Bill > S1077

This bill proposes to amend existing law to require judicial review before financial institutions can be compelled to report suspicious transactions that might indicate illegal activity. Specifically, it would prevent the Secretary of the Treasury from mandating such reports from financial institutions or other regulated entities unless a U.S. district court first issues an order confirming that a warrant could be obtained under the rules governing searches and seizures in federal criminal procedure. This change aims to introduce a check on the government's ability to gather information through Suspicious Activity Reports (SARs), which are filings made by financial institutions to alert authorities to potentially illicit financial activities. The bill specifies that this judicial review requirement applies not only to current SAR reporting rules but also to any future regulations or other legal provisions that might seek similar information.