II
119THCONGRESS
1
STSESSION S. 809
To amend the Right to Financial Privacy Act of 1978 to preserve the
confidentiality of certain records, and for other purposes.
IN THE SENATE OF THE UNITED STATES
FEBRUARY27, 2025
Mr. L
EE(for himself and Mr. SCOTTof Florida) introduced the following bill;
which was read twice and referred to the Committee on Finance
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.
TITLE I—BANK PRIVACY REFORM
Sec. 101. Bank Secrecy Act reforms.
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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
(1) by amending section 1102 (12 U.S.C. 3402) 7
to read as follows: 8
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‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-1
MENT AUTHORITIES. 2
‘‘Except as provided by subsection (c) or (d) of sec-3
tion 1103 or section 1113, no Government authority may 4
have access to or obtain copies of, or the information con-5
tained in the financial records of any customer from a fi-6
nancial institution unless the financial records are reason-7
ably described and such financial records are disclosed in 8
response to a search warrant which meets the require-9
ments of section 1106.’’; 10
(2) by striking sections 1104 (12 U.S.C. 3404), 11
1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 12
1108 (12 U.S.C. 3408); and 13
(3) in section 1109(a) (12 U.S.C. 3409(a)), by 14
striking ‘‘section 1104(c), 1105(2), 1106(c), 15
1107(2), 1108(4),’’ and inserting ‘‘section 1106(c)’’. 16
(b) T
ITLE31.—Chapter 53 of title 31, United States 17
Code, is amended— 18
(1) by amending section 5311 to read as fol-19
lows: 20
‘‘§ 5311. Declaration of purpose 21
‘‘It is the purpose of this subchapter to require finan-22
cial institutions to retain transaction records that include 23
information identified with or identifiable as being derived 24
from the financial records of particular customers.’’; 25
(2) in section 5312(a)— 26
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(A) in paragraph (2), by repealing sub-1
paragraphs (O), (Q), (S), (T), (V), (Y), and 2
(Z); and 3
(B) by amending paragraph (4) to read as 4
follows: 5
‘‘(4) ‘nonfinancial trade or business’ means any 6
entity engaged in trade or business other than a fi-7
nancial institution.’’; 8
(3) by striking sections 5313, 5314, 5315, 9
5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 10
5336; 11
(4) in section 5318— 12
(A) in subsection (a)— 13
(i) in the matter preceding paragraph 14
(1), by striking ‘‘(except under section 15
5315 of this title and regulations pre-16
scribed under section 5315)’’; 17
(ii) by striking paragraph (2); and 18
(iii) by redesignating paragraphs (3) 19
through (7) as paragraphs (2) through (6), 20
respectively; and 21
(B) in subsection (k)— 22
(i) in paragraph (1)(C), by striking 23
‘‘has the same meaning as in section 24
5318A(e)(1)(B)’’ and inserting ‘‘means an 25
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account established to receive deposits 1
from, make payments on behalf of a for-2
eign financial institution, or handle other 3
financial transactions related to such insti-4
tution’’; and 5
(ii) in paragraph (3)(A)(i)— 6
(I) in subclause (II), by adding 7
‘‘or’’ at the end; 8
(II) in subclause (III), by strik-9
ing ‘‘; or’’ and inserting a period; and 10
(III) by striking subclause (IV); 11
(5) in section 5321— 12
(A) in subsection (a)— 13
(i) in paragraph (1), by striking ‘‘(ex-14
cept sections 5314, 5315, and 5336 of this 15
title or a regulation prescribed under sec-16
tions 5314, 5315, and 5336)’’; 17
(ii) by striking paragraphs (2), (3), 18
(4), and (5); 19
(iii) in paragraph (6), by striking 20
‘‘(except section 5336)’’ each place that 21
term appears; 22
(iv) in paragraph (7), by striking ‘‘or 23
any special measures imposed under sec-24
tion 5318A’’; and 25
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(v) by redesignating paragraphs (6) 1
and (7) as paragraphs (2) and (3), respec-2
tively; 3
(B) by striking subsection (c); and 4
(C) by redesignating subsections (d) 5
through (g) as subsection (c) through (f), re-6
spectively; 7
(6) in section 5322— 8
(A) by striking ‘‘(except section 5315, 9
5324, or 5336 of this title or a regulation pre-10
scribed under section 5315, 5324, or 5336)’’ 11
each place that term appears; and 12
(B) in subsection (d)— 13
(i) by striking ‘‘, or any special meas-14
ures imposed under section 5318A,’’; and 15
(ii) by striking ‘‘or section 5318A’’; 16
(7) in section 5325(a), in the matter preceding 17
paragraph (1), by inserting after ‘‘$3,000’’ the fol-18
lowing: ‘‘(as such amount is annually adjusted by 19
the Secretary to reflect the percentage change in the 20
Consumer Price Index for All Urban Consumers 21
published by the Bureau of Labor Statistics of the 22
Department of Labor)’’; 23
(8) in section 5330(d)(1)— 24
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(A) in subparagraph (A), by adding ‘‘and’’ 1
at the end; 2
(B) by striking subparagraph (B); and 3
(C) by redesignating subparagraph (C) as 4
subparagraph (B); 5
(9) in section 5335— 6
(A) by striking subsection (c); and 7
(B) by redesignating subsections (d) and 8
(e) as subsections (c) and (d), respectively; 9
(10) by striking subchapter III; and 10
(11) in the table of contents for chapter 53, by 11
striking the items relating to— 12
(A) sections 5313, 5314, 5315, 5316, 13
5317, 5318A, 5324, 5326, 5331, 5332, and 14
5336; and 15
(B) subchapter III. 16
TITLE II—AMENDMENTS TO THE 17
RIGHT TO FINANCIAL PRI-18
VACY ACT OF 1978 19
SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS. 20
The Right to Financial Privacy Act of 1978 (12 21
U.S.C. 3401 et seq.) is amended— 22
(1) in section 1108 (12 U.S.C. 3408)— 23
(A) by striking paragraph (2); and 24
