[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5242 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
2d Session
S. 5242
To amend the Right to Financial Privacy Act of 1978 to preserve the
confidentiality of certain records, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 25, 2024
Mr. Lee (for himself and Mr. Scott of Florida) introduced the following
bill; which was read twice and referred to the Committee on Homeland
Security and Governmental Affairs
_______________________________________________________________________
A BILL
To amend the Right to Financial Privacy Act of 1978 to preserve the
confidentiality of certain records, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Saving Privacy
Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--BANK PRIVACY REFORM
Sec. 101. Bank Secrecy Act reforms.
TITLE II--AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978
Sec. 201. Warrant requirements and exceptions.
TITLE III--CONSOLIDATED AUDIT TRAIL
Sec. 301. Requirements and prohibitions regarding the Consolidated
Audit Trail.
TITLE IV--NO CENTRAL BANK DIGITAL CURRENCY
Sec. 401. Central bank digital currency.
TITLE V--REGULATIONS FROM THE EXECUTIVE IN NEED OF SCRUTINY
Sec. 501. Purpose.
Sec. 502. Congressional review of certain agency rulemaking.
Sec. 503. Budgetary effects of rules subject to section 802 of title 5,
United States Code.
Sec. 504. Government Accountability Office study of rules.
TITLE VI--SUSPICIOUS ACTIVITY
Sec. 601. Criminal penalties.
Sec. 602. Civil penalties.
Sec. 603. Other relief.
TITLE I--BANK PRIVACY REFORM
SEC. 101. BANK SECRECY ACT REFORMS.
(a) Right to Financial Privacy Act of 1978.--The Right to Financial
Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended--
(1) by amending section 1102 (12 U.S.C. 3402) to read as
follows:
``SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT AUTHORITIES.
``Except as provided by subsection (c) or (d) of section 1103 or
section 1113, no Government authority may have access to or obtain
copies of, or the information contained in the financial records of any
customer from a financial institution unless the financial records are
reasonably described and such financial records are disclosed in
response to a search warrant which meets the requirements of section
1106.'';
(2) by striking sections 1104 (12 U.S.C. 3404), 1105 (12
U.S.C. 3405), 1107 (12 U.S.C. 3407), and 1108 (12 U.S.C. 3408);
and
(3) in section 1109(a) (12 U.S.C. 3409(a)), by striking
``section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),'' and
inserting ``section 1106(c)''.
(b) Title 31.--Chapter 53 of title 31, United States Code, is
amended--
(1) by amending section 5311 to read as follows:
``Sec. 5311. Declaration of purpose
``It is the purpose of this subchapter to require financial
institutions to retain transaction records that include information
identified with or identifiable as being derived from the financial
records of particular customers.'';
(2) in section 5312(a)--
(A) in paragraph (3)--
(i) in subparagraph (B), by adding ``and''
at the end;
(ii) by striking subparagraph (C);
(iii) by redesignating subparagraph (D) as
subparagraph (C); and
(iv) in subparagraph (C), as so
redesignated, by striking ``subparagraph (A),
(B), or (C)'' and inserting ``subparagraph (A)
or (B)''; and
(B) by amending paragraph (4) to read as follows:
``(4) `nonfinancial trade or business' means any entity
engaged in trade or business other than a financial
institution.'';
(3) by striking sections 5313, 5314, 5315, 5316, 5317,
5318A, 5324, 5326, 5331, 5332, and 5336;
(4) in section 5318--
(A) in subsection (a)--
(i) in the matter preceding paragraph (1),
by striking ``(except under section 5315 of
this title and regulations prescribed under
section 5315)'';
(ii) by striking paragraph (2); and
(iii) by redesignating paragraphs (3)
through (7) as paragraphs (2) through (6),
respectively; and
(B) in subsection (k)--
(i) in paragraph (1)(C), by striking ``has
the same meaning as in section 5318A(e)(1)(B)''
and inserting ``means an account established to
receive deposits from, make payments on behalf
of a foreign financial institution, or handle
other financial transactions related to such
institution''; and
(ii) in paragraph (3)(A)(i)--
(I) in subclause (II), by adding
``or'' at the end;
(II) in subclause (III), by
striking ``; or'' and inserting a
period; and
(III) by striking subclause (IV);
(5) in section 5321--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(except
