Protecting Financial Privacy Act of 2021
The source supplies the latest action, but no lifecycle stage.
Latest action (27 Sep 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6705-6707)
What this bill does
The Protecting Financial Privacy Act of 2021, introduced by Senator Tommy Tuberville, would prevent federal agencies from creating or running programs that require financial institutions or individuals to report on bank account balances, transactions, or transfers. This prohibition would apply even if such reporting is currently allowed or mandated under the Bank Secrecy Act or its related regulations as they existed on September 1, 2021.
This bill would affect financial institutions, such as banks, and their customers by limiting the ability of federal agencies to collect detailed information about financial accounts. It aims to restrict the scope of federal oversight regarding financial data reporting.
As an introduced bill, S. 2857 has been referred to the Senate Committee on Banking, Housing, and Urban Affairs for consideration. If the committee takes action, the bill could then proceed to the full Senate for a vote, and if passed, would move to the House of Representatives.
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.
Timeline
27 Sep 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6705-6707)
Common questions
- What does S. 2857 do?
- The Protecting Financial Privacy Act of 2021, introduced by Senator Tommy Tuberville, would prevent federal agencies from creating or running programs that require financial institutions or individuals to report on bank account balances, transactions, or transfers. This prohibition would apply even if such reporting is currently allowed or mandated under the Bank Secrecy Act or its related regulations as they existed on September 1, 2021. This bill would affect financial institutions, such as banks, and their customers by limiting the ability of federal agencies to collect detailed information about financial accounts. It aims to restrict the scope of federal oversight regarding financial data reporting. As an introduced bill, S. 2857 has been referred to the Senate Committee on Banking, Housing, and Urban Affairs for consideration. If the committee takes action, the bill could then proceed to the full Senate for a vote, and if passed, would move to the House of Representatives.
- Has S. 2857 become law?
- The source does not supply a confirmed lifecycle stage for S. 2857. Check the latest action and official source below.
- Who sponsored S. 2857?
- S. 2857 was sponsored by Sen. Tuberville, Tommy [R-AL] (R-AL), with 0 cosponsors.
- What's the latest action on S. 2857?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6705-6707) (27 Sep 2021).
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