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(B) by redesignating paragraphs (3) and 1
(4) as paragraphs (2) and (3), respectively; and 2
(2) in section 1113 (12 U.S.C. 3413)— 3
(A) by repealing subsections (a), (d), (e), 4
(f), (g), (i), (l), (m), (n), (p), (q), and (r); and 5
(B) by adding at the end the following: 6
‘‘(s) A
CCESS OFRECORDS.— 7
‘‘(1) I
N GENERAL.—Notwithstanding any other 8
provision of this title, the Federal Government may 9
not access the financial records or information of an 10
individual in a manner that is prohibited by the 11
Fourth Amendment to the Constitution of the 12
United States with respect to the records or infor-13
mation in question. 14
‘‘(2) A
ID IN STATUTORY CONSTRUCTION .—It is 15
the sense of Congress that, through the enactment 16
of this title, Congress has established a statutory 17
right that ensures that the expectation of privacy 18
that the people of the United States have with re-19
spect to financial records is protected.’’. 20
TITLE III—CONSOLIDATED 21
AUDIT TRAIL 22
SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING 23
THE CONSOLIDATED AUDIT TRAIL. 24
(a) D
EFINITIONS.—In this section: 25
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(1) COMMISSION.—The term ‘‘Commission’’ 1
means the Securities and Exchange Commission. 2
(2) C
ONSOLIDATED AUDIT TRAIL .—The term 3
‘‘Consolidated Audit Trail’’ means the consolidated 4
audit trail and central repository created, imple-5
mented, and maintained pursuant to section 242.613 6
of title 17, Code of Federal Regulations, as in effect 7
on the day before the date of enactment of this Act. 8
(3) P
ERSONALLY IDENTIFIABLE INFORMA -9
TION.—The term ‘‘personally identifiable informa-10
tion’’— 11
(A) means information that can be used to 12
distinguish or trace the identity of an indi-13
vidual, either alone or when combined with 14
other personal or identifying information that is 15
linked or linkable to a specific individual, in-16
cluding the name, address, date or year of 17
birth, Social Security number, telephone num-18
ber, email, or IP-address of an individual; and 19
(B) does not include a CAT–Order–ID or 20
CAT–Reporter–ID, as those terms are defined 21
in section 242.613(j) of title 17, Code of Fed-22
eral Regulations (or any successor regulation). 23
(4) S
ELF-REGULATORY ORGANIZATION .—The 24
term ‘‘self-regulatory organization’’ has the meaning 25
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given the term in section 3(a) of the Securities Ex-1
change Act of 1934 (15 U.S.C. 78c(a)). 2
(b) R
EQUIREMENT.—The Commission shall— 3
(1) not later than 30 days after the date of en-4
actment of this Act, and notwithstanding any other 5
provision of law or regulation, terminate the Consoli-6
dated Audit Trail; and 7
(2) not later that 120 days after the date of en-8
actment of this Act, amend any regulation, no action 9
letter, interpretive letter, exemptive letter, legal bul-10
letin, or other guidance of the Commission to con-11
form to the requirements of this section. 12
(c) P
ROHIBITIONS.—On and after the date that the 13
Commission carries out the termination required under 14
subsection (b)(1)— 15
(1) neither the Commission nor any self-regu-16
latory organization may administer the Consolidated 17
Audit Trail; and 18
(2) no Federal agency may establish any con-19
solidated audit trail, central repository, or other cen-20
tralized database that collects personally identifiable 21
information of citizens of the United States, unless 22
a duly enacted law of the United States specifically 23
provides the Federal agency with the authority to 24
take that action. 25
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(d) REIMBURSEMENT OF FEES.—Not later than 1 1
year after the date of enactment of this Act, Consolidated 2
Audit Trail, LLC and FINRA CAT, LLC shall reimburse 3
all fees collected by those entities before that date to carry 4
out the Consolidated Audit Trail. 5
TITLE IV—NO CENTRAL BANK 6
DIGITAL CURRENCY 7
SEC. 401. CENTRAL BANK DIGITAL CURRENCY. 8
Section 13 of the Federal Reserve Act is amended 9
by adding after the 14th undesignated paragraph (12 10
U.S.C. 347d) the following: 11
‘‘No Federal reserve bank, the Board, the Sec-12
retary of the Treasury, any other agency, or any en-13
tity directed to act on behalf of the Federal reserve 14
bank, the Board, the Secretary, or other agency, 15
may mint or issue a central bank digital currency di-16
rectly to an individual (including a central bank dig-17
ital currency issued to an individual through a custo-18
dial intermediary) or a digital currency inter-19
mediary, offer related products or services directly to 20
an individual, or maintain an account on behalf of 21
an individual (including an account in a specially 22
designated account at a digital currency inter-23
mediary or supervised commercial bank). No Federal 24
reserve bank may hold digital currencies minted or 25
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issued by the United States Government as assets or 1
liabilities on a balance sheet of the bank or use such 2
digital currencies as part of fulfilling the require-3
ments under section 2A.’’. 4
TITLE V—REGULATIONS FROM 5
THE EXECUTIVE IN NEED OF 6
SCRUTINY 7
SEC. 501. PURPOSE. 8
The purpose of this title is to increase accountability 9
for and transparency in the Federal regulatory process. 10
Section 1 of article I of the United States Constitution 11
grants all legislative powers to Congress. Over time, Con-12
gress has excessively delegated its constitutional charge 13
while failing to conduct appropriate oversight and retain 14
accountability for the content of the laws it passes. By 15
requiring a vote in Congress, the REINS Act will result 16
