I
119THCONGRESS
1
STSESSION H. R. 2155
To amend the Right to Financial Privacy Act of 1978 to preserve the
confidentiality of certain records, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH14, 2025
Mr. O
GLESintroduced the following bill; which was referred to the Committee
on Financial Services, and in addition to the Committees on the Judici-
ary, Rules, the Budget, and Ways and Means, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
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.
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TITLE I—BANK PRIVACY REFORM
Sec. 101. Bank Secrecy Act reforms.
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 VII—STOPPING THE NOSY OBSESSION WITH ONLINE
PAYMENTS
Sec. 701. Repeal of modification of exceptions for reporting of third party net-
work transactions.
TITLE VIII—PROHIBITION ON RESTRICTIONS RELATING TO
CONVERTIBLE VIRTUAL CURRENCY
Sec. 801. Short title.
Sec. 802. Prohibition on restricting use of convertible virtual currency by a per-
son to purchase goods or services for the person’s own use.
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
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(1) by amending section 1102 (12 U.S.C. 3402) 1
to read as follows: 2
‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-3
MENT AUTHORITIES. 4
‘‘Except as provided by subsection (c) or (d) of sec-5
tion 1103 or section 1113, no Government authority may 6
have access to or obtain copies of, or the information con-7
tained in the financial records of any customer from a fi-8
nancial institution unless the financial records are reason-9
ably described and such financial records are disclosed in 10
response to a search warrant which meets the require-11
ments of section 1106.’’; 12
(2) by striking sections 1104 (12 U.S.C. 3404), 13
1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 14
1108 (12 U.S.C. 3408); and 15
(3) in section 1109(a) (12 U.S.C. 3409(a)), by 16
striking ‘‘section 1104(c), 1105(2), 1106(c), 17
1107(2), 1108(4),’’ and inserting ‘‘section 1106(c)’’. 18
(b) T
ITLE31.—Chapter 53 of title 31, United States 19
Code, is amended— 20
(1) by amending section 5311 to read as fol-21
lows: 22
‘‘§ 5311. Declaration of purpose 23
‘‘It is the purpose of this subchapter to require finan-24
cial institutions to retain transaction records that include 25
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information identified with or identifiable as being derived 1
from the financial records of particular customers.’’; 2
(2) in section 5312(a)— 3
(A) in paragraph (2), by repealing sub-4
paragraphs (O), (Q), (S), (T), (V), (Y), and 5
(Z); 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), (d), (e), 6
(f), (g), (i), (l), (m), (n), (p), (q), and (r); and 7
(B) by adding at the end the following: 8
‘‘(s) A
CCESS OFRECORDS.— 9
‘‘(1) I
N GENERAL.—Notwithstanding any other 10
provision of this title, the Federal Government may 11
not access the financial records or information of an 12
individual in a manner that is prohibited by the 13
Fourth Amendment to the Constitution of the 14
United States with respect to the records or infor-15
mation in question. 16
‘‘(2) A
ID IN STATUTORY CONSTRUCTION .—It is 17
the sense of Congress that, through the enactment 18
of this title, Congress has established a statutory 19
right that ensures that the expectation of privacy 20
that the people of the United States have with re-21
spect to financial records is protected.’’. 22
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TITLE III—CONSOLIDATED 1
AUDIT TRAIL 2
SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING 3
THE CONSOLIDATED AUDIT TRAIL. 4
(a) D
EFINITIONS.—In this section: 5
(1) C
OMMISSION.—The term ‘‘Commission’’ 6
means the Securities and Exchange Commission. 7
(2) C
ONSOLIDATED AUDIT TRAIL .—The term 8
‘‘Consolidated Audit Trail’’ means the consolidated 9
audit trail and central repository created, imple-10
mented, and maintained pursuant to section 242.613 11
of title 17, Code of Federal Regulations, as in effect 12
on the day before the date of enactment of this Act. 13
(3) P
ERSONALLY IDENTIFIABLE INFORMA -14
TION.—The term ‘‘personally identifiable informa-15
tion’’— 16
(A) means information that can be used to 17
distinguish or trace the identity of an indi-18
vidual, either alone or when combined with 19
other personal or identifying information that is 20
linked or linkable to a specific individual, in-21
cluding the name, address, date or year of 22
birth, Social Security number, telephone num-23
ber, email, or IP-address of an individual; and 24
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(B) does not include a CAT–Order–ID or 1
CAT–Reporter–ID, as those terms are defined 2
in section 242.613(j) of title 17, Code of Fed-3
eral Regulations (or any successor regulation). 4
(4) S
ELF-REGULATORY ORGANIZATION .—The 5
term ‘‘self-regulatory organization’’ has the meaning 6
given the term in section 3(a) of the Securities Ex-7
change Act of 1934 (15 U.S.C. 78c(a)). 8
(b) R
EQUIREMENT.—The Commission shall— 9
(1) not later than 30 days after the date of en-10
actment of this Act, and notwithstanding any other 11
provision of law or regulation, terminate the Consoli-12
dated Audit Trail; and 13
(2) not later that 120 days after the date of en-14
actment of this Act, amend any regulation, no action 15
