Bill · H.R. 533· House(119-HR-533)
Bank Privacy Reform Act
- Introduced
- 1/16/2025
- Last activity
- 1/16/2025 — Referred to the House Committee on Financial Services.
- Sponsored by
- John Rose
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
The Bank Privacy Reform Act aims to make reforms to the Bank Secrecy Act. It proposes amendments to the Right to Financial Privacy Act of 1978 to change how government authorities access customer financial records. The bill requires that any such access be in response to a search warrant that meets specific requirements. Additionally, the legislation makes several changes to Title 31 of the United States Code. These changes include striking various sections and subchapters related to financial institution requirements.
Yes· 3 of 7
Does this protect people from being watched or searched?+8
The bill requires a specific search warrant before government authorities can access a customer's financial records.
Would business owners be better off under this?+4
The bill reduces various regulatory and reporting requirements for financial institutions.
Does this make it easier to run a small business?+3
The bill reduces the regulatory burden on financial institutions by striking various sections of the Bank Secrecy Act.
The opposite
Does this make what the government does easier for the public to see?-4
By striking numerous anti-money laundering and reporting requirements in Title 31, the bill reduces the transparency of financial transactions.
Who it would affect, and how
Potential Positive Impacts for People
- Increased Financial Privacy Protections: Under Section 2(a)(1), the bill amends the Right to Financial Privacy Act of 1978 so that no Government authority may access or obtain copies of a customer's financial records unless the records are reasonably described and disclosed in response to a search warrant that meets the requirements of section 1106.
Potential Negative Impacts for People
- Repeal of Existing Financial Regulations: The bill strikes numerous sections within Title 31, including sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336, as well as the entirety of subchapter III (Section 2(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.
- Demographic And Interest Groups
- Good For Business Owners+4Good For High Income Households+2Good For Low Income Households+2Good For Middle Class Households+2Good For Urban Residents+1
- Governance And Ideology
- Improves Privacy Rights+8Improves Government Transparency-4
- Economy And Finance
- Improves Small Business Support+3
- 1/16/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Andrew OglesRepublican · Tennessee