S.Amdt. 382
What it does: Adds SEC. __. JUDICIAL REVIEW OF SUSPICIOUS ACTIVITY REPORTS wherever appropriate
Sen. Rand Paul (R-KY)What it changes
1 change to S. 990
Adds SEC. __. JUDICIAL REVIEW OF SUSPICIOUS ACTIVITY REPORTS wherever appropriate
Adds a sectionInserted: SEC. __. JUDICIAL REVIEW OF SUSPICIOUS ACTIVITY REPORTS.
Inserted: Section 5318(g) of title 31, United States Code, is amended--
Inserted: (1) in paragraph (1), by inserting before the period at the end ", subject to judicial review under paragraph (5)"; and
Inserted: (2) by adding at the end the following:
Inserted: "(5) Judicial review.--The Secretary may not, under this section or the rules issued under this section, or under any other provision of law, require any financial institution, director, officer, employee, or agent of any financial institution, or any other entity that is otherwise subject to regulation or oversight by the Secretary or pursuant to the securities laws (as that term is defined under section 3 of the Securities Exchange Act of 1934) to report any transaction under this section or its equivalent under such provision of law, unless the appropriate district court of the United States issues an order finding that a warrant could be issued under rule 41 of the Federal Rules of Criminal Procedure for the information sought to be obtained by the Secretary.".
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 382. Mr. PAUL submitted an amendment intended to be proposed by him to the bill S. 990, to provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. JUDICIAL REVIEW OF SUSPICIOUS ACTIVITY REPORTS.
Section 5318(g) of title 31, United States Code, is amended--
(1) in paragraph (1), by inserting before the period at the end “, subject to judicial review under paragraph (5)”; and
(2) by adding at the end the following:
“(5) Judicial review.--The Secretary may not, under this section or the rules issued under this section, or under any other provision of law, require any financial institution, director, officer, employee, or agent of any financial institution, or any other entity that is otherwise subject to regulation or oversight by the Secretary or pursuant to the securities laws (as that term is defined under section 3 of the Securities Exchange Act of 1934) to report any transaction under this section or its equivalent under such provision of law, unless the appropriate district court of the United States issues an order finding that a warrant could be issued under rule 41 of the Federal Rules of Criminal Procedure for the information sought to be obtained by the Secretary.”.
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Senate amendment submitted
May 25, 2011