letter, interpretive letter, exemptive letter, legal bul-16
letin, or other guidance of the Commission to con-17
form to the requirements of this section. 18
(c) P
ROHIBITIONS.—On and after the date that the 19
Commission carries out the termination required under 20
subsection (b)(1)— 21
(1) neither the Commission nor any self-regu-22
latory organization may administer the Consolidated 23
Audit Trail; and 24
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(2) no Federal agency may establish any con-1
solidated audit trail, central repository, or other cen-2
tralized database that collects personally identifiable 3
information of citizens of the United States, unless 4
a duly enacted law of the United States specifically 5
provides the Federal agency with the authority to 6
take that action. 7
(d) R
EIMBURSEMENT OF FEES.—Not later than 1 8
year after the date of enactment of this Act, Consolidated 9
Audit Trail, LLC and FINRA CAT, LLC shall reimburse 10
all fees collected by those entities before that date to carry 11
out the Consolidated Audit Trail. 12
TITLE IV—NO CENTRAL BANK 13
DIGITAL CURRENCY 14
SEC. 401. CENTRAL BANK DIGITAL CURRENCY. 15
Section 13 of the Federal Reserve Act is amended 16
by adding after the 14th undesignated paragraph (12 17
U.S.C. 347d) the following: 18
‘‘No Federal reserve bank, the Board, the Sec-19
retary of the Treasury, any other agency, or any en-20
tity directed to act on behalf of the Federal reserve 21
bank, the Board, the Secretary, or other agency, 22
may mint or issue a central bank digital currency di-23
rectly to an individual (including a central bank dig-24
ital currency issued to an individual through a custo-25
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dial intermediary) or a digital currency inter-1
mediary, offer related products or services directly to 2
an individual, or maintain an account on behalf of 3
an individual (including an account in a specially 4
designated account at a digital currency inter-5
mediary or supervised commercial bank). No Federal 6
reserve bank may hold digital currencies minted or 7
issued by the United States Government as assets or 8
liabilities on a balance sheet of the bank or use such 9
digital currencies as part of fulfilling the require-10
ments under section 2A.’’. 11
TITLE V—REGULATIONS FROM 12
THE EXECUTIVE IN NEED OF 13
SCRUTINY 14
SEC. 501. PURPOSE. 15
The purpose of this title is to increase accountability 16
for and transparency in the Federal regulatory process. 17
Section 1 of article I of the United States Constitution 18
grants all legislative powers to Congress. Over time, Con-19
gress has excessively delegated its constitutional charge 20
while failing to conduct appropriate oversight and retain 21
accountability for the content of the laws it passes. By 22
requiring a vote in Congress, the REINS Act will result 23
in more carefully drafted and detailed legislation, an im-24
proved regulatory process, and a legislative branch that 25
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is truly accountable to the American people for the laws 1
imposed upon them. 2
SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY 3
RULEMAKING. 4
(a) I
NGENERAL.—Chapter 8 of title 5, United 5
States Code, is amended to read as follows: 6
‘‘CHAPTER 8—CONGRESSIONAL REVIEW 7
OF CERTAIN AGENCY RULEMAKING 8
‘‘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.
‘‘807. Effective date of certain rules.
‘‘808. Review of rules currently in effect.
‘‘§ 801. Congressional review 9
‘‘(a)(1)(A) Before a rule may take effect, the Federal 10
agency promulgating such rule shall publish in the Federal 11
Register a list of information on which the rule is based, 12
including data, scientific and economic studies, and cost- 13
benefit analyses, and identify how the public can access 14
such information online, and shall submit to each House 15
of the Congress and to the Comptroller General a report 16
containing— 17
‘‘(i) a copy of the rule; 18
‘‘(ii) a concise general statement relating to the 19
rule; 20
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‘‘(iii) a finding, rendered in consultation with 1
the Administrator of the Office of Information and 2
Regulatory Affairs of the Office of Management and 3
Budget, whether the rule is a major or nonmajor 4
rule, including an explanation of the finding specifi-5
cally addressing each criteria for a major rule con-6
tained within subparagraphs (A) through (C) of sec-7
tion 804(2); 8
‘‘(iv) a list of any other related regulatory ac-9
tions intended to implement the same statutory pro-10
vision or regulatory objective as well as the indi-11
vidual and aggregate economic effects of those ac-12
tions; 13
‘‘(v) the proposed effective date of the rule; and 14
‘‘(vi) a statement of the constitutional authority 15
authorizing the agency to make the rule. 16
‘‘(B) On the date of the submission of the report 17
under subparagraph (A), the Federal agency promulgating 18
the rule shall submit to the Comptroller General and make 19
available to each House of Congress (and to each com-20
mittee of jurisdiction in each House)— 21
‘‘(i) a complete copy of the cost-benefit analysis 22
of the rule, if any, including an analysis of any jobs 23
added or lost, differentiating between public and pri-24
vate sector jobs; 25
