Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB809 Compare Versions

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Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 809
5	5	To amend the Right to Financial Privacy Act of 1978 to preserve the
6	6	confidentiality of certain records, and for other purposes.
7	7	IN THE SENATE OF THE UNITED STATES
8	8	FEBRUARY27, 2025
9	9	Mr. L
10	10	EE(for himself and Mr. SCOTTof Florida) introduced the following bill;
11	11	which was read twice and referred to the Committee on Finance
12	12	A BILL
13	13	To amend the Right to Financial Privacy Act of 1978 to
14	14	preserve the confidentiality of certain records, and for
15	15	other purposes.
16	16	Be it enacted by the Senate and House of Representa-1
17	17	tives of the United States of America in Congress assembled, 2
18	18	SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 3
19	19	(a) S
20	20	HORTTITLE.—This Act may be cited as the 4
21	21	‘‘Saving Privacy Act’’. 5
22	22	(b) T
23	23	ABLE OFCONTENTS.—The table of contents for 6
24	24	this Act is as follows: 7
25	25	Sec. 1. Short title; table of contents.
26	26	TITLE I—BANK PRIVACY REFORM
27	27	Sec. 101. Bank Secrecy Act reforms.
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31	31	TITLE II—AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY
32	32	ACT OF 1978
33	33	Sec. 201. Warrant requirements and exceptions.
34	34	TITLE III—CONSOLIDATED AUDIT TRAIL
35	35	Sec. 301. Requirements and prohibitions regarding the Consolidated Audit
36	36	Trail.
37	37	TITLE IV—NO CENTRAL BANK DIGITAL CURRENCY
38	38	Sec. 401. Central bank digital currency.
39	39	TITLE V—REGULATIONS FROM THE EXECUTIVE IN NEED OF
40	40	SCRUTINY
41	41	Sec. 501. Purpose.
42	42	Sec. 502. Congressional review of certain agency rulemaking.
43	43	Sec. 503. Budgetary effects of rules subject to section 802 of title 5, United
44	44	States Code.
45	45	Sec. 504. Government Accountability Office study of rules.
46	46	TITLE VI—SUSPICIOUS ACTIVITY
47	47	Sec. 601. Criminal penalties.
48	48	Sec. 602. Civil penalties.
49	49	Sec. 603. Other relief.
50	50	TITLE VII—STOPPING THE NOSY OBSESSION WITH ONLINE
51	51	PAYMENTS
52	52	Sec. 701. Repeal of modification of exceptions for reporting of third party net-
53	53	work transactions.
54	54	TITLE VIII—PROHIBITION ON RESTRICTIONS RELATING TO
55	55	CONVERTIBLE VIRTUAL CURRENCY
56	56	Sec. 801. Short title.
57	57	Sec. 802. Prohibition on restricting use of convertible virtual currency by a per-
58	58	son to purchase goods or services for the person’s own use.
59	59	TITLE I—BANK PRIVACY 1
60	60	REFORM 2
61	61	SEC. 101. BANK SECRECY ACT REFORMS. 3
62	62	(a) R
63	63	IGHT TOFINANCIALPRIVACYACT OF1978.— 4
64	64	The Right to Financial Privacy Act of 1978 (12 U.S.C. 5
65	65	3401 et seq.) is amended— 6
66	66	(1) by amending section 1102 (12 U.S.C. 3402) 7
67	67	to read as follows: 8
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71	71	‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-1
72	72	MENT AUTHORITIES. 2
73	73	‘‘Except as provided by subsection (c) or (d) of sec-3
74	74	tion 1103 or section 1113, no Government authority may 4
75	75	have access to or obtain copies of, or the information con-5
76	76	tained in the financial records of any customer from a fi-6
77	77	nancial institution unless the financial records are reason-7
78	78	ably described and such financial records are disclosed in 8
79	79	response to a search warrant which meets the require-9
80	80	ments of section 1106.’’; 10
81	81	(2) by striking sections 1104 (12 U.S.C. 3404), 11
82	82	1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 12
83	83	1108 (12 U.S.C. 3408); and 13
84	84	(3) in section 1109(a) (12 U.S.C. 3409(a)), by 14
85	85	striking ‘‘section 1104(c), 1105(2), 1106(c), 15
86	86	1107(2), 1108(4),’’ and inserting ‘‘section 1106(c)’’. 16
87	87	(b) T
88	88	ITLE31.—Chapter 53 of title 31, United States 17
89	89	Code, is amended— 18
90	90	(1) by amending section 5311 to read as fol-19
91	91	lows: 20
92	92	‘‘§ 5311. Declaration of purpose 21
93	93	‘‘It is the purpose of this subchapter to require finan-22
94	94	cial institutions to retain transaction records that include 23
95	95	information identified with or identifiable as being derived 24
96	96	from the financial records of particular customers.’’; 25
97	97	(2) in section 5312(a)— 26
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101	101	(A) in paragraph (2), by repealing sub-1
102	102	paragraphs (O), (Q), (S), (T), (V), (Y), and 2
103	103	(Z); and 3
104	104	(B) by amending paragraph (4) to read as 4
105	105	follows: 5
106	106	‘‘(4) ‘nonfinancial trade or business’ means any 6
107	107	entity engaged in trade or business other than a fi-7
108	108	nancial institution.’’; 8
109	109	(3) by striking sections 5313, 5314, 5315, 9
110	110	5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 10
111	111	5336; 11
112	112	(4) in section 5318— 12
113	113	(A) in subsection (a)— 13
114	114	(i) in the matter preceding paragraph 14
115	115	(1), by striking ‘‘(except under section 15
116	116	5315 of this title and regulations pre-16
117	117	scribed under section 5315)’’; 17
118	118	(ii) by striking paragraph (2); and 18
119	119	(iii) by redesignating paragraphs (3) 19
120	120	through (7) as paragraphs (2) through (6), 20
121	121	respectively; and 21
122	122	(B) in subsection (k)— 22
123	123	(i) in paragraph (1)(C), by striking 23
124	124	‘‘has the same meaning as in section 24
125	125	5318A(e)(1)(B)’’ and inserting ‘‘means an 25
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129	129	account established to receive deposits 1
130	130	from, make payments on behalf of a for-2
131	131	eign financial institution, or handle other 3
132	132	financial transactions related to such insti-4
133	133	tution’’; and 5
134	134	(ii) in paragraph (3)(A)(i)— 6
135	135	(I) in subclause (II), by adding 7
136	136	‘‘or’’ at the end; 8
137	137	(II) in subclause (III), by strik-9
138	138	ing ‘‘; or’’ and inserting a period; and 10
139	139	(III) by striking subclause (IV); 11
140	140	(5) in section 5321— 12
141	141	(A) in subsection (a)— 13
142	142	(i) in paragraph (1), by striking ‘‘(ex-14
143	143	cept sections 5314, 5315, and 5336 of this 15
144	144	title or a regulation prescribed under sec-16
145	145	tions 5314, 5315, and 5336)’’; 17
146	146	(ii) by striking paragraphs (2), (3), 18
147	147	(4), and (5); 19
148	148	(iii) in paragraph (6), by striking 20
149	149	‘‘(except section 5336)’’ each place that 21
150	150	term appears; 22
151	151	(iv) in paragraph (7), by striking ‘‘or 23
152	152	any special measures imposed under sec-24
153	153	tion 5318A’’; and 25
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157	157	(v) by redesignating paragraphs (6) 1
158	158	and (7) as paragraphs (2) and (3), respec-2
159	159	tively; 3
160	160	(B) by striking subsection (c); and 4
161	161	(C) by redesignating subsections (d) 5
162	162	through (g) as subsection (c) through (f), re-6
163	163	spectively; 7
164	164	(6) in section 5322— 8
165	165	(A) by striking ‘‘(except section 5315, 9
166	166	5324, or 5336 of this title or a regulation pre-10
167	167	scribed under section 5315, 5324, or 5336)’’ 11
