Protecting Financial Privacy Act of 2021
The source supplies the latest action, but no lifecycle stage.
Latest action (7 Oct 2021): Read twice and referred to the Committee on Finance.
What this bill does
The Protecting Financial Privacy Act of 2021, introduced in the Senate, would prohibit the Internal Revenue Service (IRS) from establishing or using new programs that require financial institutions to report customer account data. Specifically, it would prevent the IRS from mandating that banks report information such as account balances, transactions, transfers, or any inflows or outflows of funds if such a program was not already in place before October 1, 2021.
This bill would affect financial institutions and their customers by limiting the type of new financial data the IRS can collect directly from banks. The legislation clarifies that it does not override requirements under the Bank Secrecy Act.
As the bill was introduced in October 2021, it has been referred to the Senate Committee on Finance. There, it would undergo committee review, and if advanced, could be considered by the full Senate.
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 the Internal Revenue Service from creating or implementing any new financial account reporting program that would require financial institutions to report data on financial accounts in an information return listing balances, transactions, transfers, or inflows or outflows of any kind, and that was not in effect as of October 1, 2021.
Timeline
7 Oct 2021
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 2953 do?
- The Protecting Financial Privacy Act of 2021, introduced in the Senate, would prohibit the Internal Revenue Service (IRS) from establishing or using new programs that require financial institutions to report customer account data. Specifically, it would prevent the IRS from mandating that banks report information such as account balances, transactions, transfers, or any inflows or outflows of funds if such a program was not already in place before October 1, 2021. This bill would affect financial institutions and their customers by limiting the type of new financial data the IRS can collect directly from banks. The legislation clarifies that it does not override requirements under the Bank Secrecy Act. As the bill was introduced in October 2021, it has been referred to the Senate Committee on Finance. There, it would undergo committee review, and if advanced, could be considered by the full Senate.
- Has S. 2953 become law?
- The source does not supply a confirmed lifecycle stage for S. 2953. Check the latest action and official source below.
- Who sponsored S. 2953?
- S. 2953 was sponsored by Sen. Tuberville, Tommy [R-AL] (R-AL), with 3 cosponsors.
- What's the latest action on S. 2953?
- Read twice and referred to the Committee on Finance. (7 Oct 2021).
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More bills from Sen. Tuberville, Tommy [R-AL]
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Protecting Financial Privacy Act of 2021
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