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‘‘(ii) the agency’s actions pursuant to sections 1
603, 604, 605, 607, and 609 of this title; 2
‘‘(iii) the agency’s actions pursuant to sections 3
202, 203, 204, and 205 of the Unfunded Mandates 4
Reform Act of 1995; 5
‘‘(iv) an estimate of the effect on inflation of 6
the rule; and 7
‘‘(v) any other relevant information or require-8
ments under any other Act and any relevant Execu-9
tive orders. 10
‘‘(C) Upon receipt of a report submitted under sub-11
paragraph (A), each House shall provide copies of the re-12
port to the chairman and ranking member of each stand-13
ing committee with jurisdiction under the rules of the 14
House of Representatives or the Senate to report a bill 15
to amend the provision of law under which the rule is 16
issued. 17
‘‘(D) If requested in writing by a member of Con-18
gress— 19
‘‘(i) the Comptroller General shall make a de-20
termination whether an agency action qualifies as a 21
rule for purposes of this chapter, and shall submit 22
to Congress this determination not later than 60 23
days after the date of the request; and 24
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‘‘(ii) the Comptroller General, in consultation 1
with the Director of the Congressional Budget Of-2
fice, shall make a determination whether a rule is 3
considered a major rule under the provisions of this 4
act, and shall submit to Congress this determination 5
not later than 90 days after the date of the request. 6
For purposes of this section, a determination under this 7
subparagraph shall be deemed to be a report under sub-8
paragraph (A). 9
‘‘(2)(A) The Comptroller General shall provide a re-10
port on each major rule to the committees of jurisdiction 11
by the end of 15 calendar days after the submission or 12
publication date. The report of the Comptroller General 13
shall include an assessment of the agency’s compliance 14
with procedural steps required by paragraph (1)(B) and 15
an assessment of whether the major rule imposes any new 16
limits or mandates on private-sector activity. 17
‘‘(B) Federal agencies shall cooperate with the Comp-18
troller General by providing information relevant to the 19
Comptroller General’s report under subparagraph (A). 20
‘‘(3) A major rule relating to a report submitted 21
under paragraph (1) shall take effect upon enactment of 22
a joint resolution of approval described in section 802 or 23
as provided for in the rule following enactment of a joint 24
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resolution of approval described in section 802, whichever 1
is later. 2
‘‘(4) A nonmajor rule shall take effect as provided 3
by section 803 after submission to Congress under para-4
graph (1). 5
‘‘(5) If a joint resolution of approval relating to a 6
major rule is not enacted within the period provided in 7
subsection (b)(2), then a joint resolution of approval relat-8
ing to the same rule may not be considered under this 9
chapter in the same Congress by either the House of Rep-10
resentatives or the Senate. 11
‘‘(b)(1) A major rule shall not take effect unless the 12
Congress enacts a joint resolution of approval described 13
under section 802. 14
‘‘(2) If a joint resolution described in subsection (a) 15
is not enacted into law by the end of 70 session days or 16
legislative days, as applicable, beginning on the date on 17
which the report referred to in subsection (a)(1)(A) is re-18
ceived by Congress (excluding days either House of Con-19
gress is adjourned for more than 3 days during a session 20
of Congress), then the rule described in that resolution 21
shall be deemed not to be approved and such rule shall 22
not take effect. 23
‘‘(c)(1) Notwithstanding any other provision of this 24
section (except subject to paragraph (3)), a major rule 25
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may take effect for one 90-calendar-day period if the 1
President makes a determination under paragraph (2) and 2
submits written notice of such determination to the Con-3
gress. 4
‘‘(2) Paragraph (1) applies to a determination made 5
by the President by Executive order that the major rule 6
should take effect because such rule is— 7
‘‘(A) necessary because of an imminent threat 8
to health or safety or other emergency; 9
‘‘(B) necessary for the enforcement of criminal 10
laws; 11
‘‘(C) necessary for national security; or 12
‘‘(D) issued pursuant to any statute imple-13
menting an international trade agreement. 14
‘‘(3) An exercise by the President of the authority 15
under this subsection shall have no effect on the proce-16
dures under section 802. 17
‘‘(d)(1) In addition to the opportunity for review oth-18
erwise provided under this chapter, in the case of any rule 19
for which a report was submitted in accordance with sub-20
section (a)(1)(A) during the period beginning on the date 21
occurring— 22
‘‘(A) in the case of the Senate, 60 session days; 23
or 24
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‘‘(B) in the case of the House of Representa-1
tives, 60 legislative days, 2
before the date the Congress is scheduled to adjourn a 3
session of Congress through the date on which the same 4
or succeeding Congress first convenes its next session, sec-5
tions 802 and 803 shall apply to such rule in the suc-6
ceeding session of Congress. 7
‘‘(2)(A) In applying sections 802 and 803 for pur-8
