[Pages S3081-S3082]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2247. Mr. LEE submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. 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 (2), by repealing subparagraphs (O), (Q), 
     (S), (T), (V), (Y), and (Z); 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)'';

[[Page S3082]]

       (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.

     SEC. ___. 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), (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.--
       ``(1) In general.--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.
       ``(2) Aid in statutory construction.--It is the sense of 
     Congress that, through the enactment of this title, Congress 
     has established a statutory right that ensures that the 
     expectation of privacy that the people of the United States 
     have with respect to financial records is protected.''.
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