sections 5314, 5315, and 5336 of this title or
a regulation prescribed under sections 5314,
5315, and 5336)'';
(ii) by striking paragraphs (2), (3), (4),
and (5);
(iii) in paragraph (6), by striking
``(except section 5336)'' each place that term
appears;
(iv) in paragraph (7), by striking ``or any
special measures imposed under section 5318A'';
and
(v) by redesignating paragraphs (6) and (7)
as paragraphs (2) and (3), respectively;
(B) by striking subsection (c); and
(C) by redesignating subsections (d) through (g) as
subsection (c) through (f), respectively;
(6) in section 5322--
(A) by striking ``(except section 5315, 5324, or
5336 of this title or a regulation prescribed under
section 5315, 5324, or 5336)'' each place that term
appears; and
(B) in subsection (d)--
(i) by striking ``, or any special measures
imposed under section 5318A,''; and
(ii) by striking ``or section 5318A'';
(7) in section 5325(a), in the matter preceding paragraph
(1), by inserting after ``$3,000'' the following: ``(as such
amount is annually adjusted by the Secretary to reflect the
percentage change in the Consumer Price Index for All Urban
Consumers published by the Bureau of Labor Statistics of the
Department of Labor)'';
(8) in section 5330(d)(1)--
(A) in subparagraph (A), by adding ``and'' at the
end;
(B) by striking subparagraph (B); and
(C) by redesignating subparagraph (C) as
subparagraph (B);
(9) in section 5335--
(A) by striking subsection (c); and
(B) by redesignating subsections (d) and (e) as
subsections (c) and (d), respectively;
(10) by striking subchapter III; and
(11) in the table of contents for chapter 53, by striking
the items relating to--
(A) sections 5313, 5314, 5315, 5316, 5317, 5318A,
5324, 5326, 5331, 5332, and 5336; and
(B) subchapter III.
TITLE II--AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978
SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS.
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.)
is amended--
(1) in section 1108 (12 U.S.C. 3408)--
(A) by striking paragraph (2); and
(B) by redesignating paragraphs (3) and (4) as
paragraphs (2) and (3), respectively; and
(2) in section 1113 (12 U.S.C. 3413)--
(A) by repealing subsections (a), (b), (d), (e),
(f), (g), (i), (l), (m), (n), (p), (q), and (r); and
(B) by adding at the end the following:
``(s) Access of Records.--Notwithstanding any other provision of
this title, the Federal Government may not access the financial records
or information of an individual in a manner that is prohibited by the
Fourth Amendment to the Constitution of the United States with respect
to the records or information in question.''.
TITLE III--CONSOLIDATED AUDIT TRAIL
SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING THE CONSOLIDATED
AUDIT TRAIL.
(a) Definitions.--In this section:
(1) Commission.--The term ``Commission'' means the
Securities and Exchange Commission.
(2) Consolidated audit trail.--The term ``Consolidated
Audit Trail'' means the consolidated audit trail and central
repository created, implemented, and maintained pursuant to
section 242.613 of title 17, Code of Federal Regulations, as in
effect on the day before the date of enactment of this Act.
(3) Personally identifiable information.--The term
``personally identifiable information''--
(A) means information that can be used to
distinguish or trace the identity of an individual,
either alone or when combined with other personal or
identifying information that is linked or linkable to a
specific individual, including the name, address, date
or year of birth, Social Security number, telephone
number, email, or IP-address of an individual; and
(B) does not include a CAT-Order-ID or CAT-
Reporter-ID, as those terms are defined in section
242.613(j) of title 17, Code of Federal Regulations (or
any successor regulation).
(4) Self-regulatory organization.--The term ``self-
regulatory organization'' has the meaning given the term in
section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)).
(b) Requirement.--The Commission shall--
(1) not later than 30 days after the date of enactment of
this Act, and notwithstanding any other provision of law or
regulation, terminate the Consolidated Audit Trail; and
(2) not later that 120 days after the date of enactment of
this Act, amend any regulation, no action letter, interpretive
letter, exemptive letter, legal bulletin, or other guidance of
the Commission to conform to the requirements of this section.
