
982	982	‘‘OF’’. 7
983	983	SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO 8
984	984	SECTION 802 OF TITLE 5, UNITED STATES 9
985	985	CODE. 10
986	986	Section 257(b)(2) of the Balanced Budget and Emer-11
987	987	gency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) 12
988	988	is amended by adding at the end the following new sub-13
989	989	paragraph: 14
990	990	‘‘(E) B
991	991	UDGETARY EFFECTS OF RULES 15
992	992	SUBJECT TO SECTION 802 OF TITLE 5 , UNITED 16
993	993	STATES CODE.—Any rule subject to the con-17
994	994	gressional approval procedure set forth in sec-18
995	995	tion 802 of chapter 8 of title 5, United States 19
996	996	Code, affecting budget authority, outlays, or re-20
997	997	ceipts shall be assumed to be effective unless it 21
998	998	is not approved in accordance with such sec-22
999	999	tion.’’. 23
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1003	1003	SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 1
1004	1004	OF RULES. 2
1005	1005	(a) I
1006	1006	NGENERAL.—The Comptroller General of the 3
1007	1007	United States shall conduct a study to determine, as of 4
1008	1008	the date of the enactment of this Act— 5
1009	1009	(1) how many rules (as that term is defined in 6
1010	1010	section 804 of title 5, United States Code, as added 7
1011	1011	by this title) were in effect; 8
1012	1012	(2) how many major rules (as that term is de-9
1013	1013	fined in section 804 of title 5, United States Code, 10
1014	1014	as added by this title) were in effect; and 11
1015	1015	(3) the total estimated economic cost imposed 12
1016	1016	by all such rules. 13
1017	1017	(b) R
1018	1018	EPORT.—Not later than 1 year after the date 14
1019	1019	of enactment of this Act, the Comptroller General of the 15
1020	1020	United States shall submit to Congress, and publish on 16
1021	1021	the website of the Government Accountability Office, a re-17
1022	1022	port that contains the findings of the study conducted 18
1023	1023	under subsection (a). 19
1024	1024	TITLE VI—SUSPICIOUS ACTIVITY 20
1025	1025	SEC. 601. CRIMINAL PENALTIES. 21
1026	1026	The Right to Financial Privacy Act of 1978 (12 22
1027	1027	U.S.C. 3401 et seq.) is amended by inserting after section 23
1028	1028	1116 (12 U.S.C. 3416) the following: 24
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1032	1032	‘‘CRIMINAL PENALTIES 1
1033	1033	‘‘S
1034	1034	EC. 1116A. (a) Except as provided in subsection 2
1035	1035	(b), any agency or department of the United States or fi-3
1036	1036	nancial institution knowingly obtaining or knowingly dis-4
1037	1037	closing financial records or information contained therein 5
1038	1038	in violation of this title shall be fined in any amount not 6
1039	1039	exceeding $5,000, or imprisoned not more than 5 years, 7
1040	1040	or both, together with the costs of prosecution, and if such 8
1041	1041	offense is committed by any officer or employee of the 9
1042	1042	United States, the officer or employee shall, in addition 10
1043	1043	to any other punishment, be dismissed from office or dis-11
1044	1044	charged from employment upon conviction for such of-12
1045	1045	fense. 13
1046	1046	‘‘(b) Any financial institution or agent or employee 14
1047	1047	thereof making a disclosure of financial records pursuant 15
1048	1048	to this title in good-faith reliance upon a certificate by any 16
1049	1049	Government authority or pursuant to the provisions of sec-17
1050	1050	tion 1113(l) shall not be subject to prosecution under sub-18
1051	1051	section (a).’’. 19
1052	1052	SEC. 602. CIVIL PENALTIES. 20
1053	1053	Section 1117(a) of the Right to Financial Privacy Act 21
1054	1054	of 1978 (12 U.S.C. 3417(a)) is amended by striking para-22
1055	1055	graphs (1) through (4) and inserting the following: 23
1056	1056	‘‘(1) not less than $1,000 per violation per day; 24
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1060	1060	‘‘(2) reasonable attorney’s fees and litigation 1
1061	1061	costs; and 2
1062	1062	‘‘(3) compensatory damages.’’. 3
1063	1063	SEC. 603. OTHER RELIEF. 4
1064	1064	The Right to Financial Privacy Act of 1978 (12 5
1065	1065	U.S.C. 3401 et seq.) is amended by inserting after section 6
1066	1066	1118 (12 U.S.C. 3418) the following: 7
1067	1067	‘‘
1068	1068	OTHER RELIEF 8
1069	1069	‘‘S
1070	1070	EC. 1118A. In addition to any other remedy con-9
1071	1071	tained in this title, a writ of mandamus and all other ap-10
