Bill · H.R. 1602· House(119-HR-1602)
Financial Privacy Act of 2025
- Introduced
- 2/26/2025
- Last activity
- 3/21/2025 — Placed on the Union Calendar, Calendar No. 14.
- Sponsored by
- Warren Davidson
- Cosponsors
- - 0 - 1
- Introduced
- On Calendar
What this bill would do
The Financial Privacy Act of 2025 seeks to increase transparency and protections regarding Bank Secrecy Act reports. It requires the Secretary of the Treasury to submit annual reports to specific Congressional committees regarding the number and type of reports filed and retained by FinCEN. The bill also mandates an annual review of protocols used by national security, law enforcement, or intelligence agencies to access this information. These reviews are intended to better tailor information collection and protect the legal rights and privacy of United States persons. Additionally, the Secretary must provide updated protocols to Congress upon revision. This new section of the law is set to expire after a 7-year period.
Yes· 3 of 8
Does this protect people from being watched or searched?+6
The bill mandates annual reviews of protocols specifically designed to protect the privacy rights of United States persons.
Does this make what the government does easier for the public to see?+5
The bill requires the Secretary of the Treasury to submit annual reports to Congress regarding the volume and type of FinCEN reports.
Does this change how police departments operate?+3
The bill mandates annual reviews of agency access protocols to ensure information collection is better tailored to specific objectives.
The opposite
Does this give the government more power to monitor people inside the country?-3
The bill seeks to curb potentially excessive surveillance by requiring more stringent protocols for agency access to financial data.
Who it would affect, and how
Potential Positive Impacts for People
-
Increased Oversight of Financial Data: The bill requires the Secretary of the Treasury to report the number of reports filed and retained to Congress, which provides oversight on the mass of data being collected on the economic activity of Americans (Section 3(a)(1)).
-
Protection of Privacy and Civil Liberties: The Secretary must annually review and revise protocols to protect the legal rights, freedoms, civil liberties, and privacy rights of all United States persons (Section 3(a)(2)).
-
Prevention of Unauthorized Disclosures: The bill mandates that protocols be reviewed and revised specifically to enforce prohibitions against the unauthorized disclosure of sensitive information (Section 3(a)(2)).
-
Improved Targeting of Information Collection: Through annual reviews, the Secretary aims to better tailor the collection and dissemination of information to authorized national security, law enforcement, or intelligence objectives (Section 3(a)(2)).
Potential Negative Impacts for People
- Expiration of Protections: The new requirements for reporting and protocol reviews are subject to a sunset provision, meaning these specific transparency and protection measures will be repealed after a 7-year period (Section 3(b)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Improves Privacy Rights+6Improves Government Transparency+5
- Demographic And Interest Groups
- Good For High Income Households+2Good For Low Income Households+2Good For Middle Class Households+2Good For Urban Residents+1
- National Security And Foreign Policy
- Increases Domestic Surveillance-3
- Social Issues And Justice
- Improves Policing Reform+3
- Economy And Finance
- Improves Small Business Support+2
- 3/21/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-24.
- Placed on the Union Calendar, Calendar No. 14.
- 3/5/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0.
- 2/26/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
James HimesDemocrat · Connecticut