(c) Prohibitions.--On and after the date that the Commission
carries out the termination required under subsection (b)(1)--
(1) neither the Commission nor any self-regulatory
organization may administer the Consolidated Audit Trail; and
(2) no Federal agency may establish any consolidated audit
trail, central repository, or other centralized database that
collects personally identifiable information of citizens of the
United States, unless a duly enacted law of the United States
specifically provides the Federal agency with the authority to
take that action.
(d) Reimbursement of Fees.--Not later than 1 year after the date of
enactment of this Act, Consolidated Audit Trail, LLC and FINRA CAT, LLC
shall reimburse all fees collected by those entities before that date
to carry out the Consolidated Audit Trail.
TITLE IV--NO CENTRAL BANK DIGITAL CURRENCY
SEC. 401. CENTRAL BANK DIGITAL CURRENCY.
Section 13 of the Federal Reserve Act is amended by adding after
the 14th undesignated paragraph (12 U.S.C. 347d) the following:
``No Federal reserve bank, the Board, the Secretary of the
Treasury, any other agency, or any entity directed to act on
behalf of the Federal reserve bank, the Board, the Secretary,
or other agency, may mint or issue a central bank digital
currency directly to an individual (including a central bank
digital currency issued to an individual through a custodial
intermediary) or a digital currency intermediary, offer related
products or services directly to an individual, or maintain an
account on behalf of an individual (including an account in a
specially designated account at a digital currency intermediary
or supervised commercial bank). No Federal reserve bank may
hold digital currencies minted or issued by the United States
Government as assets or liabilities on a balance sheet of the
bank or use such digital currencies as part of fulfilling the
requirements under section 2A.''.
TITLE V--REGULATIONS FROM THE EXECUTIVE IN NEED OF SCRUTINY
SEC. 501. PURPOSE.
The purpose of this title is to increase accountability for and
transparency in the Federal regulatory process. Section 1 of article I
of the United States Constitution grants all legislative powers to
Congress. Over time, Congress has excessively delegated its
constitutional charge while failing to conduct appropriate oversight
and retain accountability for the content of the laws it passes. By
requiring a vote in Congress, the REINS Act will result in more
carefully drafted and detailed legislation, an improved regulatory
process, and a legislative branch that is truly accountable to the
American people for the laws imposed upon them.
SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY RULEMAKING.
(a) In General.--Chapter 8 of title 5, United States Code, is
amended to read as follows:
``CHAPTER 8--CONGRESSIONAL REVIEW OF CERTAIN AGENCY RULEMAKING
``Sec.
``801. Congressional review.
``802. Congressional approval procedure for major rules.
``803. Congressional disapproval procedure for nonmajor rules.
``804. Definitions.
``805. Judicial review.
``806. Exemption for monetary policy.
``807. Effective date of certain rules.
``808. Review of rules currently in effect.
``Sec. 801. Congressional review
``(a)(1)(A) Before a rule may take effect, the Federal agency
promulgating such rule shall publish in the Federal Register a list of
information on which the rule is based, including data, scientific and
economic studies, and cost-benefit analyses, and identify how the
public can access such information online, and shall submit to each
House of the Congress and to the Comptroller General a report
containing--
``(i) a copy of the rule;
``(ii) a concise general statement relating to the rule;
``(iii) a finding, rendered in consultation with the
Administrator of the Office of Information and Regulatory
Affairs of the Office of Management and Budget, whether the
rule is a major or nonmajor rule, including an explanation of
the finding specifically addressing each criteria for a major
rule contained within subparagraphs (A) through (C) of section
804(2);
``(iv) a list of any other related regulatory actions
intended to implement the same statutory provision or
regulatory objective as well as the individual and aggregate
economic effects of those actions;
``(v) the proposed effective date of the rule; and
``(vi) a statement of the constitutional authority
authorizing the agency to make the rule.
``(B) On the date of the submission of the report under
subparagraph (A), the Federal agency promulgating the rule shall submit
to the Comptroller General and make available to each House of Congress
(and to each committee of jurisdiction in each House)--
``(i) a complete copy of the cost-benefit analysis of the
rule, if any, including an analysis of any jobs added or lost,
differentiating between public and private sector jobs;
``(ii) the agency's actions pursuant to sections 603, 604,
605, 607, and 609 of this title;
``(iii) the agency's actions pursuant to sections 202, 203,
204, and 205 of the Unfunded Mandates Reform Act of 1995;
``(iv) an estimate of the effect on inflation of the rule;
and
``(v) any other relevant information or requirements under
any other Act and any relevant Executive orders.