1072	1072	propriate relief, including any equitable or declaratory re-11
1073	1073	lief, shall be available to require that the procedures of 12
1074	1074	this title are complied with.’’. 13
1075	1075	TITLE VII—STOPPING THE NOSY 14
1076	1076	OBSESSION WITH ONLINE 15
1077	1077	PAYMENTS 16
1078	1078	SEC. 701. REPEAL OF MODIFICATION OF EXCEPTIONS FOR 17
1079	1079	REPORTING OF THIRD PARTY NETWORK 18
1080	1080	TRANSACTIONS. 19
1081	1081	(a) I
1082	1082	NGENERAL.—Section 6050W(e) of the Internal 20
1083	1083	Revenue Code of 1986 is amended to read as follows: 21
1084	1084	‘‘(e) E
1085	1085	XCEPTION FOR DEMINIMISPAYMENTS BY 22
1086	1086	T
1087	1087	HIRDPARTYSETTLEMENT ORGANIZATIONS.—A third 23
1088	1088	party settlement organization shall be required to report 24
1089	1089	any information under subsection (a) with respect to third 25
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1092	1092	•HR 2155 IH
1093	1093	party network transactions of any participating payee only 1
1094	1094	if— 2
1095	1095	‘‘(1) the amount which would otherwise be re-3
1096	1096	ported under subsection (a)(2) with respect to such 4
1097	1097	transactions exceeds $20,000, and 5
1098	1098	‘‘(2) the aggregate number of such transactions 6
1099	1099	exceeds 200.’’. 7
1100	1100	(b) C
1101	1101	ONFORMING AMENDMENT.—Section 8
1102	1102	6050W(c)(3) of the Internal Revenue Code of 1986 is 9
1103	1103	amended by striking ‘‘described in subsection 10
1104	1104	(d)(3)(A)(iii)’’. 11
1105	1105	(c) E
1106	1106	FFECTIVEDATE.— 12
1107	1107	(1) I
1108	1108	N GENERAL.—The amendment made by 13
1109	1109	subsection (a) shall apply to returns for calendar 14
1110	1110	years beginning after December 31, 2021. 15
1111	1111	(2) C
1112	1112	LARIFICATION.—The amendment made by 16
1113	1113	subsection (b) shall apply to transactions after the 17
1114	1114	date of the enactment of the American Rescue Plan 18
1115	1115	Act of 2021. 19
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1119	1119	TITLE VIII—PROHIBITION ON 1
1120	1120	RESTRICTIONS RELATING TO 2
1121	1121	CONVERTIBLE VIRTUAL CUR-3
1122	1122	RENCY 4
1123	1123	SEC. 801. SHORT TITLE. 5
1124	1124	This title may be cited as the ‘‘Keep Your Coins 6
1125	1125	Act’’. 7
1126	1126	SEC. 802. PROHIBITION ON RESTRICTING USE OF CON-8
1127	1127	VERTIBLE VIRTUAL CURRENCY BY A PERSON 9
1128	1128	TO PURCHASE GOODS OR SERVICES FOR THE 10
1129	1129	PERSON’S OWN USE. 11
1130	1130	(a) I
1131	1131	NGENERAL.—No Federal agency head may pro-12
1132	1132	hibit or otherwise restrict the ability of a covered user to— 13
1133	1133	(1) use virtual currency or its equivalent for 14
1134	1134	such user’s own purposes, such as to purchase real 15
1135	1135	or virtual goods and services for the user’s own use; 16
1136	1136	or 17
1137	1137	(2) conduct transactions through a self-hosted 18
1138	1138	wallet. 19
1139	1139	(b) D
1140	1140	EFINITIONS.—In this section: 20
1141	1141	(1) C
1142	1142	ONVERTIBLE VIRTUAL CURRENCIES .—The 21
1143	1143	term ‘‘convertible virtual currencies’’ means a me-22
1144	1144	dium of exchange that— 23
1145	1145	(A) has an equivalent value as currency (as 24
1146	1146	defined in section 1010.100 of title 31, Code of 25
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1150	1150	Federal Regulations (or successor regulations)); 1
1151	1151	or 2
1152	1152	(B) acts as a substitute for currency but 3
1153	1153	may not possess all the attributes (including 4
1154	1154	legal tender status) specified under such section 5
1155	1155	1010.100. 6
1156	1156	(2) C
1157	1157	OVERED USER.—The term ‘‘covered user’’ 7
1158	1158	means a person that obtains convertible virtual cur-8
1159	1159	rency to purchase goods or services on that person’s 9
1160	1160	own behalf, without regard to the method in which 10
1161	1161	such covered user obtained such convertible virtual 11
1162	1162	currency. 12
1163	1163	(3) S
1164	1164	ELF-HOSTED WALLET .—The term ‘‘self- 13
1165	1165	hosted wallet’’ means an interface— 14
1166	1166	(A) used to secure and transfer convertible 15
1167	1167	virtual currency; and 16
1168	1168	(B) under which the owner of convertible 17
1169	1169	virtual currency retains independent control 18
1170	1170	over such convertible virtual currency that is se-19
1171	1171	cured by such digital interface. 20
1172	1172	Æ
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