poses of such additional review, a rule described under 9
paragraph (1) shall be treated as though— 10
‘‘(i) such rule were published in the Federal 11
Register on— 12
‘‘(I) in the case of the Senate, the 15th 13
session day; or 14
‘‘(II) in the case of the House of Rep-15
resentatives, the 15th legislative day, 16
after the succeeding session of Congress first con-17
venes; and 18
‘‘(ii) a report on such rule were submitted to 19
Congress under subsection (a)(1) on such date. 20
‘‘(B) Nothing in this paragraph shall be construed 21
to affect the requirement under subsection (a)(1) that a 22
report shall be submitted to Congress before a rule can 23
take effect. 24
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‘‘(3) A rule described under paragraph (1) shall take 1
effect as otherwise provided by law (including other sub-2
sections of this section). 3
‘‘§ 802. Congressional approval procedure for major 4
rules 5
‘‘(a)(1) For purposes of this section, the term ‘joint 6
resolution’ means only a joint resolution addressing a re-7
port classifying a rule as major pursuant to section 8
801(a)(1)(A)(iii) that— 9
‘‘(A) bears no preamble; 10
‘‘(B) bears the following title (with blanks filled 11
as appropriate): ‘Approving the rule submitted by 12
lll relating to lll.’; 13
‘‘(C) includes after its resolving clause only the 14
following (with blanks filled as appropriate): ‘That 15
Congress approves the rule submitted by lll re-16
lating to lll.’; and 17
‘‘(D) is introduced pursuant to paragraph (2). 18
‘‘(2) After a House of Congress receives a report 19
classifying a rule as major pursuant to section 20
801(a)(1)(A)(iii), the majority leader of that House (or 21
his or her respective designee) shall introduce (by request, 22
if appropriate) a joint resolution described in paragraph 23
(1)— 24
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‘‘(A) in the case of the House of Representa-1
tives, within 3 legislative days; and 2
‘‘(B) in the case of the Senate, within 3 session 3
days. 4
‘‘(3) A joint resolution described in paragraph (1) 5
shall not be subject to amendment at any stage of pro-6
ceeding. 7
‘‘(b) A joint resolution described in subsection (a) 8
shall be referred in each House of Congress to the commit-9
tees having jurisdiction over the provision of law under 10
which the rule is issued. 11
‘‘(c) In the Senate, if the committee or committees 12
to which a joint resolution described in subsection (a) has 13
been referred have not reported it at the end of 15 session 14
days after its introduction, such committee or committees 15
shall be automatically discharged from further consider-16
ation of the resolution and it shall be placed on the cal-17
endar. A vote on final passage of the resolution shall be 18
taken on or before the close of the 15th session day after 19
the resolution is reported by the committee or committees 20
to which it was referred, or after such committee or com-21
mittees have been discharged from further consideration 22
of the resolution. 23
‘‘(d)(1) In the Senate, when the committee or com-24
mittees to which a joint resolution is referred have re-25
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ported, or when a committee or committees are discharged 1
(under subsection (c)) from further consideration of a 2
joint resolution described in subsection (a), it is at any 3
time thereafter in order (even though a previous motion 4
to the same effect has been disagreed to) for a motion 5
to proceed to the consideration of the joint resolution, and 6
all points of order against the joint resolution (and against 7
consideration of the joint resolution) are waived. The mo-8
tion is not subject to amendment, or to a motion to post-9
pone, or to a motion to proceed to the consideration of 10
other business. A motion to reconsider the vote by which 11
the motion is agreed to or disagreed to shall not be in 12
order. If a motion to proceed to the consideration of the 13
joint resolution is agreed to, the joint resolution shall re-14
main the unfinished business of the Senate until disposed 15
of. 16
‘‘(2) In the Senate, debate on the joint resolution, 17
and on all debatable motions and appeals in connection 18
therewith, shall be limited to not more than 2 hours, which 19
shall be divided equally between those favoring and those 20
opposing the joint resolution. A motion to further limit 21
debate is in order and not debatable. An amendment to, 22
or a motion to postpone, or a motion to proceed to the 23
consideration of other business, or a motion to recommit 24
the joint resolution is not in order. 25
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‘‘(3) In the Senate, immediately following the conclu-1
sion of the debate on a joint resolution described in sub-2
section (a), and a single quorum call at the conclusion of 3
the debate if requested in accordance with the rules of the 4
Senate, the vote on final passage of the joint resolution 5
shall occur. 6
‘‘(4) Appeals from the decisions of the Chair relating 7
to the application of the rules of the Senate to the proce-8
dure relating to a joint resolution described in subsection 9
(a) shall be decided without debate. 10
‘‘(e) In the House of Representatives, if any com-11
mittee to which a joint resolution described in subsection 12
(a) has been referred has not reported it to the House 13