``(C) Upon receipt of a report submitted under subparagraph (A),
each House shall provide copies of the report to the chairman and
ranking member of each standing committee with jurisdiction under the
rules of the House of Representatives or the Senate to report a bill to
amend the provision of law under which the rule is issued.
``(D) If requested in writing by a member of Congress--
``(i) the Comptroller General shall make a determination
whether an agency action qualifies as a rule for purposes of
this chapter, and shall submit to Congress this determination
not later than 60 days after the date of the request; and
``(ii) the Comptroller General, in consultation with the
Director of the Congressional Budget Office, shall make a
determination whether a rule is considered a major rule under
the provisions of this act, and shall submit to Congress this
determination not later than 90 days after the date of the
request.
For purposes of this section, a determination under this subparagraph
shall be deemed to be a report under subparagraph (A).
``(2)(A) The Comptroller General shall provide a report on each
major rule to the committees of jurisdiction by the end of 15 calendar
days after the submission or publication date. The report of the
Comptroller General shall include an assessment of the agency's
compliance with procedural steps required by paragraph (1)(B) and an
assessment of whether the major rule imposes any new limits or mandates
on private-sector activity.
``(B) Federal agencies shall cooperate with the Comptroller General
by providing information relevant to the Comptroller General's report
under subparagraph (A).
``(3) A major rule relating to a report submitted under paragraph
(1) shall take effect upon enactment of a joint resolution of approval
described in section 802 or as provided for in the rule following
enactment of a joint resolution of approval described in section 802,
whichever is later.
``(4) A nonmajor rule shall take effect as provided by section 803
after submission to Congress under paragraph (1).
``(5) If a joint resolution of approval relating to a major rule is
not enacted within the period provided in subsection (b)(2), then a
joint resolution of approval relating to the same rule may not be
considered under this chapter in the same Congress by either the House
of Representatives or the Senate.
``(b)(1) A major rule shall not take effect unless the Congress
enacts a joint resolution of approval described under section 802.
``(2) If a joint resolution described in subsection (a) is not
enacted into law by the end of 70 session days or legislative days, as
applicable, beginning on the date on which the report referred to in
subsection (a)(1)(A) is received by Congress (excluding days either
House of Congress is adjourned for more than 3 days during a session of
Congress), then the rule described in that resolution shall be deemed
not to be approved and such rule shall not take effect.
``(c)(1) Notwithstanding any other provision of this section
(except subject to paragraph (3)), a major rule may take effect for one
90-calendar-day period if the President makes a determination under
paragraph (2) and submits written notice of such determination to the
Congress.
``(2) Paragraph (1) applies to a determination made by the
President by Executive order that the major rule should take effect
because such rule is--
``(A) necessary because of an imminent threat to health or
safety or other emergency;
``(B) necessary for the enforcement of criminal laws;
``(C) necessary for national security; or
``(D) issued pursuant to any statute implementing an
international trade agreement.
``(3) An exercise by the President of the authority under this
subsection shall have no effect on the procedures under section 802.
``(d)(1) In addition to the opportunity for review otherwise
provided under this chapter, in the case of any rule for which a report
was submitted in accordance with subsection (a)(1)(A) during the period
beginning on the date occurring--
``(A) in the case of the Senate, 60 session days; or
``(B) in the case of the House of Representatives, 60
legislative days,
before the date the Congress is scheduled to adjourn a session of
Congress through the date on which the same or succeeding Congress
first convenes its next session, sections 802 and 803 shall apply to
such rule in the succeeding session of Congress.
``(2)(A) In applying sections 802 and 803 for purposes of such
additional review, a rule described under paragraph (1) shall be
treated as though--
``(i) such rule were published in the Federal Register on--
``(I) in the case of the Senate, the 15th session
day; or
``(II) in the case of the House of Representatives,
the 15th legislative day,
after the succeeding session of Congress first convenes; and
``(ii) a report on such rule were submitted to Congress
under subsection (a)(1) on such date.
``(B) Nothing in this paragraph shall be construed to affect the
requirement under subsection (a)(1) that a report shall be submitted to
Congress before a rule can take effect.
