Read twice and referred to the Committee on Finance.
The bill tightens statutory privacy protections for financial records, dramatically narrows certain Bank Secrecy Act authorities, and raises penalties for improper disclosures. It requires termination of the Consolidated Audit Trail, bars a Federal Reserve-issued retail CBDC, restricts agency rulemaking via a REINS-style review, and protects use of convertible virtual currency and self-hosted wallets.
Privacy protections versus retention of AML and law enforcement tools
Broad, ideological package likely to attract vocal support and opposition; may pass a chamber favoring deregulatory priorities but faces intra‑chamber tradeoffs.
The bill tightens statutory privacy protections for financial records, dramatically narrows certain Bank Secrecy Act authorities, and raises penalties for improper disclosures.
It requires termination of the Consolidated Audit Trail, bars a Federal Reserve-issued retail CBDC, restricts agency rulemaking via a REINS-style review, and protects use of convertible virtual currency and self-hosted wallets.
The bill also reforms third-party payment reporting thresholds and creates civil and criminal remedies for unlawful access to financial records.
Comprehensive deregulatory and anti‑agency reforms across sensitive policy areas make enactment unlikely absent major narrowing, intense negotiation, or division into smaller bills.
How solid the drafting looks.
Privacy protections versus retention of AML and law enforcement tools
These are examples from the analysis, not a ranked list of the most-affected groups.
Privacy protections versus retention of AML and law enforcement tools
Likely skeptical or opposed overall.
While valuing stronger privacy protections, this persona will worry the bill eliminates critical anti-money laundering, tax-compliance, and consumer-protection tools and weakens executive enforcement needed for financial crime prevention.
Mixed view: supports stronger Fourth Amendment‑style protections for innocuous financial privacy, but concerns exist about broadly repealing Bank Secrecy Act authorities, terminating CAT, and imposing sweeping REINS constraints.
Prefers narrower, evidence-based reforms and clear national security exceptions.
Likely broadly supportive.
This persona prioritizes limiting administrative power, strengthening financial privacy against government access, prohibiting a retail CBDC, and protecting cryptocurrency users.
The REINS-like rulemaking reforms align with curbing executive overreach.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Comprehensive deregulatory and anti‑agency reforms across sensitive policy areas make enactment unlikely absent major narrowing, intense negotiation, or division into smaller bills.
The bill has not accumulated any surfaced votes yet.
Privacy protections versus retention of AML and law enforcement tools
Comprehensive deregulatory and anti‑agency reforms across sensitive policy areas make enactment unlikely absent major narrowing, intense ne…
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