at the end of 15 legislative days after its introduction, 14
such committee shall be discharged from further consider-15
ation of the joint resolution, and it shall be placed on the 16
appropriate calendar. On the second and fourth Thursdays 17
of each month it shall be in order at any time for the 18
Speaker to recognize a Member who favors passage of a 19
joint resolution that has appeared on the calendar for at 20
least 5 legislative days to call up that joint resolution for 21
immediate consideration in the House without intervention 22
of any point of order. When so called up a joint resolution 23
shall be considered as read and shall be debatable for 1 24
hour equally divided and controlled by the proponent and 25
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an opponent, and the previous question shall be considered 1
as ordered to its passage without intervening motion. It 2
shall not be in order to reconsider the vote on passage. 3
If a vote on final passage of the joint resolution has not 4
been taken by the third Thursday on which the Speaker 5
may recognize a Member under this subsection, such vote 6
shall be taken on that day. 7
‘‘(f)(1) If, before passing a joint resolution described 8
in subsection (a), one House receives from the other a 9
joint resolution having the same text, then— 10
‘‘(A) the joint resolution of the other House 11
shall not be referred to a committee; and 12
‘‘(B) the procedure in the receiving House shall 13
be the same as if no joint resolution had been re-14
ceived from the other House until the vote on pas-15
sage, when the joint resolution received from the 16
other House shall supplant the joint resolution of 17
the receiving House. 18
‘‘(2) This subsection shall not apply to the House of 19
Representatives if the joint resolution received from the 20
Senate is a revenue measure. 21
‘‘(g) If either House has not taken a vote on final 22
passage of the joint resolution by the last day of the period 23
described in section 801(b)(2), then such vote shall be 24
taken on that day. 25
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‘‘(h) This section and section 803 are enacted by 1
Congress— 2
‘‘(1) as an exercise of the rulemaking power of 3
the Senate and House of Representatives, respec-4
tively, and as such are deemed to be part of the 5
rules of each House, respectively, but applicable only 6
with respect to the procedure to be followed in that 7
House in the case of a joint resolution described in 8
subsection (a) and superseding other rules only 9
where explicitly so; and 10
‘‘(2) with full recognition of the constitutional 11
right of either House to change the rules (so far as 12
they relate to the procedure of that House) at any 13
time, in the same manner and to the same extent as 14
in the case of any other rule of that House. 15
‘‘§ 803. Congressional disapproval procedure for 16
nonmajor rules 17
‘‘(a) For purposes of this section, the term ‘joint res-18
olution’ means only a joint resolution introduced in the 19
period beginning on the date on which the report referred 20
to in section 801(a)(1)(A) is received by Congress and 21
ending 60 days thereafter (excluding days either House 22
of Congress is adjourned for more than 3 days during a 23
session of Congress), the matter after the resolving clause 24
of which is as follows: ‘That Congress disapproves the 25
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nonmajor rule submitted by the lll relating to 1
lll, and such rule shall have no force or effect.’ (The 2
blank spaces being appropriately filled in). 3
‘‘(b) A joint resolution described in subsection (a) 4
shall be referred to the committees in each House of Con-5
gress with jurisdiction. 6
‘‘(c) In the Senate, if the committee to which is re-7
ferred a joint resolution described in subsection (a) has 8
not reported such joint resolution (or an identical joint 9
resolution) at the end of 15 session days after the date 10
of introduction of the joint resolution, such committee may 11
be discharged from further consideration of such joint res-12
olution upon a petition supported in writing by 30 Mem-13
bers of the Senate, and such joint resolution shall be 14
placed on the calendar. 15
‘‘(d)(1) In the Senate, when the committee to which 16
a joint resolution is referred has reported, or when a com-17
mittee is discharged (under subsection (c)) from further 18
consideration of a joint resolution described in subsection 19
(a), it is at any time thereafter in order (even though a 20
previous motion to the same effect has been disagreed to) 21
for a motion to proceed to the consideration of the joint 22
resolution, and all points of order against the joint resolu-23
tion (and against consideration of the joint resolution) are 24
waived. The motion is not subject to amendment, or to 25
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a motion to postpone, or to a motion to proceed to the 1
consideration of other business. A motion to reconsider the 2
vote by which the motion is agreed to or disagreed to shall 3
not be in order. If a motion to proceed to the consideration 4
of the joint resolution is agreed to, the joint resolution 5
shall remain the unfinished business of the Senate until 6
disposed of. 7
‘‘(2) In the Senate, debate on the joint resolution, 8