``(3) A rule described under paragraph (1) shall take effect as
otherwise provided by law (including other subsections of this
section).
``Sec. 802. Congressional approval procedure for major rules
``(a)(1) For purposes of this section, the term `joint resolution'
means only a joint resolution addressing a report classifying a rule as
major pursuant to section 801(a)(1)(A)(iii) that--
``(A) bears no preamble;
``(B) bears the following title (with blanks filled as
appropriate): `Approving the rule submitted by ___ relating to
___.';
``(C) includes after its resolving clause only the
following (with blanks filled as appropriate): `That Congress
approves the rule submitted by ___ relating to ___.'; and
``(D) is introduced pursuant to paragraph (2).
``(2) After a House of Congress receives a report classifying a
rule as major pursuant to section 801(a)(1)(A)(iii), the majority
leader of that House (or his or her respective designee) shall
introduce (by request, if appropriate) a joint resolution described in
paragraph (1)--
``(A) in the case of the House of Representatives, within 3
legislative days; and
``(B) in the case of the Senate, within 3 session days.
``(3) A joint resolution described in paragraph (1) shall not be
subject to amendment at any stage of proceeding.
``(b) A joint resolution described in subsection (a) shall be
referred in each House of Congress to the committees having
jurisdiction over the provision of law under which the rule is issued.
``(c) In the Senate, if the committee or committees to which a
joint resolution described in subsection (a) has been referred have not
reported it at the end of 15 session days after its introduction, such
committee or committees shall be automatically discharged from further
consideration of the resolution and it shall be placed on the calendar.
A vote on final passage of the resolution shall be taken on or before
the close of the 15th session day after the resolution is reported by
the committee or committees to which it was referred, or after such
committee or committees have been discharged from further consideration
of the resolution.
``(d)(1) In the Senate, when the committee or committees to which a
joint resolution is referred have reported, or when a committee or
committees are discharged (under subsection (c)) from further
consideration of a joint resolution described in subsection (a), it is
at any time thereafter in order (even though a previous motion to the
same effect has been disagreed to) for a motion to proceed to the
consideration of the joint resolution, and all points of order against
the joint resolution (and against consideration of the joint
resolution) are waived. The motion is not subject to amendment, or to a
motion to postpone, or to a motion to proceed to the consideration of
other business. A motion to reconsider the vote by which the motion is
agreed to or disagreed to shall not be in order. If a motion to proceed
to the consideration of the joint resolution is agreed to, the joint
resolution shall remain the unfinished business of the Senate until
disposed of.
``(2) In the Senate, debate on the joint resolution, and on all
debatable motions and appeals in connection therewith, shall be limited
to not more than 2 hours, which shall be divided equally between those
favoring and those opposing the joint resolution. A motion to further
limit debate is in order and not debatable. An amendment to, or a
motion to postpone, or a motion to proceed to the consideration of
other business, or a motion to recommit the joint resolution is not in
order.
``(3) In the Senate, immediately following the conclusion of the
debate on a joint resolution described in subsection (a), and a single
quorum call at the conclusion of the debate if requested in accordance
with the rules of the Senate, the vote on final passage of the joint
resolution shall occur.
``(4) Appeals from the decisions of the Chair relating to the
application of the rules of the Senate to the procedure relating to a
joint resolution described in subsection (a) shall be decided without
debate.
``(e) In the House of Representatives, if any committee to which a
joint resolution described in subsection (a) has been referred has not
reported it to the House at the end of 15 legislative days after its
introduction, such committee shall be discharged from further
consideration of the joint resolution, and it shall be placed on the
appropriate calendar. On the second and fourth Thursdays of each month
it shall be in order at any time for the Speaker to recognize a Member
who favors passage of a joint resolution that has appeared on the
calendar for at least 5 legislative days to call up that joint
resolution for immediate consideration in the House without
intervention of any point of order. When so called up a joint
resolution shall be considered as read and shall be debatable for 1
hour equally divided and controlled by the proponent and an opponent,
and the previous question shall be considered as ordered to its passage
without intervening motion. It shall not be in order to reconsider the
vote on passage. If a vote on final passage of the joint resolution has
not been taken by the third Thursday on which the Speaker may recognize
a Member under this subsection, such vote shall be taken on that day.
