Protecting Financial Privacy Act of 2021
Latest action (30 Sep 2021): Introduced
What this bill does
H.R. 5451, the Protecting Financial Privacy Act of 2021, would bar any federal agency, including the Department of the Treasury, from creating, implementing, or administering a program that requires financial institutions or individuals to report data on financial accounts—such as balances, transactions, transfers, or inflows and outflows—to the government. The bill exempts laws or regulations already in effect as of September 1, 2021, and generally exempts the Bank Secrecy Act, though it would apply the new prohibition to any Bank Secrecy Act regulations issued after that date.
The bill would primarily affect federal financial regulators and the Treasury Department by limiting their authority to establish new account-reporting requirements. Financial institutions and their customers would be affected in that banks and similar entities could not be compelled, under any new federal program, to report detailed transaction-level data on customer accounts, aside from existing law and most Bank Secrecy Act obligations.
The bill was introduced on September 30, 2021, by Rep. Ashley Hinson and referred to the House Committee on Financial Services. It did not receive a vote and saw no further action before the end of the 117th Congress, meaning it did not become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Protecting Financial Privacy Act of 2021
This bill prohibits a federal agency from creating, implementing, or administering a program that requires financial institutions or individuals to report on the balances of, transactions involving, or transfers into and out of financial accounts.
This prohibition does not apply to laws or regulations in effect on September 1, 2021, or to the Bank Secrecy Act (laws that require financial institutions and other entities to report on certain financial transactions to prevent money laundering, the financing of terrorism, and other criminal activity). This prohibition does apply, however, to regulations issued under the Bank Secrecy Act after September 1, 2021.
Common questions
- What does H.R. 5451 do?
- H.R. 5451, the Protecting Financial Privacy Act of 2021, would bar any federal agency, including the Department of the Treasury, from creating, implementing, or administering a program that requires financial institutions or individuals to report data on financial accounts—such as balances, transactions, transfers, or inflows and outflows—to the government. The bill exempts laws or regulations already in effect as of September 1, 2021, and generally exempts the Bank Secrecy Act, though it would apply the new prohibition to any Bank Secrecy Act regulations issued after that date. The bill would primarily affect federal financial regulators and the Treasury Department by limiting their authority to establish new account-reporting requirements. Financial institutions and their customers would be affected in that banks and similar entities could not be compelled, under any new federal program, to report detailed transaction-level data on customer accounts, aside from existing law and most Bank Secrecy Act obligations. The bill was introduced on September 30, 2021, by Rep. Ashley Hinson and referred to the House Committee on Financial Services. It did not receive a vote and saw no further action before the end of the 117th Congress, meaning it did not become law.
- Has H.R. 5451 become law?
- Not yet. As of 30 Sep 2021, H.R. 5451 is introduced.
- Who sponsored H.R. 5451?
- H.R. 5451 was sponsored by Rep. Ashley Hinson [R-IA2] (Republican-IA), with 65 cosponsors.
- What's the latest action on H.R. 5451?
- Introduced (30 Sep 2021).
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