168	168	each place that term appears; and 12
169	169	(B) in subsection (d)— 13
170	170	(i) by striking ‘‘, or any special meas-14
171	171	ures imposed under section 5318A,’’; and 15
172	172	(ii) by striking ‘‘or section 5318A’’; 16
173	173	(7) in section 5325(a), in the matter preceding 17
174	174	paragraph (1), by inserting after ‘‘$3,000’’ the fol-18
175	175	lowing: ‘‘(as such amount is annually adjusted by 19
176	176	the Secretary to reflect the percentage change in the 20
177	177	Consumer Price Index for All Urban Consumers 21
178	178	published by the Bureau of Labor Statistics of the 22
179	179	Department of Labor)’’; 23
180	180	(8) in section 5330(d)(1)— 24
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184	184	(A) in subparagraph (A), by adding ‘‘and’’ 1
185	185	at the end; 2
186	186	(B) by striking subparagraph (B); and 3
187	187	(C) by redesignating subparagraph (C) as 4
188	188	subparagraph (B); 5
189	189	(9) in section 5335— 6
190	190	(A) by striking subsection (c); and 7
191	191	(B) by redesignating subsections (d) and 8
192	192	(e) as subsections (c) and (d), respectively; 9
193	193	(10) by striking subchapter III; and 10
194	194	(11) in the table of contents for chapter 53, by 11
195	195	striking the items relating to— 12
196	196	(A) sections 5313, 5314, 5315, 5316, 13
197	197	5317, 5318A, 5324, 5326, 5331, 5332, and 14
198	198	5336; and 15
199	199	(B) subchapter III. 16
200	200	TITLE II—AMENDMENTS TO THE 17
201	201	RIGHT TO FINANCIAL PRI-18
202	202	VACY ACT OF 1978 19
203	203	SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS. 20
204	204	The Right to Financial Privacy Act of 1978 (12 21
205	205	U.S.C. 3401 et seq.) is amended— 22
206	206	(1) in section 1108 (12 U.S.C. 3408)— 23
207	207	(A) by striking paragraph (2); and 24
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211	211	(B) by redesignating paragraphs (3) and 1
212	212	(4) as paragraphs (2) and (3), respectively; and 2
213	213	(2) in section 1113 (12 U.S.C. 3413)— 3
214	214	(A) by repealing subsections (a), (d), (e), 4
215	215	(f), (g), (i), (l), (m), (n), (p), (q), and (r); and 5
216	216	(B) by adding at the end the following: 6
217	217	‘‘(s) A
218	218	CCESS OFRECORDS.— 7
219	219	‘‘(1) I
220	220	N GENERAL.—Notwithstanding any other 8
221	221	provision of this title, the Federal Government may 9
222	222	not access the financial records or information of an 10
223	223	individual in a manner that is prohibited by the 11
224	224	Fourth Amendment to the Constitution of the 12
225	225	United States with respect to the records or infor-13
226	226	mation in question. 14
227	227	‘‘(2) A
228	228	ID IN STATUTORY CONSTRUCTION .—It is 15
229	229	the sense of Congress that, through the enactment 16
230	230	of this title, Congress has established a statutory 17
231	231	right that ensures that the expectation of privacy 18
232	232	that the people of the United States have with re-19
233	233	spect to financial records is protected.’’. 20
234	234	TITLE III—CONSOLIDATED 21
235	235	AUDIT TRAIL 22
236	236	SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING 23
237	237	THE CONSOLIDATED AUDIT TRAIL. 24
238	238	(a) D
239	239	EFINITIONS.—In this section: 25
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243	243	(1) COMMISSION.—The term ‘‘Commission’’ 1
244	244	means the Securities and Exchange Commission. 2
245	245	(2) C
246	246	ONSOLIDATED AUDIT TRAIL .—The term 3
247	247	‘‘Consolidated Audit Trail’’ means the consolidated 4
248	248	audit trail and central repository created, imple-5
249	249	mented, and maintained pursuant to section 242.613 6
250	250	of title 17, Code of Federal Regulations, as in effect 7
251	251	on the day before the date of enactment of this Act. 8
252	252	(3) P
253	253	ERSONALLY IDENTIFIABLE INFORMA -9
254	254	TION.—The term ‘‘personally identifiable informa-10
255	255	tion’’— 11
256	256	(A) means information that can be used to 12
257	257	distinguish or trace the identity of an indi-13
258	258	vidual, either alone or when combined with 14
259	259	other personal or identifying information that is 15
260	260	linked or linkable to a specific individual, in-16
261	261	cluding the name, address, date or year of 17
262	262	birth, Social Security number, telephone num-18
263	263	ber, email, or IP-address of an individual; and 19
264	264	(B) does not include a CAT–Order–ID or 20
265	265	CAT–Reporter–ID, as those terms are defined 21
266	266	in section 242.613(j) of title 17, Code of Fed-22
267	267	eral Regulations (or any successor regulation). 23
268	268	(4) S
269	269	ELF-REGULATORY ORGANIZATION .—The 24
270	270	term ‘‘self-regulatory organization’’ has the meaning 25
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274	274	given the term in section 3(a) of the Securities Ex-1
275	275	change Act of 1934 (15 U.S.C. 78c(a)). 2
276	276	(b) R
277	277	EQUIREMENT.—The Commission shall— 3
278	278	(1) not later than 30 days after the date of en-4
279	279	actment of this Act, and notwithstanding any other 5
280	280	provision of law or regulation, terminate the Consoli-6
281	281	dated Audit Trail; and 7
282	282	(2) not later that 120 days after the date of en-8
283	283	actment of this Act, amend any regulation, no action 9
284	284	letter, interpretive letter, exemptive letter, legal bul-10
285	285	letin, or other guidance of the Commission to con-11
286	286	form to the requirements of this section. 12
287	287	(c) P
288	288	ROHIBITIONS.—On and after the date that the 13
289	289	Commission carries out the termination required under 14
290	290	subsection (b)(1)— 15
291	291	(1) neither the Commission nor any self-regu-16
292	292	latory organization may administer the Consolidated 17
293	293	Audit Trail; and 18
294	294	(2) no Federal agency may establish any con-19
295	295	solidated audit trail, central repository, or other cen-20
296	296	tralized database that collects personally identifiable 21
297	297	information of citizens of the United States, unless 22
298	298	a duly enacted law of the United States specifically 23
299	299	provides the Federal agency with the authority to 24
300	300	take that action. 25
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304	304	(d) REIMBURSEMENT OF FEES.—Not later than 1 1
305	305	year after the date of enactment of this Act, Consolidated 2
306	306	Audit Trail, LLC and FINRA CAT, LLC shall reimburse 3
307	307	all fees collected by those entities before that date to carry 4
308	308	out the Consolidated Audit Trail. 5
309	309	TITLE IV—NO CENTRAL BANK 6
310	310	DIGITAL CURRENCY 7
311	311	SEC. 401. CENTRAL BANK DIGITAL CURRENCY. 8
312	312	Section 13 of the Federal Reserve Act is amended 9
313	313	by adding after the 14th undesignated paragraph (12 10
314	314	U.S.C. 347d) the following: 11
315	315	‘‘No Federal reserve bank, the Board, the Sec-12
316	316	retary of the Treasury, any other agency, or any en-13
317	317	tity directed to act on behalf of the Federal reserve 14
318	318	bank, the Board, the Secretary, or other agency, 15
319	319	may mint or issue a central bank digital currency di-16
320	320	rectly to an individual (including a central bank dig-17