``(f)(1) If, before passing a joint resolution described in
subsection (a), one House receives from the other a joint resolution
having the same text, then--
``(A) the joint resolution of the other House shall not be
referred to a committee; and
``(B) the procedure in the receiving House shall be the
same as if no joint resolution had been received from the other
House until the vote on passage, when the joint resolution
received from the other House shall supplant the joint
resolution of the receiving House.
``(2) This subsection shall not apply to the House of
Representatives if the joint resolution received from the Senate is a
revenue measure.
``(g) If either House has not taken a vote on final passage of the
joint resolution by the last day of the period described in section
801(b)(2), then such vote shall be taken on that day.
``(h) This section and section 803 are enacted by Congress--
``(1) as an exercise of the rulemaking power of the Senate
and House of Representatives, respectively, and as such are
deemed to be part of the rules of each House, respectively, but
applicable only with respect to the procedure to be followed in
that House in the case of a joint resolution described in
subsection (a) and superseding other rules only where
explicitly so; and
``(2) with full recognition of the constitutional right of
either House to change the rules (so far as they relate to the
procedure of that House) at any time, in the same manner and to
the same extent as in the case of any other rule of that House.
``Sec. 803. Congressional disapproval procedure for nonmajor rules
``(a) For purposes of this section, the term `joint resolution'
means only a joint resolution introduced in the period beginning on the
date on which the report referred to in section 801(a)(1)(A) is
received by Congress and ending 60 days thereafter (excluding days
either House of Congress is adjourned for more than 3 days during a
session of Congress), the matter after the resolving clause of which is
as follows: `That Congress disapproves the nonmajor rule submitted by
the ___ relating to ___, and such rule shall have no force or effect.'
(The blank spaces being appropriately filled in).
``(b) A joint resolution described in subsection (a) shall be
referred to the committees in each House of Congress with jurisdiction.
``(c) In the Senate, if the committee to which is referred a joint
resolution described in subsection (a) has not reported such joint
resolution (or an identical joint resolution) at the end of 15 session
days after the date of introduction of the joint resolution, such
committee may be discharged from further consideration of such joint
resolution upon a petition supported in writing by 30 Members of the
Senate, and such joint resolution shall be placed on the calendar.
``(d)(1) In the Senate, when the committee to which a joint
resolution is referred has reported, or when a committee is discharged
(under subsection (c)) from further consideration of a joint resolution
described in subsection (a), it is at any time thereafter in order
(even though a previous motion to the same effect has been disagreed
to) for a motion to proceed to the consideration of the joint
resolution, and all points of order against the joint resolution (and
against consideration of the joint resolution) are waived. The motion
is not subject to amendment, or to a motion to postpone, or to a motion
to proceed to the consideration of other business. A motion to
reconsider the vote by which the motion is agreed to or disagreed to
shall not be in order. If a motion to proceed to the consideration of
the joint resolution is agreed to, the joint resolution shall remain
the unfinished business of the Senate until disposed of.
``(2) In the Senate, debate on the joint resolution, and on all
debatable motions and appeals in connection therewith, shall be limited
to not more than 10 hours, which shall be divided equally between those
favoring and those opposing the joint resolution. A motion to further
limit debate is in order and not debatable. An amendment to, or a
motion to postpone, or a motion to proceed to the consideration of
other business, or a motion to recommit the joint resolution is not in
order.
``(3) In the Senate, immediately following the conclusion of the
debate on a joint resolution described in subsection (a), and a single
quorum call at the conclusion of the debate if requested in accordance
with the rules of the Senate, the vote on final passage of the joint
resolution shall occur.
``(4) Appeals from the decisions of the Chair relating to the
application of the rules of the Senate to the procedure relating to a
joint resolution described in subsection (a) shall be decided without
debate.
``(e) In the Senate, the procedure specified in subsection (c) or
(d) shall not apply to the consideration of a joint resolution
respecting a nonmajor rule--
``(1) after the expiration of the 60 session days beginning
with the applicable submission or publication date; or
``(2) if the report under section 801(a)(1)(A) was
submitted during the period referred to in section 801(d)(1),
after the expiration of the 60 session days beginning on the
15th session day after the succeeding session of Congress first
convenes.
