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119-hr-533119th CongressWALLET

Bank Privacy Reform Act

Sponsored By: Representative Rose, John W. [R-TN-6]

Introduced

Summary

Shifts most government access to bank records to a warrant. The bill would replace many Bank Secrecy Act reporting rules with a tighter, warrant-based standard and narrow what financial data agencies can obtain without court approval.

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  • Customers and households: It would make most bank records obtainable only with a search warrant, boosting consumer financial privacy in routine investigations.
  • Law enforcement and regulators: It would remove or limit many existing Bank Secrecy Act authorities and reporting pathways, leaving only narrow exceptions for access and investigation.
  • Banks and businesses: It would cut or consolidate many reporting duties, strike several reporting sections, end some beneficial ownership reports for certain corporate entities, and add an inflation-adjusted threshold to an existing $3,000 reporting trigger for certain requirements.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Warrant needed to see your bank records

If enacted, the government would generally need a search warrant that describes your bank records to get them from a financial institution. Limited exceptions in sections 1103(c), 1103(d), and 1113 would still apply. The bill would repeal sections 1104, 1105, 1107, 1108, and 1114 of the Right to Financial Privacy Act. It would also narrow section 1113 by removing subsections (c) through (r). These changes would take effect upon enactment.

Fewer reporting rules, more bank recordkeeping

If enacted, the bill would remove many Bank Secrecy Act sections, including 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, 5336, and Subchapter III. It would restate the law’s purpose to require banks and other financial firms to keep transaction records tied to specific customers. The $3,000 rule in section 5325(a) would be adjusted each year by inflation (CPI-U), as set by the Secretary. The bill would also update definitions and penalty cross-references and define “nonfinancial trade or business” as any business that is not a financial institution. These changes would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Rose, John W. [R-TN-6]

TN • R

Cosponsors

  • Rep. Ogles, Andrew [R-TN-5]

    TN • R

    Sponsored 1/16/2025

Roll Call Votes

No roll call votes available for this bill.

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