Enhanced Financial Privacy, CBDC Ban, and Congressional Veto on Major Rules.
The Act significantly strengthens citizens' financial privacy by requiring a search warrant for government access to bank records and eliminating many mandatory reporting duties for financial institutions. It also restores the higher threshold for reporting third party network transactions ($20,000 and 200 transactions), reducing the burden on individuals and small businesses. Furthermore, it mandates Congressional approval for all new, costly federal regulations, increasing oversight of the executive branch.
Key points
Federal authorities must obtain a search warrant to access your private bank records, enhancing privacy protection.
Restores the high threshold ($20,000 and 200 transactions) for reporting income from transactions processed by third party settlement organizations.
Implements a ban on the Federal Reserve issuing a Central Bank Digital Currency (CBDC) directly to individuals.
Requires Congress to approve all new 'major' federal regulations (costing the economy $100 million or more annually) before they can take effect.
Protects the right to use convertible virtual currencies for personal purchases and to use private, self-hosted wallets.
Status:
Introduced
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