321	321	ital currency issued to an individual through a custo-18
322	322	dial intermediary) or a digital currency inter-19
323	323	mediary, offer related products or services directly to 20
324	324	an individual, or maintain an account on behalf of 21
325	325	an individual (including an account in a specially 22
326	326	designated account at a digital currency inter-23
327	327	mediary or supervised commercial bank). No Federal 24
328	328	reserve bank may hold digital currencies minted or 25
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332	332	issued by the United States Government as assets or 1
333	333	liabilities on a balance sheet of the bank or use such 2
334	334	digital currencies as part of fulfilling the require-3
335	335	ments under section 2A.’’. 4
336	336	TITLE V—REGULATIONS FROM 5
337	337	THE EXECUTIVE IN NEED OF 6
338	338	SCRUTINY 7
339	339	SEC. 501. PURPOSE. 8
340	340	The purpose of this title is to increase accountability 9
341	341	for and transparency in the Federal regulatory process. 10
342	342	Section 1 of article I of the United States Constitution 11
343	343	grants all legislative powers to Congress. Over time, Con-12
344	344	gress has excessively delegated its constitutional charge 13
345	345	while failing to conduct appropriate oversight and retain 14
346	346	accountability for the content of the laws it passes. By 15
347	347	requiring a vote in Congress, the REINS Act will result 16
348	348	in more carefully drafted and detailed legislation, an im-17
349	349	proved regulatory process, and a legislative branch that 18
350	350	is truly accountable to the American people for the laws 19
351	351	imposed upon them. 20
352	352	SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY 21
353	353	RULEMAKING. 22
354	354	(a) I
355	355	NGENERAL.—Chapter 8 of title 5, United 23
356	356	States Code, is amended to read as follows: 24
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360	360	‘‘CHAPTER 8—CONGRESSIONAL REVIEW 1
361	361	OF CERTAIN AGENCY RULEMAKING 2
362	362	‘‘Sec.
363	363	‘‘801. Congressional review.
364	364	‘‘802. Congressional approval procedure for major rules.
365	365	‘‘803. Congressional disapproval procedure for nonmajor rules.
366	366	‘‘804. Definitions.
367	367	‘‘805. Judicial review.
368	368	‘‘806. Exemption for monetary policy.
369	369	‘‘807. Effective date of certain rules.
370	370	‘‘808. Review of rules currently in effect.
371	371	‘‘§ 801. Congressional review 3
372	372	‘‘(a)(1)(A) Before a rule may take effect, the Federal 4
373	373	agency promulgating such rule shall publish in the Federal 5
374	374	Register a list of information on which the rule is based, 6
375	375	including data, scientific and economic studies, and cost- 7
376	376	benefit analyses, and identify how the public can access 8
377	377	such information online, and shall submit to each House 9
378	378	of the Congress and to the Comptroller General a report 10
379	379	containing— 11
380	380	‘‘(i) a copy of the rule; 12
381	381	‘‘(ii) a concise general statement relating to the 13
382	382	rule; 14
383	383	‘‘(iii) a finding, rendered in consultation with 15
384	384	the Administrator of the Office of Information and 16
385	385	Regulatory Affairs of the Office of Management and 17
386	386	Budget, whether the rule is a major or nonmajor 18
387	387	rule, including an explanation of the finding specifi-19
388	388	cally addressing each criteria for a major rule con-20
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392	392	tained within subparagraphs (A) through (C) of sec-1
393	393	tion 804(2); 2
394	394	‘‘(iv) a list of any other related regulatory ac-3
395	395	tions intended to implement the same statutory pro-4
396	396	vision or regulatory objective as well as the indi-5
397	397	vidual and aggregate economic effects of those ac-6
398	398	tions; 7
399	399	‘‘(v) the proposed effective date of the rule; and 8
400	400	‘‘(vi) a statement of the constitutional authority 9
401	401	authorizing the agency to make the rule. 10
402	402	‘‘(B) On the date of the submission of the report 11
403	403	under subparagraph (A), the Federal agency promulgating 12
404	404	the rule shall submit to the Comptroller General and make 13
405	405	available to each House of Congress (and to each com-14
406	406	mittee of jurisdiction in each House)— 15
407	407	‘‘(i) a complete copy of the cost-benefit analysis 16
408	408	of the rule, if any, including an analysis of any jobs 17
409	409	added or lost, differentiating between public and pri-18
410	410	vate sector jobs; 19
411	411	‘‘(ii) the agency’s actions pursuant to sections 20
412	412	603, 604, 605, 607, and 609 of this title; 21
413	413	‘‘(iii) the agency’s actions pursuant to sections 22
414	414	202, 203, 204, and 205 of the Unfunded Mandates 23
415	415	Reform Act of 1995; 24
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419	419	‘‘(iv) an estimate of the effect on inflation of 1
420	420	the rule; and 2
421	421	‘‘(v) any other relevant information or require-3
422	422	ments under any other Act and any relevant Execu-4
423	423	tive orders. 5
424	424	‘‘(C) Upon receipt of a report submitted under sub-6
425	425	paragraph (A), each House shall provide copies of the re-7
426	426	port to the chairman and ranking member of each stand-8
427	427	ing committee with jurisdiction under the rules of the 9
428	428	House of Representatives or the Senate to report a bill 10
429	429	to amend the provision of law under which the rule is 11
430	430	issued. 12
431	431	‘‘(D) If requested in writing by a member of Con-13
432	432	gress— 14
433	433	‘‘(i) the Comptroller General shall make a de-15
434	434	termination whether an agency action qualifies as a 16
435	435	rule for purposes of this chapter, and shall submit 17
436	436	to Congress this determination not later than 60 18
437	437	days after the date of the request; and 19
438	438	‘‘(ii) the Comptroller General, in consultation 20
439	439	with the Director of the Congressional Budget Of-21
440	440	fice, shall make a determination whether a rule is 22
441	441	considered a major rule under the provisions of this 23
442	442	act, and shall submit to Congress this determination 24
443	443	not later than 90 days after the date of the request. 25
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446	446	•S 809 IS
447	447	For purposes of this section, a determination under this 1
448	448	subparagraph shall be deemed to be a report under sub-2
449	449	paragraph (A). 3
450	450	‘‘(2)(A) The Comptroller General shall provide a re-4
451	451	port on each major rule to the committees of jurisdiction 5
452	452	by the end of 15 calendar days after the submission or 6
453	453	publication date. The report of the Comptroller General 7
454	454	shall include an assessment of the agency’s compliance 8
455	455	with procedural steps required by paragraph (1)(B) and 9
456	456	an assessment of whether the major rule imposes any new 10
457	457	limits or mandates on private-sector activity. 11
458	458	‘‘(B) Federal agencies shall cooperate with the Comp-12
459	459	troller General by providing information relevant to the 13
460	460	Comptroller General’s report under subparagraph (A). 14