in more carefully drafted and detailed legislation, an im-17
proved regulatory process, and a legislative branch that 18
is truly accountable to the American people for the laws 19
imposed upon them. 20
SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY 21
RULEMAKING. 22
(a) I
NGENERAL.—Chapter 8 of title 5, United 23
States Code, is amended to read as follows: 24
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‘‘CHAPTER 8—CONGRESSIONAL REVIEW 1
OF CERTAIN AGENCY RULEMAKING 2
‘‘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 3
‘‘(a)(1)(A) Before a rule may take effect, the Federal 4
agency promulgating such rule shall publish in the Federal 5
Register a list of information on which the rule is based, 6
including data, scientific and economic studies, and cost- 7
benefit analyses, and identify how the public can access 8
such information online, and shall submit to each House 9
of the Congress and to the Comptroller General a report 10
containing— 11
‘‘(i) a copy of the rule; 12
‘‘(ii) a concise general statement relating to the 13
rule; 14
‘‘(iii) a finding, rendered in consultation with 15
the Administrator of the Office of Information and 16
Regulatory Affairs of the Office of Management and 17
Budget, whether the rule is a major or nonmajor 18
rule, including an explanation of the finding specifi-19
cally addressing each criteria for a major rule con-20
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tained within subparagraphs (A) through (C) of sec-1
tion 804(2); 2
‘‘(iv) a list of any other related regulatory ac-3
tions intended to implement the same statutory pro-4
vision or regulatory objective as well as the indi-5
vidual and aggregate economic effects of those ac-6
tions; 7
‘‘(v) the proposed effective date of the rule; and 8
‘‘(vi) a statement of the constitutional authority 9
authorizing the agency to make the rule. 10
‘‘(B) On the date of the submission of the report 11
under subparagraph (A), the Federal agency promulgating 12
the rule shall submit to the Comptroller General and make 13
available to each House of Congress (and to each com-14
mittee of jurisdiction in each House)— 15
‘‘(i) a complete copy of the cost-benefit analysis 16
of the rule, if any, including an analysis of any jobs 17
added or lost, differentiating between public and pri-18
vate sector jobs; 19
‘‘(ii) the agency’s actions pursuant to sections 20
603, 604, 605, 607, and 609 of this title; 21
‘‘(iii) the agency’s actions pursuant to sections 22
202, 203, 204, and 205 of the Unfunded Mandates 23
Reform Act of 1995; 24
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‘‘(iv) an estimate of the effect on inflation of 1
the rule; and 2
‘‘(v) any other relevant information or require-3
ments under any other Act and any relevant Execu-4
tive orders. 5
‘‘(C) Upon receipt of a report submitted under sub-6
paragraph (A), each House shall provide copies of the re-7
port to the chairman and ranking member of each stand-8
ing committee with jurisdiction under the rules of the 9
House of Representatives or the Senate to report a bill 10
to amend the provision of law under which the rule is 11
issued. 12
‘‘(D) If requested in writing by a member of Con-13
gress— 14
‘‘(i) the Comptroller General shall make a de-15
termination whether an agency action qualifies as a 16
rule for purposes of this chapter, and shall submit 17
to Congress this determination not later than 60 18
days after the date of the request; and 19
‘‘(ii) the Comptroller General, in consultation 20
with the Director of the Congressional Budget Of-21
fice, shall make a determination whether a rule is 22
considered a major rule under the provisions of this 23
act, and shall submit to Congress this determination 24
not later than 90 days after the date of the request. 25
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For purposes of this section, a determination under this 1
subparagraph shall be deemed to be a report under sub-2
paragraph (A). 3
‘‘(2)(A) The Comptroller General shall provide a re-4
port on each major rule to the committees of jurisdiction 5
by the end of 15 calendar days after the submission or 6
publication date. The report of the Comptroller General 7
shall include an assessment of the agency’s compliance 8
with procedural steps required by paragraph (1)(B) and 9
an assessment of whether the major rule imposes any new 10
limits or mandates on private-sector activity. 11
‘‘(B) Federal agencies shall cooperate with the Comp-12
troller General by providing information relevant to the 13
Comptroller General’s report under subparagraph (A). 14
‘‘(3) A major rule relating to a report submitted 15
under paragraph (1) shall take effect upon enactment of 16
a joint resolution of approval described in section 802 or 17
as provided for in the rule following enactment of a joint 18
resolution of approval described in section 802, whichever 19
is later. 20
‘‘(4) A nonmajor rule shall take effect as provided 21
by section 803 after submission to Congress under para-22
graph (1). 23
‘‘(5) If a joint resolution of approval relating to a 24
major rule is not enacted within the period provided in 25
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subsection (b)(2), then a joint resolution of approval relat-1
ing to the same rule may not be considered under this 2
chapter in the same Congress by either the House of Rep-3
resentatives or the Senate. 4
‘‘(b)(1) A major rule shall not take effect unless the 5
Congress enacts a joint resolution of approval described 6
under section 802. 7
‘‘(2) If a joint resolution described in subsection (a) 8
is not enacted into law by the end of 70 session days or 9
legislative days, as applicable, beginning on the date on 10
