S.Amdt. 4811

SA 4811. Mr. TUBERVILLE (for himself and Mr. Braun) submitted an
amendment intended to be proposed to amendment SA 3867 submitted by Mr.
Reed and intended to be proposed to the bill H.R. 4350, to authorize
appropriations for fiscal year 2022 for military activities of the
Department of Defense, for military construction, and for defense
activities of the Department of Energy, to prescribe military personnel
strengths for such fiscal year, and for other purposes; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. PROHIBITING THE INTERNAL REVENUE SERVICE FROM
REQUIRING FINANCIAL INSTITUTIONS TO REPORT ON
FINANCIAL TRANSACTIONS OF CUSTOMERS.

(a) In General.--Subject to subsection (b), the Internal
Revenue Service shall not be permitted to create or implement
any new financial account information reporting program
that--
(1) was not in effect as of October 1, 2021, and
(2) 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.
(b) Rule of Construction.--
(1) In general.--Nothing in this section shall preempt,
limit, or supersede, or be construed to preempt, limit, or
supersede, any provision of, or requirement under, the Bank
Secrecy Act or any regulations promulgated under such Act.
(2) Definition.--For purposes of this subsection, the term
``Bank Secrecy Act'' means--
(A) section 21 of the Federal Deposit Insurance Act (12
U.S.C. 1829b),
(B) chapter 2 of title I of Public Law 91-508 (12 U.S.C.
1951 et seq.), and
(C) subchapter II of chapter 53 of title 31, United States
Code.
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