461	461	‘‘(3) A major rule relating to a report submitted 15
462	462	under paragraph (1) shall take effect upon enactment of 16
463	463	a joint resolution of approval described in section 802 or 17
464	464	as provided for in the rule following enactment of a joint 18
465	465	resolution of approval described in section 802, whichever 19
466	466	is later. 20
467	467	‘‘(4) A nonmajor rule shall take effect as provided 21
468	468	by section 803 after submission to Congress under para-22
469	469	graph (1). 23
470	470	‘‘(5) If a joint resolution of approval relating to a 24
471	471	major rule is not enacted within the period provided in 25
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474	474	•S 809 IS
475	475	subsection (b)(2), then a joint resolution of approval relat-1
476	476	ing to the same rule may not be considered under this 2
477	477	chapter in the same Congress by either the House of Rep-3
478	478	resentatives or the Senate. 4
479	479	‘‘(b)(1) A major rule shall not take effect unless the 5
480	480	Congress enacts a joint resolution of approval described 6
481	481	under section 802. 7
482	482	‘‘(2) If a joint resolution described in subsection (a) 8
483	483	is not enacted into law by the end of 70 session days or 9
484	484	legislative days, as applicable, beginning on the date on 10
485	485	which the report referred to in subsection (a)(1)(A) is re-11
486	486	ceived by Congress (excluding days either House of Con-12
487	487	gress is adjourned for more than 3 days during a session 13
488	488	of Congress), then the rule described in that resolution 14
489	489	shall be deemed not to be approved and such rule shall 15
490	490	not take effect. 16
491	491	‘‘(c)(1) Notwithstanding any other provision of this 17
492	492	section (except subject to paragraph (3)), a major rule 18
493	493	may take effect for one 90-calendar-day period if the 19
494	494	President makes a determination under paragraph (2) and 20
495	495	submits written notice of such determination to the Con-21
496	496	gress. 22
497	497	‘‘(2) Paragraph (1) applies to a determination made 23
498	498	by the President by Executive order that the major rule 24
499	499	should take effect because such rule is— 25
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502	502	•S 809 IS
503	503	‘‘(A) necessary because of an imminent threat 1
504	504	to health or safety or other emergency; 2
505	505	‘‘(B) necessary for the enforcement of criminal 3
506	506	laws; 4
507	507	‘‘(C) necessary for national security; or 5
508	508	‘‘(D) issued pursuant to any statute imple-6
509	509	menting an international trade agreement. 7
510	510	‘‘(3) An exercise by the President of the authority 8
511	511	under this subsection shall have no effect on the proce-9
512	512	dures under section 802. 10
513	513	‘‘(d)(1) In addition to the opportunity for review oth-11
514	514	erwise provided under this chapter, in the case of any rule 12
515	515	for which a report was submitted in accordance with sub-13
516	516	section (a)(1)(A) during the period beginning on the date 14
517	517	occurring— 15
518	518	‘‘(A) in the case of the Senate, 60 session days; 16
519	519	or 17
520	520	‘‘(B) in the case of the House of Representa-18
521	521	tives, 60 legislative days, 19
522	522	before the date the Congress is scheduled to adjourn a 20
523	523	session of Congress through the date on which the same 21
524	524	or succeeding Congress first convenes its next session, sec-22
525	525	tions 802 and 803 shall apply to such rule in the suc-23
526	526	ceeding session of Congress. 24
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529	529	•S 809 IS
530	530	‘‘(2)(A) In applying sections 802 and 803 for pur-1
531	531	poses of such additional review, a rule described under 2
532	532	paragraph (1) shall be treated as though— 3
533	533	‘‘(i) such rule were published in the Federal 4
534	534	Register on— 5
535	535	‘‘(I) in the case of the Senate, the 15th 6
536	536	session day; or 7
537	537	‘‘(II) in the case of the House of Rep-8
538	538	resentatives, the 15th legislative day, 9
539	539	after the succeeding session of Congress first con-10
540	540	venes; and 11
541	541	‘‘(ii) a report on such rule were submitted to 12
542	542	Congress under subsection (a)(1) on such date. 13
543	543	‘‘(B) Nothing in this paragraph shall be construed 14
544	544	to affect the requirement under subsection (a)(1) that a 15
545	545	report shall be submitted to Congress before a rule can 16
546	546	take effect. 17
547	547	‘‘(3) A rule described under paragraph (1) shall take 18
548	548	effect as otherwise provided by law (including other sub-19
549	549	sections of this section). 20
550	550	‘‘§ 802. Congressional approval procedure for major 21
551	551	rules 22
552	552	‘‘(a)(1) For purposes of this section, the term ‘joint 23
553	553	resolution’ means only a joint resolution addressing a re-24
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556	556	•S 809 IS
557	557	port classifying a rule as major pursuant to section 1
558	558	801(a)(1)(A)(iii) that— 2
559	559	‘‘(A) bears no preamble; 3
560	560	‘‘(B) bears the following title (with blanks filled 4
561	561	as appropriate): ‘Approving the rule submitted by 5
562	562	lll relating to lll.’; 6
563	563	‘‘(C) includes after its resolving clause only the 7
564	564	following (with blanks filled as appropriate): ‘That 8
565	565	Congress approves the rule submitted by lll re-9
566	566	lating to lll.’; and 10
567	567	‘‘(D) is introduced pursuant to paragraph (2). 11
568	568	‘‘(2) After a House of Congress receives a report 12
569	569	classifying a rule as major pursuant to section 13
570	570	801(a)(1)(A)(iii), the majority leader of that House (or 14
571	571	his or her respective designee) shall introduce (by request, 15
572	572	if appropriate) a joint resolution described in paragraph 16
573	573	(1)— 17
574	574	‘‘(A) in the case of the House of Representa-18
575	575	tives, within 3 legislative days; and 19
576	576	‘‘(B) in the case of the Senate, within 3 session 20
577	577	days. 21
578	578	‘‘(3) A joint resolution described in paragraph (1) 22
579	579	shall not be subject to amendment at any stage of pro-23
580	580	ceeding. 24
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583	583	•S 809 IS
584	584	‘‘(b) A joint resolution described in subsection (a) 1
585	585	shall be referred in each House of Congress to the commit-2
586	586	tees having jurisdiction over the provision of law under 3
587	587	which the rule is issued. 4
588	588	‘‘(c) In the Senate, if the committee or committees 5
589	589	to which a joint resolution described in subsection (a) has 6
590	590	been referred have not reported it at the end of 15 session 7
591	591	days after its introduction, such committee or committees 8
592	592	shall be automatically discharged from further consider-9
593	593	ation of the resolution and it shall be placed on the cal-10
594	594	endar. A vote on final passage of the resolution shall be 11
595	595	taken on or before the close of the 15th session day after 12
596	596	the resolution is reported by the committee or committees 13
597	597	to which it was referred, or after such committee or com-14
