Us Congress 2025-2026 Regular Session

Us Congress House Bill HB533 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 533
5	5	To make reforms to the Bank Secrecy Act, and for other purposes.
6	6	IN THE HOUSE OF REPRESENTATIVES
7	7	JANUARY16, 2025
8	8	Mr. R
9	9	OSE(for himself and Mr. OGLES) introduced the following bill; which
10	10	was referred to the Committee on Financial Services
11	11	A BILL
12	12	To make reforms to the Bank Secrecy Act, and for other
13	13	purposes.
14	14	Be it enacted by the Senate and House of Representa-1
15	15	tives of the United States of America in Congress assembled, 2
16	16	SECTION 1. SHORT TITLE. 3
17	17	This Act may be cited as the ‘‘Bank Privacy Reform 4
18	18	Act’’. 5
19	19	SEC. 2. BANK SECRECY ACT REFORMS. 6
20	20	(a) R
21	21	IGHT TOFINANCIALPRIVACYACT OF1978.— 7
22	22	The Right to Financial Privacy Act of 1978 (12 U.S.C. 8
23	23	3401 et seq.) is amended— 9
24	24	(1) by amending section 1102 to read as fol-10
25	25	lows: 11
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28	28	•HR 533 IH
29	29	‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-1
30	30	MENT AUTHORITIES. 2
31	31	‘‘Except as provided by subsection (c) or (d) of sec-3
32	32	tion 1103 or section 1113, no Government authority may 4
33	33	have access to or obtain copies of, or the information con-5
34	34	tained in the financial records of any customer from a fi-6
35	35	nancial institution unless the financial records are reason-7
36	36	ably described and such financial records are disclosed in 8
37	37	response to a search warrant which meets the require-9
38	38	ments of section 1106.’’; 10
39	39	(2) by striking sections 1104, 1105, 1107, 11
40	40	1108, and 1114; 12
41	41	(3) in section 1109(a), by striking ‘‘section 13
42	42	1104(c), 1105(2), 1106(c), 1107(2), 1108(4),’’ and 14
43	43	inserting ‘‘section 1106(c)’’; and 15
44	44	(4) in section 1113, by striking subsections (c) 16
45	45	through (r). 17
46	46	(b) T
47	47	ITLE31.—Chapter 53 of title 31, United States 18
48	48	Code, is amended— 19
49	49	(1) by amending section 5311 to read as fol-20
50	50	lows: 21
51	51	‘‘§ 5311. Declaration of purpose 22
52	52	‘‘It is the purpose of this subchapter to require finan-23
53	53	cial institutions to retain transaction records that include 24
54	54	information identified with or identifiable as being derived 25
55	55	from the financial records of particular customers.’’; 26
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58	58	•HR 533 IH
59	59	(2) in section 5312(a)— 1
60	60	(A) in paragraph (3)— 2
61	61	(i) in subparagraph (B), by adding 3
62	62	‘‘and’’ at the end; 4
63	63	(ii) by striking subparagraph (C); and 5
64	64	(iii) by redesignating subparagraph 6
65	65	(D) as subparagraph (C); and 7
66	66	(B) by amending paragraph (4) to read as 8
67	67	follows: 9
68	68	‘‘(4) ‘nonfinancial trade or business’ means any 10
69	69	entity engaged in trade or business other than a fi-11
70	70	nancial institution.’’; 12
71	71	(3) by striking sections 5313, 5314, 5315, 13
72	72	5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 14
73	73	5336; 15
74	74	(4) in section 5318— 16
75	75	(A) in subsection (a)— 17
76	76	(i) by striking ‘‘(except under section 18
77	77	5315 of this title and regulations pre-19
78	78	scribed under section 5315)’’; 20
79	79	(ii) by striking paragraph (2); and 21
80	80	(iii) by redesignating paragraphs (3) 22
81	81	through (7) as paragraphs (2) through (6), 23
82	82	respectively; and 24
83	83	(B) in subsection (k)— 25
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86	86	•HR 533 IH
87	87	(i) in paragraph (1)(C), by striking 1
88	88	‘‘has the same meaning as in section 2
89	89	5318A(e)(1)(B)’’ and inserting ‘‘means an 3
90	90	account established to receive deposits 4
91	91	from, make payments on behalf of a for-5
92	92	eign financial institution, or handle other 6
93	93	financial transactions related to such insti-7
94	94	tution’’; and 8
95	95	(ii) in paragraph (3)(A)(i)— 9
96	96	(I) in subclause (II), by adding 10
97	97	‘‘or’’ at the end; 11
98	98	(II) in subclause (III), by strik-12
99	99	ing ‘‘; or’’ and inserting a period; and 13
100	100	(III) by striking subclause (IV); 14
101	101	(5) in section 5321— 15
102	102	(A) in subsection (a)— 16
103	103	(i) in paragraph (1), by striking ‘‘(ex-17
104	104	cept sections 5314, 5315, and 5336 of this 18
105	105	title or a regulation prescribed under sec-19
106	106	tions 5314, 5315, and 5336)’’; 20
107	107	(ii) by striking paragraphs (2), (3), 21
108	108	(4), and (5); 22
109	109	(iii) in paragraph (6), by striking 23
110	110	‘‘(except section 5336)’’ each place such 24
111	111	term appears; 25
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114	114	•HR 533 IH
115	115	(iv) in paragraph (7), by striking ‘‘or 1
116	116	any special measures imposed under sec-2
117	117	tion 5318A’’; and 3
118	118	(v) by redesignating paragraphs (6) 4
119	119	and (7) as paragraphs (2) and (3), respec-5
120	120	tively; 6
121	121	(B) by striking subsection (c); and 7
122	122	(C) by redesignating subsections (d) 8
123	123	through (g) as subsection (c) through (f), re-9
124	124	spectively; 10
125	125	(6) in section 5322— 11
126	126	(A) by striking ‘‘(except section 5315, 12
127	127	5324, or 5336 of this title or a regulation pre-13
128	128	scribed under section 5315, 5324, or 5336)’’ 14
129	129	each place such term appears; and 15
130	130	(B) in subsection (d)— 16
131	131	(i) by striking ‘‘, or any special meas-17
132	132	ures imposed under section 5318A,’’; and 18
133	133	(ii) by striking ‘‘or section 5318A’’; 19
134	134	(7) in section 5325(a), by inserting after 20
135	135	‘‘$3,000’’ the following: ‘‘(as such amount is annu-21
136	136	ally adjusted by the Secretary to reflect the percent-22
137	137	age change in the Consumer Price Index for All 23
138	138	Urban Consumers published by the Bureau of Labor 24
139	139	Statistics of the Department of Labor)’’; 25
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142	142	•HR 533 IH
143	143	(8) in section 5330(d)(1)— 1
144	144	(A) in subparagraph (A), by adding ‘‘and’’ 2
145	145	at the end; 3
146	146	(B) by striking subparagraph (B); and 4
147	147	(C) by redesignating subparagraph (C) as 5
148	148	subparagraph (B); 6
149	149	(9) in section 5335— 7
150	150	(A) by striking subsection (c); and 8
151	151	(B) by redesignating subsections (d) and 9
152	152	(e) as subsections (c) and (d), respectively; 10
153	153	(10) by striking subchapter III; and 11
154	154	(11) in the table of contents in chapter 53, by 12
155	155	striking the items relating to— 13
156	156	(A) sections 5313, 5314, 5315, 5316, 14
157	157	5317, 5318A, 5324, 5326, 5331, 5332, and 15
158	158	5336; and 16
159	159	(B) subchapter III. 17
160	160	Æ
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