[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4869 Introduced in Senate (IS)]
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117th CONGRESS
2d Session
S. 4869
To index certain thresholds for inflation.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 15, 2022
Mr. Lee (for himself, Ms. Lummis, and Mr. Braun) introduced the
following bill; which was read twice and referred to the Committee on
Finance
_______________________________________________________________________
A BILL
To index certain thresholds for inflation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Saving Privacy Act''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Public Law 91-508 (referred to in this section as the
``Bank Secrecy Act'') authorized the Secretary of the Treasury
to establish recording and reporting requirements for financial
institutions, including the prescription of thresholds for such
requirements.
(2) In 1972, the Department of the Treasury published the
final rule implementing the Bank Secrecy Act, which required
filing a report on each ``transaction in currency of more than
$10,000''.
(3) While the Supreme Court of the United States issued a
ruling in California Bankers Association v. Shultz, 416 U.S. 21
(1974) that the Bank Secrecy Act did not violate the Fourth
Amendment to the Constitution of the United States, the
controlling opinion cautioned that ``a significant extension of
the regulations' reporting requirements . . . would pose
substantial and difficult constitutional questions''.
(4) Inflation has risen to almost 600 percent since the
1974 decision described in paragraph (3) and the threshold has
not been adjusted accordingly.
(5) While $10,000 was sufficient to buy a modest multi-
bedroom home in the 1970s, today that amount cannot even cover
the purchase of many lightly used cars.
(6) This development represents a significant extension of
the reporting requirements under the applicable regulations and
could render the Bank Secrecy Act reporting requirement
unconstitutional unless redressed.
SEC. 3. RECORDS AND REPORTS ON MONETARY INSTRUMENT TRANSACTIONS.
Title 31, United States Code, is amended--
(1) in section 5313(a), in the first sentence, by striking
``, or under circumstances the Secretary prescribes by
regulation'' and inserting ``not less than $10,000 (as adjusted
for each fiscal year beginning after September 30, 2022 to
reflect the percentage change in the Consumer Price Index for
such fiscal year compared to the Consumer Price Index for the
year ending September 30, 1974)'';
(2) in section 5316(a), by striking ``more than $10,000''
each place the term appears and inserting ``not less than
$10,000 (as adjusted for each fiscal year beginning after
September 30, 2022 to reflect the percentage change in the
Consumer Price Index for such fiscal year compared to the
Consumer Price Index for the year ending September 30, 1974)'';
(3) in section 5318--
(A) in subsection (a)(2), by striking ``as the
Secretary may prescribe by regulation'' and inserting
``relating to transactions of not less than $10,000 (as
adjusted for each fiscal year beginning after September
30, 2022 to reflect the percentage change in the
Consumer Price Index for such fiscal year compared to
the Consumer Price Index for the year ending September
30, 1974)''; and
(B) in subsection (g)--
(i) in paragraph (1), by inserting ``of not
less than $10,000 (as adjusted for each fiscal
year beginning after September 30, 2022 to
reflect the percentage change in the Consumer
Price Index for such fiscal year compared to
the Consumer Price Index for the year ending
September 30, 1974)'' after ``report any
suspicious transaction''; and
(ii) in paragraph (5)(D)(ii)(II), by
inserting ``of not less than $10,000 (as
adjusted for each fiscal year beginning after
September 30, 2022 to reflect the percentage
change in the Consumer Price Index for such
fiscal year compared to the Consumer Price
Index for the year ending September 30, 1974)''
after ``any other transaction'';
(4) in section 5331, in subsections (a)(1)(B) and
(d)(1)(B), by striking ``$10,000'' each place the term appears
and inserting ``$10,000 (as adjusted for each fiscal year
beginning after September 30, 2022 to reflect the percentage
change in the Consumer Price Index for such fiscal year
compared to the Consumer Price Index for the year ending
September 30, 1974)''; and
(5) in section 5332(a)(1), by striking ``$10,000'' and
inserting ``$10,000 (as adjusted for each fiscal year beginning
after September 30, 2022 to reflect the percentage change in
the Consumer Price Index for such fiscal year compared to the
Consumer Price Index for the year ending September 30, 1974)''.
SEC. 4. RETURNS RELATING TO CASH RECEIVED IN TRADE OR BUSINESS.
Section 6050I of the Internal Revenue Code of 1986 is amended--
(a) in subsections (a)(2), (d)(2), and (g)(1), by striking
``$10,000'' each place the term appears and inserting ``$10,000 (as
adjusted for each fiscal year beginning after September 30, 2022 to
reflect the percentage change in the Consumer Price Index for such
fiscal year compared to the Consumer Price Index for the year ending
September 30, 1974)''; and
(b) in subsection (d)(1), by inserting ``of not more than $10,000
(as adjusted for each fiscal year beginning after September 30, 2022 to
reflect the percentage change in the Consumer Price Index for such
fiscal year compared to the Consumer Price Index for the year ending
September 30, 1974)'' after ``currency''.
SEC. 5. RECORDKEEPING REGULATIONS FOR INSURED DEPOSITORY INSTITUTIONS.
Section 21(b) of the Federal Deposit Insurance Act (12 U.S.C.
1829b(b)) is amended by adding at the end the following:
``(4) Thresholds.--The regulations prescribed under this
subsection shall apply to transactions of not less than $10,000
(as adjusted for each fiscal year beginning after September 30,
2022 to reflect the percentage change in the Consumer Price
Index for such fiscal year compared to the Consumer Price Index
for the year ending September 30, 1974).''.
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