H.R. 533

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 533 Introduced in House (IH)]

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119th CONGRESS
1st Session
H. R. 533

To make reforms to the Bank Secrecy Act, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

January 16, 2025

Mr. Rose (for himself and Mr. Ogles) introduced the following bill; 
which was referred to the Committee on Financial Services

_______________________________________________________________________

A BILL

To make reforms to the Bank Secrecy Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Bank Privacy Reform Act''.

SEC. 2. BANK SECRECY ACT REFORMS.

(a) Right to Financial Privacy Act of 1978.--The Right to Financial 
Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended--
(1) by amending section 1102 to read as follows:

``SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT AUTHORITIES.

``Except as provided by subsection (c) or (d) of section 1103 or 
section 1113, no Government authority may have access to or obtain 
copies of, or the information contained in the financial records of any 
customer from a financial institution unless the financial records are 
reasonably described and such financial records are disclosed in 
response to a search warrant which meets the requirements of section 
1106.'';
(2) by striking sections 1104, 1105, 1107, 1108, and 1114;
(3) in section 1109(a), by striking ``section 1104(c), 
1105(2), 1106(c), 1107(2), 1108(4),'' and inserting ``section 
1106(c)''; and
(4) in section 1113, by striking subsections (c) through 
(r).
(b) Title 31.--Chapter 53 of title 31, United States Code, is 
amended--
(1) by amending section 5311 to read as follows:
``Sec. 5311. Declaration of purpose
``It is the purpose of this subchapter to require financial 
institutions to retain transaction records that include information 
identified with or identifiable as being derived from the financial 
records of particular customers.'';
(2) in section 5312(a)--
(A) in paragraph (3)--
(i) in subparagraph (B), by adding ``and'' 
at the end;
(ii) by striking subparagraph (C); and
(iii) by redesignating subparagraph (D) as 
subparagraph (C); and
(B) by amending paragraph (4) to read as follows:
``(4) `nonfinancial trade or business' means any entity 
engaged in trade or business other than a financial 
institution.'';
(3) by striking sections 5313, 5314, 5315, 5316, 5317, 
5318A, 5324, 5326, 5331, 5332, and 5336;
(4) in section 5318--
(A) in subsection (a)--
(i) by striking ``(except under section 
5315 of this title and regulations prescribed 
under section 5315)'';
(ii) by striking paragraph (2); and
(iii) by redesignating paragraphs (3) 
through (7) as paragraphs (2) through (6), 
respectively; and
(B) in subsection (k)--
(i) in paragraph (1)(C), by striking ``has 
the same meaning as in section 5318A(e)(1)(B)'' 
and inserting ``means an account established to 
receive deposits from, make payments on behalf 
of a foreign financial institution, or handle 
other financial transactions related to such 
institution''; and
(ii) in paragraph (3)(A)(i)--
(I) in subclause (II), by adding 
``or'' at the end;
(II) in subclause (III), by 
striking ``; or'' and inserting a 
period; and
(III) by striking subclause (IV);
(5) in section 5321--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(except 
sections 5314, 5315, and 5336 of this title or 
a regulation prescribed under sections 5314, 
5315, and 5336)'';
(ii) by striking paragraphs (2), (3), (4), 
and (5);
(iii) in paragraph (6), by striking 
``(except section 5336)'' each place such term 
appears;
(iv) in paragraph (7), by striking ``or any 
special measures imposed under section 5318A''; 
and
(v) by redesignating paragraphs (6) and (7) 
as paragraphs (2) and (3), respectively;
(B) by striking subsection (c); and
(C) by redesignating subsections (d) through (g) as 
subsection (c) through (f), respectively;
(6) in section 5322--
(A) by striking ``(except section 5315, 5324, or 
5336 of this title or a regulation prescribed under 
section 5315, 5324, or 5336)'' each place such term 
appears; and
(B) in subsection (d)--
(i) by striking ``, or any special measures 
imposed under section 5318A,''; and
(ii) by striking ``or section 5318A'';
(7) in section 5325(a), by inserting after ``$3,000'' the 
following: ``(as such amount is annually adjusted by the 
Secretary to reflect the percentage change in the Consumer 
Price Index for All Urban Consumers published by the Bureau of 
Labor Statistics of the Department of Labor)'';
(8) in section 5330(d)(1)--
(A) in subparagraph (A), by adding ``and'' at the 
end;
(B) by striking subparagraph (B); and
(C) by redesignating subparagraph (C) as 
subparagraph (B);
(9) in section 5335--
(A) by striking subsection (c); and
(B) by redesignating subsections (d) and (e) as 
subsections (c) and (d), respectively;
(10) by striking subchapter III; and
(11) in the table of contents in chapter 53, by striking 
the items relating to--
(A) sections 5313, 5314, 5315, 5316, 5317, 5318A, 
5324, 5326, 5331, 5332, and 5336; and
(B) subchapter III.
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