and on all debatable motions and appeals in connection 9
therewith, shall be limited to not more than 10 hours, 10
which shall be divided equally between those favoring and 11
those opposing the joint resolution. A motion to further 12
limit debate is in order and not debatable. An amendment 13
to, or a motion to postpone, or a motion to proceed to 14
the consideration of other business, or a motion to recom-15
mit the joint resolution is not in order. 16
‘‘(3) In the Senate, immediately following the conclu-17
sion of the debate on a joint resolution described in sub-18
section (a), and a single quorum call at the conclusion of 19
the debate if requested in accordance with the rules of the 20
Senate, the vote on final passage of the joint resolution 21
shall occur. 22
‘‘(4) Appeals from the decisions of the Chair relating 23
to the application of the rules of the Senate to the proce-24
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dure relating to a joint resolution described in subsection 1
(a) shall be decided without debate. 2
‘‘(e) In the Senate, the procedure specified in sub-3
section (c) or (d) shall not apply to the consideration of 4
a joint resolution respecting a nonmajor rule— 5
‘‘(1) after the expiration of the 60 session days 6
beginning with the applicable submission or publica-7
tion date; or 8
‘‘(2) if the report under section 801(a)(1)(A) 9
was submitted during the period referred to in sec-10
tion 801(d)(1), after the expiration of the 60 session 11
days beginning on the 15th session day after the 12
succeeding session of Congress first convenes. 13
‘‘(f) If, before the passage by one House of a joint 14
resolution of that House described in subsection (a), that 15
House receives from the other House a joint resolution 16
described in subsection (a), then the following procedures 17
shall apply: 18
‘‘(1) The joint resolution of the other House 19
shall not be referred to a committee. 20
‘‘(2) With respect to a joint resolution described 21
in subsection (a) of the House receiving the joint 22
resolution— 23
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‘‘(A) the procedure in that House shall be 1
the same as if no joint resolution had been re-2
ceived from the other House; but 3
‘‘(B) the vote on final passage shall be on 4
the joint resolution of the other House. 5
‘‘§ 804. Definitions 6
‘‘For purposes of this chapter: 7
‘‘(1) The term ‘Federal agency’ means— 8
‘‘(A) the Board of Governors of the Fed-9
eral Reserve System; 10
‘‘(B) the Securities and Exchange Commis-11
sion; 12
‘‘(C) the Commodity Futures Trading 13
Commission; 14
‘‘(D) the Federal Deposit Insurance Cor-15
poration; 16
‘‘(E) the Bureau of Consumer Financial 17
Protection; 18
‘‘(F) the Department of the Treasury, in-19
cluding the Office of the Comptroller of the 20
Currency and the Financial Crimes Enforce-21
ment Network; or 22
‘‘(G) the National Credit Union Adminis-23
tration. 24
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‘‘(2) The term ‘major rule’ means any rule, in-1
cluding an interim final rule, that the Administrator 2
of the Office of Information and Regulatory Affairs 3
of the Office of Management and Budget or the 4
Federal agency promulgating such rule finds has re-5
sulted in or is likely to result in— 6
‘‘(A) an annual effect on the economy of 7
$100 million or more; 8
‘‘(B) a major increase in costs or prices for 9
consumers, individual industries, Federal, 10
State, or local government agencies, or geo-11
graphic regions; 12
‘‘(C) significant adverse effects on competi-13
tion, employment, investment, productivity, in-14
novation, or the ability of United States-based 15
enterprises to compete with foreign-based enter-16
prises in domestic and export markets; or 17
‘‘(D) in an increase in mandatory vaccina-18
tions. 19
‘‘(3) The term ‘nonmajor rule’ means any rule 20
that is not a major rule. 21
‘‘(4) The term ‘rule’ has the meaning given the 22
term in section 551, except that the term— 23
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‘‘(A) includes interpretative rules, general 1
statements of policy, and all other agency guid-2
ance documents; and 3
‘‘(B) does not include— 4
‘‘(i) any rule of particular applica-5
bility, including a rule that approves or 6
prescribes for the future rates, wages, 7
prices, services, or allowances therefore, 8
corporate or financial structures, reorga-9
nizations, mergers, or acquisitions thereof, 10
or accounting practices or disclosures bear-11
ing on any of the foregoing; 12
‘‘(ii) any rule relating to agency man-13
agement or personnel; or 14
‘‘(iii) any rule of agency organization, 15
procedure, or practice that does not sub-16
stantially affect the rights or obligations of 17
non-agency parties. 18
‘‘(5) The term ‘submission or publication date’, 19
except as otherwise provided in this chapter, 20
means— 21
‘‘(A) in the case of a major rule, the date 22
on which the Congress receives the report sub-23
mitted under section 801(a)(1); and 24
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‘‘(B) in the case of a nonmajor rule, the 1
later of— 2
‘‘(i) the date on which the Congress 3
receives the report submitted under section 4
801(a)(1); and 5
‘‘(ii) the date on which the nonmajor 6
rule is published in the Federal Register, if 7
so published. 8
‘‘§ 805. Judicial review 9
‘‘(a) I
NGENERAL.—No determination, finding, ac-10