598	598	mittees have been discharged from further consideration 15
599	599	of the resolution. 16
600	600	‘‘(d)(1) In the Senate, when the committee or com-17
601	601	mittees to which a joint resolution is referred have re-18
602	602	ported, or when a committee or committees are discharged 19
603	603	(under subsection (c)) from further consideration of a 20
604	604	joint resolution described in subsection (a), it is at any 21
605	605	time thereafter in order (even though a previous motion 22
606	606	to the same effect has been disagreed to) for a motion 23
607	607	to proceed to the consideration of the joint resolution, and 24
608	608	all points of order against the joint resolution (and against 25
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611	611	•S 809 IS
612	612	consideration of the joint resolution) are waived. The mo-1
613	613	tion is not subject to amendment, or to a motion to post-2
614	614	pone, or to a motion to proceed to the consideration of 3
615	615	other business. A motion to reconsider the vote by which 4
616	616	the motion is agreed to or disagreed to shall not be in 5
617	617	order. If a motion to proceed to the consideration of the 6
618	618	joint resolution is agreed to, the joint resolution shall re-7
619	619	main the unfinished business of the Senate until disposed 8
620	620	of. 9
621	621	‘‘(2) In the Senate, debate on the joint resolution, 10
622	622	and on all debatable motions and appeals in connection 11
623	623	therewith, shall be limited to not more than 2 hours, which 12
624	624	shall be divided equally between those favoring and those 13
625	625	opposing the joint resolution. A motion to further limit 14
626	626	debate is in order and not debatable. An amendment to, 15
627	627	or a motion to postpone, or a motion to proceed to the 16
628	628	consideration of other business, or a motion to recommit 17
629	629	the joint resolution is not in order. 18
630	630	‘‘(3) In the Senate, immediately following the conclu-19
631	631	sion of the debate on a joint resolution described in sub-20
632	632	section (a), and a single quorum call at the conclusion of 21
633	633	the debate if requested in accordance with the rules of the 22
634	634	Senate, the vote on final passage of the joint resolution 23
635	635	shall occur. 24
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638	638	•S 809 IS
639	639	‘‘(4) Appeals from the decisions of the Chair relating 1
640	640	to the application of the rules of the Senate to the proce-2
641	641	dure relating to a joint resolution described in subsection 3
642	642	(a) shall be decided without debate. 4
643	643	‘‘(e) In the House of Representatives, if any com-5
644	644	mittee to which a joint resolution described in subsection 6
645	645	(a) has been referred has not reported it to the House 7
646	646	at the end of 15 legislative days after its introduction, 8
647	647	such committee shall be discharged from further consider-9
648	648	ation of the joint resolution, and it shall be placed on the 10
649	649	appropriate calendar. On the second and fourth Thursdays 11
650	650	of each month it shall be in order at any time for the 12
651	651	Speaker to recognize a Member who favors passage of a 13
652	652	joint resolution that has appeared on the calendar for at 14
653	653	least 5 legislative days to call up that joint resolution for 15
654	654	immediate consideration in the House without intervention 16
655	655	of any point of order. When so called up a joint resolution 17
656	656	shall be considered as read and shall be debatable for 1 18
657	657	hour equally divided and controlled by the proponent and 19
658	658	an opponent, and the previous question shall be considered 20
659	659	as ordered to its passage without intervening motion. It 21
660	660	shall not be in order to reconsider the vote on passage. 22
661	661	If a vote on final passage of the joint resolution has not 23
662	662	been taken by the third Thursday on which the Speaker 24
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665	665	•S 809 IS
666	666	may recognize a Member under this subsection, such vote 1
667	667	shall be taken on that day. 2
668	668	‘‘(f)(1) If, before passing a joint resolution described 3
669	669	in subsection (a), one House receives from the other a 4
670	670	joint resolution having the same text, then— 5
671	671	‘‘(A) the joint resolution of the other House 6
672	672	shall not be referred to a committee; and 7
673	673	‘‘(B) the procedure in the receiving House shall 8
674	674	be the same as if no joint resolution had been re-9
675	675	ceived from the other House until the vote on pas-10
676	676	sage, when the joint resolution received from the 11
677	677	other House shall supplant the joint resolution of 12
678	678	the receiving House. 13
679	679	‘‘(2) This subsection shall not apply to the House of 14
680	680	Representatives if the joint resolution received from the 15
681	681	Senate is a revenue measure. 16
682	682	‘‘(g) If either House has not taken a vote on final 17
683	683	passage of the joint resolution by the last day of the period 18
684	684	described in section 801(b)(2), then such vote shall be 19
685	685	taken on that day. 20
686	686	‘‘(h) This section and section 803 are enacted by 21
687	687	Congress— 22
688	688	‘‘(1) as an exercise of the rulemaking power of 23
689	689	the Senate and House of Representatives, respec-24
690	690	tively, and as such are deemed to be part of the 25
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693	693	•S 809 IS
694	694	rules of each House, respectively, but applicable only 1
695	695	with respect to the procedure to be followed in that 2
696	696	House in the case of a joint resolution described in 3
697	697	subsection (a) and superseding other rules only 4
698	698	where explicitly so; and 5
699	699	‘‘(2) with full recognition of the constitutional 6
700	700	right of either House to change the rules (so far as 7
701	701	they relate to the procedure of that House) at any 8
702	702	time, in the same manner and to the same extent as 9
703	703	in the case of any other rule of that House. 10
704	704	‘‘§ 803. Congressional disapproval procedure for 11
705	705	nonmajor rules 12
706	706	‘‘(a) For purposes of this section, the term ‘joint res-13
707	707	olution’ means only a joint resolution introduced in the 14
708	708	period beginning on the date on which the report referred 15
709	709	to in section 801(a)(1)(A) is received by Congress and 16
710	710	ending 60 days thereafter (excluding days either House 17
711	711	of Congress is adjourned for more than 3 days during a 18
712	712	session of Congress), the matter after the resolving clause 19
713	713	of which is as follows: ‘That Congress disapproves the 20
714	714	nonmajor rule submitted by the lll relating to 21
715	715	lll, and such rule shall have no force or effect.’ (The 22
716	716	blank spaces being appropriately filled in). 23
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719	719	•S 809 IS
720	720	‘‘(b) A joint resolution described in subsection (a) 1
721	721	shall be referred to the committees in each House of Con-2