``(f) If, before the passage by one House of a joint resolution of
that House described in subsection (a), that House receives from the
other House a joint resolution described in subsection (a), then the
following procedures shall apply:
``(1) The joint resolution of the other House shall not be
referred to a committee.
``(2) With respect to a joint resolution described in
subsection (a) of the House receiving the joint resolution--
``(A) the procedure in that House shall be the same
as if no joint resolution had been received from the
other House; but
``(B) the vote on final passage shall be on the
joint resolution of the other House.
``Sec. 804. Definitions
``For purposes of this chapter:
``(1) The term `Federal agency' means--
``(A) the Board of Governors of the Federal Reserve
System;
``(B) the Securities and Exchange Commission;
``(C) the Commodity Futures Trading Commission;
``(D) the Federal Deposit Insurance Corporation;
``(E) the Bureau of Consumer Financial Protection;
``(F) the Department of the Treasury, including the
Office of the Comptroller of the Currency and the
Financial Crimes Enforcement Network; or
``(G) the National Credit Union Administration.
``(2) The term `major rule' means any rule, including an
interim final rule, that the Administrator of the Office of
Information and Regulatory Affairs of the Office of Management
and Budget or the Federal agency promulgating such rule finds
has resulted in or is likely to result in--
``(A) an annual effect on the economy of $100
million or more;
``(B) a major increase in costs or prices for
consumers, individual industries, Federal, State, or
local government agencies, or geographic regions;
``(C) significant adverse effects on competition,
employment, investment, productivity, innovation, or
the ability of United States-based enterprises to
compete with foreign-based enterprises in domestic and
export markets; or
``(D) in an increase in mandatory vaccinations.
``(3) The term `nonmajor rule' means any rule that is not a
major rule.
``(4) The term `rule' has the meaning given the term in
section 551, except that the term--
``(A) includes interpretative rules, general
statements of policy, and all other agency guidance
documents; and
``(B) does not include--
``(i) any rule of particular applicability,
including a rule that approves or prescribes
for the future rates, wages, prices, services,
or allowances therefore, corporate or financial
structures, reorganizations, mergers, or
acquisitions thereof, or accounting practices
or disclosures bearing on any of the foregoing;
``(ii) any rule relating to agency
management or personnel; or
``(iii) any rule of agency organization,
procedure, or practice that does not
substantially affect the rights or obligations
of non-agency parties.
``(5) The term `submission or publication date', except as
otherwise provided in this chapter, means--
``(A) in the case of a major rule, the date on
which the Congress receives the report submitted under
section 801(a)(1); and
``(B) in the case of a nonmajor rule, the later
of--
``(i) the date on which the Congress
receives the report submitted under section
801(a)(1); and
``(ii) the date on which the nonmajor rule
is published in the Federal Register, if so
published.
``Sec. 805. Judicial review
``(a) In General.--No determination, finding, action, or omission
under this chapter shall be subject to judicial review.
``(b) Exception.--Notwithstanding subsection (a), a court may
determine whether a Federal agency has completed the necessary
requirements under this chapter for a rule to take effect.
``(c) Rule of Construction.--The enactment of a joint resolution of
approval under section 802 shall not be interpreted to serve as a grant
or modification of statutory authority by Congress for the promulgation
of a rule, shall not extinguish or affect any claim, whether
substantive or procedural, against any alleged defect in a rule, and
shall not form part of the record before the court in any judicial
proceeding concerning a rule except for purposes of determining whether
or not the rule is in effect.
``Sec. 806. Exemption for monetary policy
``Nothing in this chapter shall apply to rules that concern
monetary policy proposed or implemented by the Board of Governors of
the Federal Reserve System or the Federal Open Market Committee.
``Sec. 807. Effective date of certain rules
``Notwithstanding section 801--
``(1) any rule that establishes, modifies, opens, closes,
or conducts a regulatory program for a commercial,
recreational, or subsistence activity related to hunting,
fishing, or camping; or
``(2) any rule other than a major rule which an agency for
good cause finds (and incorporates the finding and a brief
statement of reasons therefore in the rule issued) that notice
and public procedure thereon are impracticable, unnecessary, or
contrary to the public interest,
shall take effect at such time as the Federal agency promulgating the
rule determines.
