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Protecting Financial Privacy: Prohibiting Government Reporting of Bank Transactions.

This bill aims to prevent federal agencies from requiring banks to report detailed financial transaction data of citizens. This means the government cannot collect information on account balances, transfers, or money flows, enhancing financial privacy. Existing laws and the Bank Secrecy Act remain in effect, but new regulations under it cannot introduce such reporting requirements.
Key points
Federal agencies will be prohibited from requiring banks to report customer financial transaction data.
The prohibition covers information on account balances, transfers, and money flows.
Existing laws and the Bank Secrecy Act remain in effect, but new regulations under it cannot introduce new reporting requirements.
The goal is to enhance citizens' financial privacy.
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Expired
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Additional Information
Print number: 117_HR_5451
Sponsor: Rep. Hinson, Ashley [R-IA-1]
Process start date: 2021-09-30
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting Financial Privacy Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5451.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-09-30.

What are the main provisions?

Key points include:

  • Federal agencies will be prohibited from requiring banks to report customer financial transaction data.
  • The prohibition covers information on account balances, transfers, and money flows.
  • Existing laws and the Bank Secrecy Act remain in effect, but new regulations under it cannot introduce new reporting requirements.
  • The goal is to enhance citizens' financial privacy.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Hinson, Ashley [R-IA-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

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