722	722	gress with jurisdiction. 3
723	723	‘‘(c) In the Senate, if the committee to which is re-4
724	724	ferred a joint resolution described in subsection (a) has 5
725	725	not reported such joint resolution (or an identical joint 6
726	726	resolution) at the end of 15 session days after the date 7
727	727	of introduction of the joint resolution, such committee may 8
728	728	be discharged from further consideration of such joint res-9
729	729	olution upon a petition supported in writing by 30 Mem-10
730	730	bers of the Senate, and such joint resolution shall be 11
731	731	placed on the calendar. 12
732	732	‘‘(d)(1) In the Senate, when the committee to which 13
733	733	a joint resolution is referred has reported, or when a com-14
734	734	mittee is discharged (under subsection (c)) from further 15
735	735	consideration of a joint resolution described in subsection 16
736	736	(a), it is at any time thereafter in order (even though a 17
737	737	previous motion to the same effect has been disagreed to) 18
738	738	for a motion to proceed to the consideration of the joint 19
739	739	resolution, and all points of order against the joint resolu-20
740	740	tion (and against consideration of the joint resolution) are 21
741	741	waived. The motion is not subject to amendment, or to 22
742	742	a motion to postpone, or to a motion to proceed to the 23
743	743	consideration of other business. A motion to reconsider the 24
744	744	vote by which the motion is agreed to or disagreed to shall 25
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748	748	not be in order. If a motion to proceed to the consideration 1
749	749	of the joint resolution is agreed to, the joint resolution 2
750	750	shall remain the unfinished business of the Senate until 3
751	751	disposed of. 4
752	752	‘‘(2) In the Senate, debate on the joint resolution, 5
753	753	and on all debatable motions and appeals in connection 6
754	754	therewith, shall be limited to not more than 10 hours, 7
755	755	which shall be divided equally between those favoring and 8
756	756	those opposing the joint resolution. A motion to further 9
757	757	limit debate is in order and not debatable. An amendment 10
758	758	to, or a motion to postpone, or a motion to proceed to 11
759	759	the consideration of other business, or a motion to recom-12
760	760	mit the joint resolution is not in order. 13
761	761	‘‘(3) In the Senate, immediately following the conclu-14
762	762	sion of the debate on a joint resolution described in sub-15
763	763	section (a), and a single quorum call at the conclusion of 16
764	764	the debate if requested in accordance with the rules of the 17
765	765	Senate, the vote on final passage of the joint resolution 18
766	766	shall occur. 19
767	767	‘‘(4) Appeals from the decisions of the Chair relating 20
768	768	to the application of the rules of the Senate to the proce-21
769	769	dure relating to a joint resolution described in subsection 22
770	770	(a) shall be decided without debate. 23
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774	774	‘‘(e) In the Senate, the procedure specified in sub-1
775	775	section (c) or (d) shall not apply to the consideration of 2
776	776	a joint resolution respecting a nonmajor rule— 3
777	777	‘‘(1) after the expiration of the 60 session days 4
778	778	beginning with the applicable submission or publica-5
779	779	tion date; or 6
780	780	‘‘(2) if the report under section 801(a)(1)(A) 7
781	781	was submitted during the period referred to in sec-8
782	782	tion 801(d)(1), after the expiration of the 60 session 9
783	783	days beginning on the 15th session day after the 10
784	784	succeeding session of Congress first convenes. 11
785	785	‘‘(f) If, before the passage by one House of a joint 12
786	786	resolution of that House described in subsection (a), that 13
787	787	House receives from the other House a joint resolution 14
788	788	described in subsection (a), then the following procedures 15
789	789	shall apply: 16
790	790	‘‘(1) The joint resolution of the other House 17
791	791	shall not be referred to a committee. 18
792	792	‘‘(2) With respect to a joint resolution described 19
793	793	in subsection (a) of the House receiving the joint 20
794	794	resolution— 21
795	795	‘‘(A) the procedure in that House shall be 22
796	796	the same as if no joint resolution had been re-23
797	797	ceived from the other House; but 24
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801	801	‘‘(B) the vote on final passage shall be on 1
802	802	the joint resolution of the other House. 2
803	803	‘‘§ 804. Definitions 3
804	804	‘‘For purposes of this chapter: 4
805	805	‘‘(1) The term ‘Federal agency’ means— 5
806	806	‘‘(A) the Board of Governors of the Fed-6
807	807	eral Reserve System; 7
808	808	‘‘(B) the Securities and Exchange Commis-8
809	809	sion; 9
810	810	‘‘(C) the Commodity Futures Trading 10
811	811	Commission; 11
812	812	‘‘(D) the Federal Deposit Insurance Cor-12
813	813	poration; 13
814	814	‘‘(E) the Bureau of Consumer Financial 14
815	815	Protection; 15
816	816	‘‘(F) the Department of the Treasury, in-16
817	817	cluding the Office of the Comptroller of the 17
818	818	Currency and the Financial Crimes Enforce-18
819	819	ment Network; or 19
820	820	‘‘(G) the National Credit Union Adminis-20
821	821	tration. 21
822	822	‘‘(2) The term ‘major rule’ means any rule, in-22
823	823	cluding an interim final rule, that the Administrator 23
824	824	of the Office of Information and Regulatory Affairs 24
825	825	of the Office of Management and Budget or the 25
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828	828	•S 809 IS
829	829	Federal agency promulgating such rule finds has re-1
830	830	sulted in or is likely to result in— 2
831	831	‘‘(A) an annual effect on the economy of 3
832	832	$100 million or more; 4
833	833	‘‘(B) a major increase in costs or prices for 5
834	834	consumers, individual industries, Federal, 6
835	835	State, or local government agencies, or geo-7
836	836	graphic regions; 8
837	837	‘‘(C) significant adverse effects on competi-9
838	838	tion, employment, investment, productivity, in-10
839	839	novation, or the ability of United States-based 11
840	840	enterprises to compete with foreign-based enter-12
841	841	prises in domestic and export markets; or 13
842	842	‘‘(D) in an increase in mandatory vaccina-14
843	843	tions. 15
844	844	‘‘(3) The term ‘nonmajor rule’ means any rule 16
845	845	that is not a major rule. 17
846	846	‘‘(4) The term ‘rule’ has the meaning given the 18
847	847	term in section 551, except that the term— 19
848	848	‘‘(A) includes interpretative rules, general 20
849	849	statements of policy, and all other agency guid-21
850	850	ance documents; and 22
851	851	‘‘(B) does not include— 23
852	852	‘‘(i) any rule of particular applica-24
853	853	bility, including a rule that approves or 25
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856	856	•S 809 IS
857	857	prescribes for the future rates, wages, 1
858	858	prices, services, or allowances therefore, 2
859	859	corporate or financial structures, reorga-3
860	860	nizations, mergers, or acquisitions thereof, 4
861	861	or accounting practices or disclosures bear-5