tion, or omission under this chapter shall be subject to 11
judicial review. 12
‘‘(b) E
XCEPTION.—Notwithstanding subsection (a), a 13
court may determine whether a Federal agency has com-14
pleted the necessary requirements under this chapter for 15
a rule to take effect. 16
‘‘(c) R
ULE OFCONSTRUCTION.—The enactment of a 17
joint resolution of approval under section 802 shall not 18
be interpreted to serve as a grant or modification of statu-19
tory authority by Congress for the promulgation of a rule, 20
shall not extinguish or affect any claim, whether sub-21
stantive or procedural, against any alleged defect in a rule, 22
and shall not form part of the record before the court in 23
any judicial proceeding concerning a rule except for pur-24
poses of determining whether or not the rule is in effect. 25
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‘‘§ 806. Exemption for monetary policy 1
‘‘Nothing in this chapter shall apply to rules that con-2
cern monetary policy proposed or implemented by the 3
Board of Governors of the Federal Reserve System or the 4
Federal Open Market Committee. 5
‘‘§ 807. Effective date of certain rules 6
‘‘Notwithstanding section 801— 7
‘‘(1) any rule that establishes, modifies, opens, 8
closes, or conducts a regulatory program for a com-9
mercial, recreational, or subsistence activity related 10
to hunting, fishing, or camping; or 11
‘‘(2) any rule other than a major rule which an 12
agency for good cause finds (and incorporates the 13
finding and a brief statement of reasons therefore in 14
the rule issued) that notice and public procedure 15
thereon are impracticable, unnecessary, or contrary 16
to the public interest, 17
shall take effect at such time as the Federal agency pro-18
mulgating the rule determines. 19
‘‘§ 808. Review of rules currently in effect 20
‘‘(a) A
NNUALREVIEW.—Beginning on the date that 21
is 180 days after the date of enactment of this section, 22
and annually thereafter for the 4 years following, each 23
agency shall designate not less than 20 percent of eligible 24
rules made by that agency for review and shall submit a 25
report including each such eligible rule in the same man-26
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ner as a report under section 801(a)(1). Sections 801, 1
802, and 803 shall apply to each such rule, subject to sub-2
section (c) of this section. No eligible rule previously des-3
ignated may be designated again. 4
‘‘(b) S
UNSET FOR ELIGIBLERULESNOTEX-5
TENDED.—Beginning after the date that is 5 years after 6
the date of enactment of this section, if Congress has not 7
enacted a joint resolution of approval for that eligible rule, 8
that eligible rule shall not continue in effect. 9
‘‘(c) A
PPROVAL OFRULES.— 10
‘‘(1) I
N GENERAL.—Unless Congress approves 11
all eligible rules designated by executive agencies for 12
review within 90 days of designation, they shall have 13
no effect. 14
‘‘(2) F
ORMATTING.—A single joint resolution of 15
approval shall apply to all eligible rules in a report 16
designated for a year as follows: ‘That Congress ap-17
proves the rules submitted by thelll for the 18
year lll.’ (The blank spaces being appropriately 19
filled in). 20
‘‘(3) P
ROCEDURE.—A member of either House 21
may move that a separate joint resolution be re-22
quired for a specified rule. 23
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‘‘(d) DEFINITION.—In this section, the term ‘eligible 1
rule’ means a rule that is in effect as of the date of enact-2
ment of this section.’’. 3
(b) T
ECHNICAL AND CONFORMINGAMENDMENT.— 4
The chapter heading for chapter 8 of title 5, United States 5
Code, is amended by inserting ‘‘CERTAIN’’ after 6
‘‘OF’’. 7
SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO 8
SECTION 802 OF TITLE 5, UNITED STATES 9
CODE. 10
Section 257(b)(2) of the Balanced Budget and Emer-11
gency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) 12
is amended by adding at the end the following new sub-13
paragraph: 14
‘‘(E) B
UDGETARY EFFECTS OF RULES 15
SUBJECT TO SECTION 802 OF TITLE 5 , UNITED 16
STATES CODE.—Any rule subject to the con-17
gressional approval procedure set forth in sec-18
tion 802 of chapter 8 of title 5, United States 19
Code, affecting budget authority, outlays, or re-20
ceipts shall be assumed to be effective unless it 21
is not approved in accordance with such sec-22
tion.’’. 23
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SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 1
OF RULES. 2
(a) I
NGENERAL.—The Comptroller General of the 3
United States shall conduct a study to determine, as of 4
the date of the enactment of this Act— 5
(1) how many rules (as that term is defined in 6
section 804 of title 5, United States Code, as added 7
by this title) were in effect; 8
(2) how many major rules (as that term is de-9
fined in section 804 of title 5, United States Code, 10
as added by this title) were in effect; and 11
(3) the total estimated economic cost imposed 12
by all such rules. 13
(b) R
EPORT.—Not later than 1 year after the date 14
of enactment of this Act, the Comptroller General of the 15
United States shall submit to Congress, and publish on 16
the website of the Government Accountability Office, a re-17
port that contains the findings of the study conducted 18
under subsection (a). 19
TITLE VI—SUSPICIOUS ACTIVITY 20
