S.Amdt. 2247

This amendment, submitted by Mr. Lee to the bill S. 1582, focuses on Bank Secrecy Act Reforms and Warrant Requirements and Exceptions. It aims to change how the government accesses our financial records and adjusts the rules financial institutions must follow.

• It changes the Right to Financial Privacy Act of 1978 so that no Government authority can access, obtain copies of, or look at the information contained in a customer's financial records from a financial institution unless the records are reasonably described and disclosed in response to a search warrant.

• It updates the purpose of the Bank Secrecy Act subchapter to require financial institutions to retain transaction records that include information identified with or derivable from the financial records of particular customers.

• It strikes out numerous specific sections related to various reports, records, and special measures from Title 31 of the United States Code.

• It adjusts the $3,000 amount in section 5325(a) so that it is annually adjusted by the Secretary to reflect the percentage change in the Consumer Price Index for All Urban Consumers.

• It prohibits the Federal Government from accessing the financial records or information of an individual in a manner that is prohibited by the Fourth Amendment to the Constitution of the United States.