862	862	ing on any of the foregoing; 6
863	863	‘‘(ii) any rule relating to agency man-7
864	864	agement or personnel; or 8
865	865	‘‘(iii) any rule of agency organization, 9
866	866	procedure, or practice that does not sub-10
867	867	stantially affect the rights or obligations of 11
868	868	non-agency parties. 12
869	869	‘‘(5) The term ‘submission or publication date’, 13
870	870	except as otherwise provided in this chapter, 14
871	871	means— 15
872	872	‘‘(A) in the case of a major rule, the date 16
873	873	on which the Congress receives the report sub-17
874	874	mitted under section 801(a)(1); and 18
875	875	‘‘(B) in the case of a nonmajor rule, the 19
876	876	later of— 20
877	877	‘‘(i) the date on which the Congress 21
878	878	receives the report submitted under section 22
879	879	801(a)(1); and 23
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882	882	•S 809 IS
883	883	‘‘(ii) the date on which the nonmajor 1
884	884	rule is published in the Federal Register, if 2
885	885	so published. 3
886	886	‘‘§ 805. Judicial review 4
887	887	‘‘(a) I
888	888	NGENERAL.—No determination, finding, ac-5
889	889	tion, or omission under this chapter shall be subject to 6
890	890	judicial review. 7
891	891	‘‘(b) E
892	892	XCEPTION.—Notwithstanding subsection (a), a 8
893	893	court may determine whether a Federal agency has com-9
894	894	pleted the necessary requirements under this chapter for 10
895	895	a rule to take effect. 11
896	896	‘‘(c) R
897	897	ULE OFCONSTRUCTION.—The enactment of a 12
898	898	joint resolution of approval under section 802 shall not 13
899	899	be interpreted to serve as a grant or modification of statu-14
900	900	tory authority by Congress for the promulgation of a rule, 15
901	901	shall not extinguish or affect any claim, whether sub-16
902	902	stantive or procedural, against any alleged defect in a rule, 17
903	903	and shall not form part of the record before the court in 18
904	904	any judicial proceeding concerning a rule except for pur-19
905	905	poses of determining whether or not the rule is in effect. 20
906	906	‘‘§ 806. Exemption for monetary policy 21
907	907	‘‘Nothing in this chapter shall apply to rules that con-22
908	908	cern monetary policy proposed or implemented by the 23
909	909	Board of Governors of the Federal Reserve System or the 24
910	910	Federal Open Market Committee. 25
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913	913	•S 809 IS
914	914	‘‘§ 807. Effective date of certain rules 1
915	915	‘‘Notwithstanding section 801— 2
916	916	‘‘(1) any rule that establishes, modifies, opens, 3
917	917	closes, or conducts a regulatory program for a com-4
918	918	mercial, recreational, or subsistence activity related 5
919	919	to hunting, fishing, or camping; or 6
920	920	‘‘(2) any rule other than a major rule which an 7
921	921	agency for good cause finds (and incorporates the 8
922	922	finding and a brief statement of reasons therefore in 9
923	923	the rule issued) that notice and public procedure 10
924	924	thereon are impracticable, unnecessary, or contrary 11
925	925	to the public interest, 12
926	926	shall take effect at such time as the Federal agency pro-13
927	927	mulgating the rule determines. 14
928	928	‘‘§ 808. Review of rules currently in effect 15
929	929	‘‘(a) A
930	930	NNUALREVIEW.—Beginning on the date that 16
931	931	is 180 days after the date of enactment of this section, 17
932	932	and annually thereafter for the 4 years following, each 18
933	933	agency shall designate not less than 20 percent of eligible 19
934	934	rules made by that agency for review and shall submit a 20
935	935	report including each such eligible rule in the same man-21
936	936	ner as a report under section 801(a)(1). Sections 801, 22
937	937	802, and 803 shall apply to each such rule, subject to sub-23
938	938	section (c) of this section. No eligible rule previously des-24
939	939	ignated may be designated again. 25
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942	942	•S 809 IS
943	943	‘‘(b) SUNSET FOR ELIGIBLERULESNOTEX-1
944	944	TENDED.—Beginning after the date that is 5 years after 2
945	945	the date of enactment of this section, if Congress has not 3
946	946	enacted a joint resolution of approval for that eligible rule, 4
947	947	that eligible rule shall not continue in effect. 5
948	948	‘‘(c) A
949	949	PPROVAL OFRULES.— 6
950	950	‘‘(1) I
951	951	N GENERAL.—Unless Congress approves 7
952	952	all eligible rules designated by executive agencies for 8
953	953	review within 90 days of designation, they shall have 9
954	954	no effect. 10
955	955	‘‘(2) F
956	956	ORMATTING.—A single joint resolution of 11
957	957	approval shall apply to all eligible rules in a report 12
958	958	designated for a year as follows: ‘That Congress ap-13
959	959	proves the rules submitted by thelll for the 14
960	960	year lll.’ (The blank spaces being appropriately 15
961	961	filled in). 16
962	962	‘‘(3) P
963	963	ROCEDURE.—A member of either House 17
964	964	may move that a separate joint resolution be re-18
965	965	quired for a specified rule. 19
966	966	‘‘(d) D
967	967	EFINITION.—In this section, the term ‘eligible 20
968	968	rule’ means a rule that is in effect as of the date of enact-21
969	969	ment of this section.’’. 22
970	970	(b) T
971	971	ECHNICAL AND CONFORMINGAMENDMENT.— 23
972	972	The chapter heading for chapter 8 of title 5, United States 24
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975	975	•S 809 IS
976	976	Code, is amended by inserting ‘‘CERTAIN’’ after 1
977	977	‘‘OF’’. 2
978	978	SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO 3
979	979	SECTION 802 OF TITLE 5, UNITED STATES 4
980	980	CODE. 5
981	981	Section 257(b)(2) of the Balanced Budget and Emer-6
982	982	gency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) 7
983	983	is amended by adding at the end the following new sub-8
984	984	paragraph: 9
985	985	‘‘(E) B
986	986	UDGETARY EFFECTS OF RULES 10
987	987	SUBJECT TO SECTION 802 OF TITLE 5 , UNITED 11
988	988	STATES CODE.—Any rule subject to the con-12
989	989	gressional approval procedure set forth in sec-13
990	990	tion 802 of chapter 8 of title 5, United States 14
991	991	Code, affecting budget authority, outlays, or re-15
992	992	ceipts shall be assumed to be effective unless it 16
993	993	is not approved in accordance with such sec-17
994	994	tion.’’. 18
995	995	SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 19
996	996	OF RULES. 20
997	997	(a) I
998	998	NGENERAL.—The Comptroller General of the 21
999	999	United States shall conduct a study to determine, as of 22
1000	1000	the date of the enactment of this Act— 23
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1003	1003	•S 809 IS
1004	1004	(1) how many rules (as that term is defined in 1
1005	1005	section 804 of title 5, United States Code, as added 2
1006	1006	by this title) were in effect; 3
1007	1007	(2) how many major rules (as that term is de-4
1008	1008	fined in section 804 of title 5, United States Code, 5
1009	1009	as added by this title) were in effect; and 6
1010	1010	(3) the total estimated economic cost imposed 7
1011	1011	by all such rules. 8
1012	1012	(b) R