which the report referred to in subsection (a)(1)(A) is re-11
ceived by Congress (excluding days either House of Con-12
gress is adjourned for more than 3 days during a session 13
of Congress), then the rule described in that resolution 14
shall be deemed not to be approved and such rule shall 15
not take effect. 16
‘‘(c)(1) Notwithstanding any other provision of this 17
section (except subject to paragraph (3)), a major rule 18
may take effect for one 90-calendar-day period if the 19
President makes a determination under paragraph (2) and 20
submits written notice of such determination to the Con-21
gress. 22
‘‘(2) Paragraph (1) applies to a determination made 23
by the President by Executive order that the major rule 24
should take effect because such rule is— 25
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‘‘(A) necessary because of an imminent threat 1
to health or safety or other emergency; 2
‘‘(B) necessary for the enforcement of criminal 3
laws; 4
‘‘(C) necessary for national security; or 5
‘‘(D) issued pursuant to any statute imple-6
menting an international trade agreement. 7
‘‘(3) An exercise by the President of the authority 8
under this subsection shall have no effect on the proce-9
dures under section 802. 10
‘‘(d)(1) In addition to the opportunity for review oth-11
erwise provided under this chapter, in the case of any rule 12
for which a report was submitted in accordance with sub-13
section (a)(1)(A) during the period beginning on the date 14
occurring— 15
‘‘(A) in the case of the Senate, 60 session days; 16
or 17
‘‘(B) in the case of the House of Representa-18
tives, 60 legislative days, 19
before the date the Congress is scheduled to adjourn a 20
session of Congress through the date on which the same 21
or succeeding Congress first convenes its next session, sec-22
tions 802 and 803 shall apply to such rule in the suc-23
ceeding session of Congress. 24
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‘‘(2)(A) In applying sections 802 and 803 for pur-1
poses of such additional review, a rule described under 2
paragraph (1) shall be treated as though— 3
‘‘(i) such rule were published in the Federal 4
Register on— 5
‘‘(I) in the case of the Senate, the 15th 6
session day; or 7
‘‘(II) in the case of the House of Rep-8
resentatives, the 15th legislative day, 9
after the succeeding session of Congress first con-10
venes; and 11
‘‘(ii) a report on such rule were submitted to 12
Congress under subsection (a)(1) on such date. 13
‘‘(B) Nothing in this paragraph shall be construed 14
to affect the requirement under subsection (a)(1) that a 15
report shall be submitted to Congress before a rule can 16
take effect. 17
‘‘(3) A rule described under paragraph (1) shall take 18
effect as otherwise provided by law (including other sub-19
sections of this section). 20
‘‘§ 802. Congressional approval procedure for major 21
rules 22
‘‘(a)(1) For purposes of this section, the term ‘joint 23
resolution’ means only a joint resolution addressing a re-24
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port classifying a rule as major pursuant to section 1
801(a)(1)(A)(iii) that— 2
‘‘(A) bears no preamble; 3
‘‘(B) bears the following title (with blanks filled 4
as appropriate): ‘Approving the rule submitted by 5
lll relating to lll.’; 6
‘‘(C) includes after its resolving clause only the 7
following (with blanks filled as appropriate): ‘That 8
Congress approves the rule submitted by lll re-9
lating to lll.’; and 10
‘‘(D) is introduced pursuant to paragraph (2). 11
‘‘(2) After a House of Congress receives a report 12
classifying a rule as major pursuant to section 13
801(a)(1)(A)(iii), the majority leader of that House (or 14
his or her respective designee) shall introduce (by request, 15
if appropriate) a joint resolution described in paragraph 16
(1)— 17
‘‘(A) in the case of the House of Representa-18
tives, within 3 legislative days; and 19
‘‘(B) in the case of the Senate, within 3 session 20
days. 21
‘‘(3) A joint resolution described in paragraph (1) 22
shall not be subject to amendment at any stage of pro-23
ceeding. 24
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‘‘(b) A joint resolution described in subsection (a) 1
shall be referred in each House of Congress to the commit-2
tees having jurisdiction over the provision of law under 3
which the rule is issued. 4
‘‘(c) In the Senate, if the committee or committees 5
to which a joint resolution described in subsection (a) has 6
been referred have not reported it at the end of 15 session 7
days after its introduction, such committee or committees 8
shall be automatically discharged from further consider-9
ation of the resolution and it shall be placed on the cal-10
endar. A vote on final passage of the resolution shall be 11
taken on or before the close of the 15th session day after 12
the resolution is reported by the committee or committees 13
to which it was referred, or after such committee or com-14
mittees have been discharged from further consideration 15
of the resolution. 16
‘‘(d)(1) In the Senate, when the committee or com-17
mittees to which a joint resolution is referred have re-18
ported, or when a committee or committees are discharged 19
(under subsection (c)) from further consideration of a 20
joint resolution described in subsection (a), it is at any 21
time thereafter in order (even though a previous motion 22
to the same effect has been disagreed to) for a motion 23
to proceed to the consideration of the joint resolution, and 24
all points of order against the joint resolution (and against 25
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consideration of the joint resolution) are waived. The mo-1
tion is not subject to amendment, or to a motion to post-2
pone, or to a motion to proceed to the consideration of 3
