Financial Privacy Protection, Reporting Reforms, and Central Bank Digital Currency Ban
This Act amends the Right to Financial Privacy Act of 1978 to require government authorities to obtain a search warrant to access financial records. It also repeals multiple reporting requirements under the Bank Secrecy Act, mandates the termination of the Consolidated Audit Trail (CAT), and prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. Additionally, the Act requires Congressional approval for major federal agency regulations.
Key points
Government authorities must obtain a search warrant to access or obtain copies of a customer's financial records from a financial institution.
The Act repeals numerous sections of the Bank Secrecy Act, including those related to currency transaction reporting and suspicious activity reporting.
The Securities and Exchange Commission (SEC) is required to terminate the Consolidated Audit Trail (CAT) within 30 days of enactment.
The Federal Reserve and other agencies are prohibited from issuing a central bank digital currency (CBDC) directly to individuals.
Major federal agency rules (with an economic impact of $100 million or more) require Congressional approval before taking effect.
Establishes criminal and civil penalties for knowingly obtaining or disclosing financial records in violation of the Act.
Status:
Expired
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