summary
Introduced
10/07/2021
10/07/2021
In Committee
10/07/2021
10/07/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To prohibit the Internal Revenue Service from requiring fi- nancial institutions to report on the financial trans- actions of their customers.
AI Summary
This bill, the Protecting Financial Privacy Act of 2021, prohibits the Internal Revenue Service (IRS) from creating or implementing any new financial account information reporting program that requires financial institutions to report data on financial accounts, such as balances, transactions, transfers, or inflows and outflows. However, the bill specifies that it does not preempt, limit, or supersede any provisions or requirements under the Bank Secrecy Act, which imposes various reporting obligations on financial institutions to combat money laundering and other financial crimes.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 10/07/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/2953/all-info |
| BillText | https://www.congress.gov/117/bills/s2953/BILLS-117s2953is.pdf |
| Bill | https://www.congress.gov/117/bills/s2953/BILLS-117s2953is.pdf.pdf |
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