other business. A motion to reconsider the vote by which 4
the motion is agreed to or disagreed to shall not be in 5
order. If a motion to proceed to the consideration of the 6
joint resolution is agreed to, the joint resolution shall re-7
main the unfinished business of the Senate until disposed 8
of. 9
‘‘(2) In the Senate, debate on the joint resolution, 10
and on all debatable motions and appeals in connection 11
therewith, shall be limited to not more than 2 hours, which 12
shall be divided equally between those favoring and those 13
opposing the joint resolution. A motion to further limit 14
debate is in order and not debatable. An amendment to, 15
or a motion to postpone, or a motion to proceed to the 16
consideration of other business, or a motion to recommit 17
the joint resolution is not in order. 18
‘‘(3) In the Senate, immediately following the conclu-19
sion of the debate on a joint resolution described in sub-20
section (a), and a single quorum call at the conclusion of 21
the debate if requested in accordance with the rules of the 22
Senate, the vote on final passage of the joint resolution 23
shall occur. 24
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‘‘(4) Appeals from the decisions of the Chair relating 1
to the application of the rules of the Senate to the proce-2
dure relating to a joint resolution described in subsection 3
(a) shall be decided without debate. 4
‘‘(e) In the House of Representatives, if any com-5
mittee to which a joint resolution described in subsection 6
(a) has been referred has not reported it to the House 7
at the end of 15 legislative days after its introduction, 8
such committee shall be discharged from further consider-9
ation of the joint resolution, and it shall be placed on the 10
appropriate calendar. On the second and fourth Thursdays 11
of each month it shall be in order at any time for the 12
Speaker to recognize a Member who favors passage of a 13
joint resolution that has appeared on the calendar for at 14
least 5 legislative days to call up that joint resolution for 15
immediate consideration in the House without intervention 16
of any point of order. When so called up a joint resolution 17
shall be considered as read and shall be debatable for 1 18
hour equally divided and controlled by the proponent and 19
an opponent, and the previous question shall be considered 20
as ordered to its passage without intervening motion. It 21
shall not be in order to reconsider the vote on passage. 22
If a vote on final passage of the joint resolution has not 23
been taken by the third Thursday on which the Speaker 24
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may recognize a Member under this subsection, such vote 1
shall be taken on that day. 2
‘‘(f)(1) If, before passing a joint resolution described 3
in subsection (a), one House receives from the other a 4
joint resolution having the same text, then— 5
‘‘(A) the joint resolution of the other House 6
shall not be referred to a committee; and 7
‘‘(B) the procedure in the receiving House shall 8
be the same as if no joint resolution had been re-9
ceived from the other House until the vote on pas-10
sage, when the joint resolution received from the 11
other House shall supplant the joint resolution of 12
the receiving House. 13
‘‘(2) This subsection shall not apply to the House of 14
Representatives if the joint resolution received from the 15
Senate is a revenue measure. 16
‘‘(g) If either House has not taken a vote on final 17
passage of the joint resolution by the last day of the period 18
described in section 801(b)(2), then such vote shall be 19
taken on that day. 20
‘‘(h) This section and section 803 are enacted by 21
Congress— 22
‘‘(1) as an exercise of the rulemaking power of 23
the Senate and House of Representatives, respec-24
tively, and as such are deemed to be part of the 25
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rules of each House, respectively, but applicable only 1
with respect to the procedure to be followed in that 2
House in the case of a joint resolution described in 3
subsection (a) and superseding other rules only 4
where explicitly so; and 5
‘‘(2) with full recognition of the constitutional 6
right of either House to change the rules (so far as 7
they relate to the procedure of that House) at any 8
time, in the same manner and to the same extent as 9
in the case of any other rule of that House. 10
‘‘§ 803. Congressional disapproval procedure for 11
nonmajor rules 12
‘‘(a) For purposes of this section, the term ‘joint res-13
olution’ means only a joint resolution introduced in the 14
period beginning on the date on which the report referred 15
to in section 801(a)(1)(A) is received by Congress and 16
ending 60 days thereafter (excluding days either House 17
of Congress is adjourned for more than 3 days during a 18
session of Congress), the matter after the resolving clause 19
of which is as follows: ‘That Congress disapproves the 20
nonmajor rule submitted by the lll relating to 21
lll, and such rule shall have no force or effect.’ (The 22
blank spaces being appropriately filled in). 23
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‘‘(b) A joint resolution described in subsection (a) 1
shall be referred to the committees in each House of Con-2
gress with jurisdiction. 3
‘‘(c) In the Senate, if the committee to which is re-4
ferred a joint resolution described in subsection (a) has 5
not reported such joint resolution (or an identical joint 6
resolution) at the end of 15 session days after the date 7
of introduction of the joint resolution, such committee may 8
be discharged from further consideration of such joint res-9
olution upon a petition supported in writing by 30 Mem-10