1013	1013	EPORT.—Not later than 1 year after the date 9
1014	1014	of enactment of this Act, the Comptroller General of the 10
1015	1015	United States shall submit to Congress, and publish on 11
1016	1016	the website of the Government Accountability Office, a re-12
1017	1017	port that contains the findings of the study conducted 13
1018	1018	under subsection (a). 14
1019	1019	TITLE VI—SUSPICIOUS ACTIVITY 15
1020	1020	SEC. 601. CRIMINAL PENALTIES. 16
1021	1021	The Right to Financial Privacy Act of 1978 (12 17
1022	1022	U.S.C. 3401 et seq.) is amended by inserting after section 18
1023	1023	1116 (12 U.S.C. 3416) the following: 19
1024	1024	‘‘
1025	1025	CRIMINAL PENALTIES 20
1026	1026	‘‘S
1027	1027	EC. 1116A. (a) Except as provided in subsection 21
1028	1028	(b), any agency or department of the United States or fi-22
1029	1029	nancial institution knowingly obtaining or knowingly dis-23
1030	1030	closing financial records or information contained therein 24
1031	1031	in violation of this title shall be fined in any amount not 25
1032	1032	exceeding $5,000, or imprisoned not more than 5 years, 26
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1036	1036	or both, together with the costs of prosecution, and if such 1
1037	1037	offense is committed by any officer or employee of the 2
1038	1038	United States, the officer or employee shall, in addition 3
1039	1039	to any other punishment, be dismissed from office or dis-4
1040	1040	charged from employment upon conviction for such of-5
1041	1041	fense. 6
1042	1042	‘‘(b) Any financial institution or agent or employee 7
1043	1043	thereof making a disclosure of financial records pursuant 8
1044	1044	to this title in good-faith reliance upon a certificate by any 9
1045	1045	Government authority or pursuant to the provisions of sec-10
1046	1046	tion 1113(l) shall not be subject to prosecution under sub-11
1047	1047	section (a).’’. 12
1048	1048	SEC. 602. CIVIL PENALTIES. 13
1049	1049	Section 1117(a) of the Right to Financial Privacy Act 14
1050	1050	of 1978 (12 U.S.C. 3417(a)) is amended by striking para-15
1051	1051	graphs (1) through (4) and inserting the following: 16
1052	1052	‘‘(1) not less than $1,000 per violation per day; 17
1053	1053	‘‘(2) reasonable attorney’s fees and litigation 18
1054	1054	costs; and 19
1055	1055	‘‘(3) compensatory damages.’’. 20
1056	1056	SEC. 603. OTHER RELIEF. 21
1057	1057	The Right to Financial Privacy Act of 1978 (12 22
1058	1058	U.S.C. 3401 et seq.) is amended by inserting after section 23
1059	1059	1118 (12 U.S.C. 3418) the following: 24
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1062	1062	•S 809 IS
1063	1063	‘‘OTHER RELIEF 1
1064	1064	‘‘S
1065	1065	EC. 1118A. In addition to any other remedy con-2
1066	1066	tained in this title, a writ of mandamus and all other ap-3
1067	1067	propriate relief, including any equitable or declaratory re-4
1068	1068	lief, shall be available to require that the procedures of 5
1069	1069	this title are complied with.’’. 6
1070	1070	TITLE VII—STOPPING THE NOSY 7
1071	1071	OBSESSION WITH ONLINE 8
1072	1072	PAYMENTS 9
1073	1073	SEC. 701. REPEAL OF MODIFICATION OF EXCEPTIONS FOR 10
1074	1074	REPORTING OF THIRD PARTY NETWORK 11
1075	1075	TRANSACTIONS. 12
1076	1076	(a) I
1077	1077	NGENERAL.—Section 6050W(e) of the Internal 13
1078	1078	Revenue Code of 1986 is amended to read as follows: 14
1079	1079	‘‘(e) E
1080	1080	XCEPTION FOR DEMINIMISPAYMENTS BY 15
1081	1081	T
1082	1082	HIRDPARTYSETTLEMENT ORGANIZATIONS.—A third 16
1083	1083	party settlement organization shall be required to report 17
1084	1084	any information under subsection (a) with respect to third 18
1085	1085	party network transactions of any participating payee only 19
1086	1086	if— 20
1087	1087	‘‘(1) the amount which would otherwise be re-21
1088	1088	ported under subsection (a)(2) with respect to such 22
1089	1089	transactions exceeds $20,000, and 23
1090	1090	‘‘(2) the aggregate number of such transactions 24
1091	1091	exceeds 200.’’. 25
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1094	1094	•S 809 IS
1095	1095	(b) C ONFORMING AMENDMENT.—Section 1
1096	1096	6050W(c)(3) of the Internal Revenue Code of 1986 is 2
1097	1097	amended by striking ‘‘described in subsection 3
1098	1098	(d)(3)(A)(iii)’’. 4
1099	1099	(c) E
1100	1100	FFECTIVEDATE.— 5
1101	1101	(1) I
1102	1102	N GENERAL.—The amendment made by 6
1103	1103	subsection (a) shall apply to returns for calendar 7
1104	1104	years beginning after December 31, 2021. 8
1105	1105	(2) C
1106	1106	LARIFICATION.—The amendment made by 9
1107	1107	subsection (b) shall apply to transactions after the 10
1108	1108	date of the enactment of the American Rescue Plan 11
1109	1109	Act of 2021. 12
1110	1110	TITLE VIII—PROHIBITION ON 13
1111	1111	RESTRICTIONS RELATING TO 14
1112	1112	CONVERTIBLE VIRTUAL CUR-15
1113	1113	RENCY 16
1114	1114	SEC. 801. SHORT TITLE. 17
1115	1115	This title may be cited as the ‘‘Keep Your Coins 18
1116	1116	Act’’. 19
1117	1117	SEC. 802. PROHIBITION ON RESTRICTING USE OF CON-20
1118	1118	VERTIBLE VIRTUAL CURRENCY BY A PERSON 21
1119	1119	TO PURCHASE GOODS OR SERVICES FOR THE 22
1120	1120	PERSON’S OWN USE. 23
1121	1121	(a) I
1122	1122	NGENERAL.—No Federal agency head may pro-24
1123	1123	hibit or otherwise restrict the ability of a covered user to— 25
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1126	1126	•S 809 IS
1127	1127	(1) use virtual currency or its equivalent for 1
1128	1128	such user’s own purposes, such as to purchase real 2
1129	1129	or virtual goods and services for the user’s own use; 3
1130	1130	or 4
1131	1131	(2) conduct transactions through a self-hosted 5
1132	1132	wallet. 6
1133	1133	(b) D
1134	1134	EFINITIONS.—In this section: 7
1135	1135	(1) C
1136	1136	ONVERTIBLE VIRTUAL CURRENCIES .—The 8
1137	1137	term ‘‘convertible virtual currencies’’ means a me-9
1138	1138	dium of exchange that— 10
1139	1139	(A) has an equivalent value as currency (as 11
1140	1140	defined in section 1010.100 of title 31, Code of 12
1141	1141	Federal Regulations (or successor regulations)); 13
1142	1142	or 14
1143	1143	(B) acts as a substitute for currency but 15
1144	1144	may not possess all the attributes (including 16
1145	1145	legal tender status) specified under such section 17
1146	1146	1010.100. 18
1147	1147	(2) C
1148	1148	OVERED USER.—The term ‘‘covered user’’ 19
1149	1149	means a person that obtains convertible virtual cur-20
1150	1150	rency to purchase goods or services on that person’s 21
1151	1151	own behalf, without regard to the method in which 22
1152	1152	such covered user obtained such convertible virtual 23
1153	1153	currency. 24
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1156	1156	•S 809 IS
1157	1157	(3) SELF-HOSTED WALLET .—The term ‘‘self- 1
1158	1158	hosted wallet’’ means an interface— 2
1159	1159	(A) used to secure and transfer convertible 3
1160	1160	virtual currency; and 4
1161	1161	(B) under which the owner of convertible 5
1162	1162	virtual currency retains independent control 6
1163	1163	over such convertible virtual currency that is se-7
1164	1164	cured by such digital interface. 8
1165	1165	Æ
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