SEC. 601. CRIMINAL PENALTIES. 21
The Right to Financial Privacy Act of 1978 (12 22
U.S.C. 3401 et seq.) is amended by inserting after section 23
1116 (12 U.S.C. 3416) the following: 24
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‘‘CRIMINAL PENALTIES 1
‘‘S
EC. 1116A. (a) Except as provided in subsection 2
(b), any agency or department of the United States or fi-3
nancial institution knowingly obtaining or knowingly dis-4
closing financial records or information contained therein 5
in violation of this title shall be fined in any amount not 6
exceeding $5,000, or imprisoned not more than 5 years, 7
or both, together with the costs of prosecution, and if such 8
offense is committed by any officer or employee of the 9
United States, the officer or employee shall, in addition 10
to any other punishment, be dismissed from office or dis-11
charged from employment upon conviction for such of-12
fense. 13
‘‘(b) Any financial institution or agent or employee 14
thereof making a disclosure of financial records pursuant 15
to this title in good-faith reliance upon a certificate by any 16
Government authority or pursuant to the provisions of sec-17
tion 1113(l) shall not be subject to prosecution under sub-18
section (a).’’. 19
SEC. 602. CIVIL PENALTIES. 20
Section 1117(a) of the Right to Financial Privacy Act 21
of 1978 (12 U.S.C. 3417(a)) is amended by striking para-22
graphs (1) through (4) and inserting the following: 23
‘‘(1) not less than $1,000 per violation per day; 24
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‘‘(2) reasonable attorney’s fees and litigation 1
costs; and 2
‘‘(3) compensatory damages.’’. 3
SEC. 603. OTHER RELIEF. 4
The Right to Financial Privacy Act of 1978 (12 5
U.S.C. 3401 et seq.) is amended by inserting after section 6
1118 (12 U.S.C. 3418) the following: 7
‘‘
OTHER RELIEF 8
‘‘S
EC. 1118A. In addition to any other remedy con-9
tained in this title, a writ of mandamus and all other ap-10
propriate relief, including any equitable or declaratory re-11
lief, shall be available to require that the procedures of 12
this title are complied with.’’. 13
TITLE VII—STOPPING THE NOSY 14
OBSESSION WITH ONLINE 15
PAYMENTS 16
SEC. 701. REPEAL OF MODIFICATION OF EXCEPTIONS FOR 17
REPORTING OF THIRD PARTY NETWORK 18
TRANSACTIONS. 19
(a) I
NGENERAL.—Section 6050W(e) of the Internal 20
Revenue Code of 1986 is amended to read as follows: 21
‘‘(e) E
XCEPTION FOR DEMINIMISPAYMENTS BY 22
T
HIRDPARTYSETTLEMENT ORGANIZATIONS.—A third 23
party settlement organization shall be required to report 24
any information under subsection (a) with respect to third 25
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party network transactions of any participating payee only 1
if— 2
‘‘(1) the amount which would otherwise be re-3
ported under subsection (a)(2) with respect to such 4
transactions exceeds $20,000, and 5
‘‘(2) the aggregate number of such transactions 6
exceeds 200.’’. 7
(b) C
ONFORMING AMENDMENT.—Section 8
6050W(c)(3) of the Internal Revenue Code of 1986 is 9
amended by striking ‘‘described in subsection 10
(d)(3)(A)(iii)’’. 11
(c) E
FFECTIVEDATE.— 12
(1) I
N GENERAL.—The amendment made by 13
subsection (a) shall apply to returns for calendar 14
years beginning after December 31, 2021. 15
(2) C
LARIFICATION.—The amendment made by 16
subsection (b) shall apply to transactions after the 17
date of the enactment of the American Rescue Plan 18
Act of 2021. 19
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TITLE VIII—PROHIBITION ON 1
RESTRICTIONS RELATING TO 2
CONVERTIBLE VIRTUAL CUR-3
RENCY 4
SEC. 801. SHORT TITLE. 5
This title may be cited as the ‘‘Keep Your Coins 6
Act’’. 7
SEC. 802. PROHIBITION ON RESTRICTING USE OF CON-8
VERTIBLE VIRTUAL CURRENCY BY A PERSON 9
TO PURCHASE GOODS OR SERVICES FOR THE 10
PERSON’S OWN USE. 11
(a) I
NGENERAL.—No Federal agency head may pro-12
hibit or otherwise restrict the ability of a covered user to— 13
(1) use virtual currency or its equivalent for 14
such user’s own purposes, such as to purchase real 15
or virtual goods and services for the user’s own use; 16
or 17
(2) conduct transactions through a self-hosted 18
wallet. 19
(b) D
EFINITIONS.—In this section: 20
(1) C
ONVERTIBLE VIRTUAL CURRENCIES .—The 21
term ‘‘convertible virtual currencies’’ means a me-22
dium of exchange that— 23
(A) has an equivalent value as currency (as 24
defined in section 1010.100 of title 31, Code of 25
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•HR 2155 IH
Federal Regulations (or successor regulations)); 1
or 2
(B) acts as a substitute for currency but 3
may not possess all the attributes (including 4
legal tender status) specified under such section 5
1010.100. 6
(2) C
OVERED USER.—The term ‘‘covered user’’ 7
means a person that obtains convertible virtual cur-8
rency to purchase goods or services on that person’s 9
own behalf, without regard to the method in which 10
such covered user obtained such convertible virtual 11
currency. 12
(3) S
ELF-HOSTED WALLET .—The term ‘‘self- 13
hosted wallet’’ means an interface— 14
(A) used to secure and transfer convertible 15
virtual currency; and 16
(B) under which the owner of convertible 17
virtual currency retains independent control 18
over such convertible virtual currency that is se-19
cured by such digital interface. 20
Æ
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