bers of the Senate, and such joint resolution shall be 11
placed on the calendar. 12
‘‘(d)(1) In the Senate, when the committee to which 13
a joint resolution is referred has reported, or when a com-14
mittee is discharged (under subsection (c)) from further 15
consideration of a joint resolution described in subsection 16
(a), it is at any time thereafter in order (even though a 17
previous motion to the same effect has been disagreed to) 18
for a motion to proceed to the consideration of the joint 19
resolution, and all points of order against the joint resolu-20
tion (and against consideration of the joint resolution) are 21
waived. The motion is not subject to amendment, or to 22
a motion to postpone, or to a motion to proceed to the 23
consideration of other business. A motion to reconsider the 24
vote by which the motion is agreed to or disagreed to shall 25
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not be in order. If a motion to proceed to the consideration 1
of the joint resolution is agreed to, the joint resolution 2
shall remain the unfinished business of the Senate until 3
disposed of. 4
‘‘(2) In the Senate, debate on the joint resolution, 5
and on all debatable motions and appeals in connection 6
therewith, shall be limited to not more than 10 hours, 7
which shall be divided equally between those favoring and 8
those opposing the joint resolution. A motion to further 9
limit debate is in order and not debatable. An amendment 10
to, or a motion to postpone, or a motion to proceed to 11
the consideration of other business, or a motion to recom-12
mit the joint resolution is not in order. 13
‘‘(3) In the Senate, immediately following the conclu-14
sion of the debate on a joint resolution described in sub-15
section (a), and a single quorum call at the conclusion of 16
the debate if requested in accordance with the rules of the 17
Senate, the vote on final passage of the joint resolution 18
shall occur. 19
‘‘(4) Appeals from the decisions of the Chair relating 20
to the application of the rules of the Senate to the proce-21
dure relating to a joint resolution described in subsection 22
(a) shall be decided without debate. 23
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‘‘(e) In the Senate, the procedure specified in sub-1
section (c) or (d) shall not apply to the consideration of 2
a joint resolution respecting a nonmajor rule— 3
‘‘(1) after the expiration of the 60 session days 4
beginning with the applicable submission or publica-5
tion date; or 6
‘‘(2) if the report under section 801(a)(1)(A) 7
was submitted during the period referred to in sec-8
tion 801(d)(1), after the expiration of the 60 session 9
days beginning on the 15th session day after the 10
succeeding session of Congress first convenes. 11
‘‘(f) If, before the passage by one House of a joint 12
resolution of that House described in subsection (a), that 13
House receives from the other House a joint resolution 14
described in subsection (a), then the following procedures 15
shall apply: 16
‘‘(1) The joint resolution of the other House 17
shall not be referred to a committee. 18
‘‘(2) With respect to a joint resolution described 19
in subsection (a) of the House receiving the joint 20
resolution— 21
‘‘(A) the procedure in that House shall be 22
the same as if no joint resolution had been re-23
ceived from the other House; but 24
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‘‘(B) the vote on final passage shall be on 1
the joint resolution of the other House. 2
‘‘§ 804. Definitions 3
‘‘For purposes of this chapter: 4
‘‘(1) The term ‘Federal agency’ means— 5
‘‘(A) the Board of Governors of the Fed-6
eral Reserve System; 7
‘‘(B) the Securities and Exchange Commis-8
sion; 9
‘‘(C) the Commodity Futures Trading 10
Commission; 11
‘‘(D) the Federal Deposit Insurance Cor-12
poration; 13
‘‘(E) the Bureau of Consumer Financial 14
Protection; 15
‘‘(F) the Department of the Treasury, in-16
cluding the Office of the Comptroller of the 17
Currency and the Financial Crimes Enforce-18
ment Network; or 19
‘‘(G) the National Credit Union Adminis-20
tration. 21
‘‘(2) The term ‘major rule’ means any rule, in-22
cluding an interim final rule, that the Administrator 23
of the Office of Information and Regulatory Affairs 24
of the Office of Management and Budget or the 25
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Federal agency promulgating such rule finds has re-1
sulted in or is likely to result in— 2
‘‘(A) an annual effect on the economy of 3
$100 million or more; 4
‘‘(B) a major increase in costs or prices for 5
consumers, individual industries, Federal, 6
State, or local government agencies, or geo-7
graphic regions; 8
‘‘(C) significant adverse effects on competi-9
tion, employment, investment, productivity, in-10
novation, or the ability of United States-based 11
enterprises to compete with foreign-based enter-12
prises in domestic and export markets; or 13
‘‘(D) in an increase in mandatory vaccina-14
tions. 15
‘‘(3) The term ‘nonmajor rule’ means any rule 16
that is not a major rule. 17
‘‘(4) The term ‘rule’ has the meaning given the 18
term in section 551, except that the term— 19
‘‘(A) includes interpretative rules, general 20
statements of policy, and all other agency guid-21
ance documents; and 22
‘‘(B) does not include— 23
‘‘(i) any rule of particular applica-24
bility, including a rule that approves or 25
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prescribes for the future rates, wages, 1
prices, services, or allowances therefore, 2
corporate or financial structures, reorga-3
nizations, mergers, or acquisitions thereof, 4
or accounting practices or disclosures bear-5
ing on any of the foregoing; 6
‘‘(ii) any rule relating to agency man-7
agement or personnel; or 8
