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Protecting Financial Privacy: No New Bank Reporting to IRS

This new act aims to prevent the IRS from creating new programs that would require banks to report detailed data on citizens' transactions and account balances. This means your banks will not have to provide the IRS with information about your daily inflows and outflows, protecting your financial privacy. Existing anti-money laundering regulations remain unchanged.
Key points
The IRS cannot demand new, detailed reports on your financial transactions from banks.
Your data on inflows, outflows, and bank account balances will not be automatically shared with the IRS.
The act does not alter existing financial crime prevention laws, such as the Bank Secrecy Act.
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Expired
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Additional Information
Print number: 117_S_2953
Sponsor: Sen. Tuberville, Tommy [R-AL]
Process start date: 2021-10-07
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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_S_2953.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-07.

What are the main provisions?

Key points include:

  • The IRS cannot demand new, detailed reports on your financial transactions from banks.
  • Your data on inflows, outflows, and bank account balances will not be automatically shared with the IRS.
  • The act does not alter existing financial crime prevention laws, such as the Bank Secrecy Act.
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 Sen. Tuberville, Tommy [R-AL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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