``Sec. 808. Review of rules currently in effect
``(a) Annual Review.--Beginning on the date that is 180 days after
the date of enactment of this section, and annually thereafter for the
4 years following, each agency shall designate not less than 20 percent
of eligible rules made by that agency for review and shall submit a
report including each such eligible rule in the same manner as a report
under section 801(a)(1). Sections 801, 802, and 803 shall apply to each
such rule, subject to subsection (c) of this section. No eligible rule
previously designated may be designated again.
``(b) Sunset for Eligible Rules Not Extended.--Beginning after the
date that is 5 years after the date of enactment of this section, if
Congress has not enacted a joint resolution of approval for that
eligible rule, that eligible rule shall not continue in effect.
``(c) Approval of Rules.--
``(1) In general.--Unless Congress approves all eligible
rules designated by executive agencies for review within 90
days of designation, they shall have no effect.
``(2) Formatting.--A single joint resolution of approval
shall apply to all eligible rules in a report designated for a
year as follows: `That Congress approves the rules submitted by
the___ for the year ___.' (The blank spaces being appropriately
filled in).
``(3) Procedure.--A member of either House may move that a
separate joint resolution be required for a specified rule.
``(d) Definition.--In this section, the term `eligible rule' means
a rule that is in effect as of the date of enactment of this
section.''.
(b) Technical and Conforming Amendment.--The chapter heading for
chapter 8 of title 5, United States Code, is amended by inserting
``CERTAIN'' after ``OF''.
SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO SECTION 802 OF TITLE 5,
UNITED STATES CODE.
Section 257(b)(2) of the Balanced Budget and Emergency Deficit
Control Act of 1985 (2 U.S.C. 907(b)(2)) is amended by adding at the
end the following new subparagraph:
``(E) Budgetary effects of rules subject to section
802 of title 5, united states code.--Any rule subject
to the congressional approval procedure set forth in
section 802 of chapter 8 of title 5, United States
Code, affecting budget authority, outlays, or receipts
shall be assumed to be effective unless it is not
approved in accordance with such section.''.
SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF RULES.
(a) In General.--The Comptroller General of the United States shall
conduct a study to determine, as of the date of the enactment of this
Act--
(1) how many rules (as that term is defined in section 804
of title 5, United States Code, as added by this title) were in
effect;
(2) how many major rules (as that term is defined in
section 804 of title 5, United States Code, as added by this
title) were in effect; and
(3) the total estimated economic cost imposed by all such
rules.
(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Comptroller General of the United States shall submit to
Congress, and publish on the website of the Government Accountability
Office, a report that contains the findings of the study conducted
under subsection (a).
TITLE VI--SUSPICIOUS ACTIVITY
SEC. 601. CRIMINAL PENALTIES.
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.)
is amended by inserting after section 1116 (12 U.S.C. 3416) the
following:
``criminal penalties
``Sec. 1116A. (a) Except as provided in subsection (b), any agency
or department of the United States or financial institution knowingly
obtaining or knowingly disclosing financial records or information
contained therein in violation of this title shall be fined in any
amount not exceeding $5,000, or imprisoned not more than 5 years, or
both, together with the costs of prosecution, and if such offense is
committed by any officer or employee of the United States, the officer
or employee shall, in addition to any other punishment, be dismissed
from office or discharged from employment upon conviction for such
offense.
``(b) Any financial institution or agent or employee thereof making
a disclosure of financial records pursuant to this title in good-faith
reliance upon a certificate by any Government authority or pursuant to
the provisions of section 1113(l) shall not be subject to prosecution
under subsection (a).''.
SEC. 602. CIVIL PENALTIES.
Section 1117(a) of the Right to Financial Privacy Act of 1978 (12
U.S.C. 3417(a)) is amended by striking paragraphs (1) through (4) and
inserting the following:
``(1) not less than $1,000 per violation per day;
``(2) reasonable attorney's fees and litigation costs; and
``(3) compensatory damages.''.
SEC. 603. OTHER RELIEF.
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.)
is amended by inserting after section 1118 (12 U.S.C. 3418) the
following:
``other relief
``Sec. 1118A. In addition to any other remedy contained in this
title, a writ of mandamus and all other appropriate relief, including
any equitable or declaratory relief, shall be available to require that
the procedures of this title are complied with.''.
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