‘‘(iii) any rule of agency organization, 9
procedure, or practice that does not sub-10
stantially affect the rights or obligations of 11
non-agency parties. 12
‘‘(5) The term ‘submission or publication date’, 13
except as otherwise provided in this chapter, 14
means— 15
‘‘(A) in the case of a major rule, the date 16
on which the Congress receives the report sub-17
mitted under section 801(a)(1); and 18
‘‘(B) in the case of a nonmajor rule, the 19
later of— 20
‘‘(i) the date on which the Congress 21
receives the report submitted under section 22
801(a)(1); and 23
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‘‘(ii) the date on which the nonmajor 1
rule is published in the Federal Register, if 2
so published. 3
‘‘§ 805. Judicial review 4
‘‘(a) I
NGENERAL.—No determination, finding, ac-5
tion, or omission under this chapter shall be subject to 6
judicial review. 7
‘‘(b) E
XCEPTION.—Notwithstanding subsection (a), a 8
court may determine whether a Federal agency has com-9
pleted the necessary requirements under this chapter for 10
a rule to take effect. 11
‘‘(c) R
ULE OFCONSTRUCTION.—The enactment of a 12
joint resolution of approval under section 802 shall not 13
be interpreted to serve as a grant or modification of statu-14
tory authority by Congress for the promulgation of a rule, 15
shall not extinguish or affect any claim, whether sub-16
stantive or procedural, against any alleged defect in a rule, 17
and shall not form part of the record before the court in 18
any judicial proceeding concerning a rule except for pur-19
poses of determining whether or not the rule is in effect. 20
‘‘§ 806. Exemption for monetary policy 21
‘‘Nothing in this chapter shall apply to rules that con-22
cern monetary policy proposed or implemented by the 23
Board of Governors of the Federal Reserve System or the 24
Federal Open Market Committee. 25
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‘‘§ 807. Effective date of certain rules 1
‘‘Notwithstanding section 801— 2
‘‘(1) any rule that establishes, modifies, opens, 3
closes, or conducts a regulatory program for a com-4
mercial, recreational, or subsistence activity related 5
to hunting, fishing, or camping; or 6
‘‘(2) any rule other than a major rule which an 7
agency for good cause finds (and incorporates the 8
finding and a brief statement of reasons therefore in 9
the rule issued) that notice and public procedure 10
thereon are impracticable, unnecessary, or contrary 11
to the public interest, 12
shall take effect at such time as the Federal agency pro-13
mulgating the rule determines. 14
‘‘§ 808. Review of rules currently in effect 15
‘‘(a) A
NNUALREVIEW.—Beginning on the date that 16
is 180 days after the date of enactment of this section, 17
and annually thereafter for the 4 years following, each 18
agency shall designate not less than 20 percent of eligible 19
rules made by that agency for review and shall submit a 20
report including each such eligible rule in the same man-21
ner as a report under section 801(a)(1). Sections 801, 22
802, and 803 shall apply to each such rule, subject to sub-23
section (c) of this section. No eligible rule previously des-24
ignated may be designated again. 25
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‘‘(b) SUNSET FOR ELIGIBLERULESNOTEX-1
TENDED.—Beginning after the date that is 5 years after 2
the date of enactment of this section, if Congress has not 3
enacted a joint resolution of approval for that eligible rule, 4
that eligible rule shall not continue in effect. 5
‘‘(c) A
PPROVAL OFRULES.— 6
‘‘(1) I
N GENERAL.—Unless Congress approves 7
all eligible rules designated by executive agencies for 8
review within 90 days of designation, they shall have 9
no effect. 10
‘‘(2) F
ORMATTING.—A single joint resolution of 11
approval shall apply to all eligible rules in a report 12
designated for a year as follows: ‘That Congress ap-13
proves the rules submitted by thelll for the 14
year lll.’ (The blank spaces being appropriately 15
filled in). 16
‘‘(3) P
ROCEDURE.—A member of either House 17
may move that a separate joint resolution be re-18
quired for a specified rule. 19
‘‘(d) D
EFINITION.—In this section, the term ‘eligible 20
rule’ means a rule that is in effect as of the date of enact-21
ment of this section.’’. 22
(b) T
ECHNICAL AND CONFORMINGAMENDMENT.— 23
The chapter heading for chapter 8 of title 5, United States 24
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Code, is amended by inserting ‘‘CERTAIN’’ after 1
‘‘OF’’. 2
SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO 3
SECTION 802 OF TITLE 5, UNITED STATES 4
CODE. 5
Section 257(b)(2) of the Balanced Budget and Emer-6
gency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) 7
is amended by adding at the end the following new sub-8
paragraph: 9
‘‘(E) B
UDGETARY EFFECTS OF RULES 10
SUBJECT TO SECTION 802 OF TITLE 5 , UNITED 11
STATES CODE.—Any rule subject to the con-12
gressional approval procedure set forth in sec-13
tion 802 of chapter 8 of title 5, United States 14
Code, affecting budget authority, outlays, or re-15
ceipts shall be assumed to be effective unless it 16
is not approved in accordance with such sec-17
tion.’’. 18
SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 19
OF RULES. 20
(a) I
NGENERAL.—The Comptroller General of the 21
United States shall conduct a study to determine, as of 22
the date of the enactment of this Act— 23
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(1) how many rules (as that term is defined in 1
section 804 of title 5, United States Code, as added 2
by this title) were in effect; 3
(2) how many major rules (as that term is de-4
fined in section 804 of title 5, United States Code, 5
as added by this title) were in effect; and 6
