Bill > S1318

This bill, titled the "Foreign Intelligence Accountability Act" and also known as the "Anti-CBDC Surveillance State Act," aims to enhance oversight and accountability in foreign intelligence activities and restrict the development of a central bank digital currency (CBDC). Key provisions include requiring the Federal Bureau of Investigation (FBI) to conduct monthly reviews of queries involving United States persons under the Foreign Intelligence Surveillance Act of 1978 (FISA), with the Civil Liberties Protection Officer and the Inspector General of the Intelligence Community overseeing these reviews to ensure compliance with civil liberties and privacy standards. The bill also introduces criminal penalties for FBI employees who knowingly and willfully violate querying procedures or falsify compliance related to FISA Section 702, which governs the acquisition of foreign intelligence information. Furthermore, it strengthens Fourth Amendment protections by prohibiting the intentional targeting of U.S. persons under Section 702 and requiring specific court orders for any such targeting. The bill also mandates that the Attorney General revoke and reissue procedures to ensure Members of Congress have access to proceedings of the Foreign Intelligence Surveillance Court and its Court of Review, and it extends the authorities of Title VII of FISA until April 30, 2029. Separately, the bill prohibits Federal Reserve banks from offering financial products or services directly to individuals, maintaining accounts for individuals, or issuing a CBDC, either directly or indirectly through intermediaries. It also explicitly forbids the Board of Governors of the Federal Reserve System from testing, developing, or implementing a CBDC, with an exception for dollar-denominated currency that is open, permissionless, private, and preserves privacy protections similar to physical currency. Finally, it expresses the sense of Congress that the Federal Reserve currently lacks the authority to issue a CBDC without explicit congressional authorization.