(3) the total estimated economic cost imposed 7
by all such rules. 8
(b) R
EPORT.—Not later than 1 year after the date 9
of enactment of this Act, the Comptroller General of the 10
United States shall submit to Congress, and publish on 11
the website of the Government Accountability Office, a re-12
port that contains the findings of the study conducted 13
under subsection (a). 14
TITLE VI—SUSPICIOUS ACTIVITY 15
SEC. 601. CRIMINAL PENALTIES. 16
The Right to Financial Privacy Act of 1978 (12 17
U.S.C. 3401 et seq.) is amended by inserting after section 18
1116 (12 U.S.C. 3416) the following: 19
‘‘
CRIMINAL PENALTIES 20
‘‘S
EC. 1116A. (a) Except as provided in subsection 21
(b), any agency or department of the United States or fi-22
nancial institution knowingly obtaining or knowingly dis-23
closing financial records or information contained therein 24
in violation of this title shall be fined in any amount not 25
exceeding $5,000, or imprisoned not more than 5 years, 26
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or both, together with the costs of prosecution, and if such 1
offense is committed by any officer or employee of the 2
United States, the officer or employee shall, in addition 3
to any other punishment, be dismissed from office or dis-4
charged from employment upon conviction for such of-5
fense. 6
‘‘(b) Any financial institution or agent or employee 7
thereof making a disclosure of financial records pursuant 8
to this title in good-faith reliance upon a certificate by any 9
Government authority or pursuant to the provisions of sec-10
tion 1113(l) shall not be subject to prosecution under sub-11
section (a).’’. 12
SEC. 602. CIVIL PENALTIES. 13
Section 1117(a) of the Right to Financial Privacy Act 14
of 1978 (12 U.S.C. 3417(a)) is amended by striking para-15
graphs (1) through (4) and inserting the following: 16
‘‘(1) not less than $1,000 per violation per day; 17
‘‘(2) reasonable attorney’s fees and litigation 18
costs; and 19
‘‘(3) compensatory damages.’’. 20
SEC. 603. OTHER RELIEF. 21
The Right to Financial Privacy Act of 1978 (12 22
U.S.C. 3401 et seq.) is amended by inserting after section 23
1118 (12 U.S.C. 3418) the following: 24
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‘‘OTHER RELIEF 1
‘‘S
EC. 1118A. In addition to any other remedy con-2
tained in this title, a writ of mandamus and all other ap-3
propriate relief, including any equitable or declaratory re-4
lief, shall be available to require that the procedures of 5
this title are complied with.’’. 6
TITLE VII—STOPPING THE NOSY 7
OBSESSION WITH ONLINE 8
PAYMENTS 9
SEC. 701. REPEAL OF MODIFICATION OF EXCEPTIONS FOR 10
REPORTING OF THIRD PARTY NETWORK 11
TRANSACTIONS. 12
(a) I
NGENERAL.—Section 6050W(e) of the Internal 13
Revenue Code of 1986 is amended to read as follows: 14
‘‘(e) E
XCEPTION FOR DEMINIMISPAYMENTS BY 15
T
HIRDPARTYSETTLEMENT ORGANIZATIONS.—A third 16
party settlement organization shall be required to report 17
any information under subsection (a) with respect to third 18
party network transactions of any participating payee only 19
if— 20
‘‘(1) the amount which would otherwise be re-21
ported under subsection (a)(2) with respect to such 22
transactions exceeds $20,000, and 23
‘‘(2) the aggregate number of such transactions 24
exceeds 200.’’. 25
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(b) C ONFORMING AMENDMENT.—Section 1
6050W(c)(3) of the Internal Revenue Code of 1986 is 2
amended by striking ‘‘described in subsection 3
(d)(3)(A)(iii)’’. 4
(c) E
FFECTIVEDATE.— 5
(1) I
N GENERAL.—The amendment made by 6
subsection (a) shall apply to returns for calendar 7
years beginning after December 31, 2021. 8
(2) C
LARIFICATION.—The amendment made by 9
subsection (b) shall apply to transactions after the 10
date of the enactment of the American Rescue Plan 11
Act of 2021. 12
TITLE VIII—PROHIBITION ON 13
RESTRICTIONS RELATING TO 14
CONVERTIBLE VIRTUAL CUR-15
RENCY 16
SEC. 801. SHORT TITLE. 17
This title may be cited as the ‘‘Keep Your Coins 18
Act’’. 19
SEC. 802. PROHIBITION ON RESTRICTING USE OF CON-20
VERTIBLE VIRTUAL CURRENCY BY A PERSON 21
TO PURCHASE GOODS OR SERVICES FOR THE 22
PERSON’S OWN USE. 23
(a) I
NGENERAL.—No Federal agency head may pro-24
hibit or otherwise restrict the ability of a covered user to— 25
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(1) use virtual currency or its equivalent for 1
such user’s own purposes, such as to purchase real 2
or virtual goods and services for the user’s own use; 3
or 4
(2) conduct transactions through a self-hosted 5
wallet. 6
(b) D
EFINITIONS.—In this section: 7
(1) C
ONVERTIBLE VIRTUAL CURRENCIES .—The 8
term ‘‘convertible virtual currencies’’ means a me-9
dium of exchange that— 10
(A) has an equivalent value as currency (as 11
defined in section 1010.100 of title 31, Code of 12
Federal Regulations (or successor regulations)); 13
or 14
(B) acts as a substitute for currency but 15
may not possess all the attributes (including 16
legal tender status) specified under such section 17
1010.100. 18
(2) C
OVERED USER.—The term ‘‘covered user’’ 19
means a person that obtains convertible virtual cur-20
rency to purchase goods or services on that person’s 21
own behalf, without regard to the method in which 22
such covered user obtained such convertible virtual 23
currency. 24
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•S 809 IS
(3) SELF-HOSTED WALLET .—The term ‘‘self- 1
hosted wallet’’ means an interface— 2
(A) used to secure and transfer convertible 3
virtual currency; and 4
(B) under which the owner of convertible 5
virtual currency retains independent control 6
over such convertible virtual currency that is se-7
cured by such digital interface. 8
Æ
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