S.Amdt. 2247

SA 2247. Mr. LEE submitted an amendment intended to be proposed by
him to the bill S. 1582, to provide for the regulation of payment
stablecoins, and for other purposes; which was ordered to lie on the
table; as follows:

At the appropriate place, insert the following:

SEC. ___. BANK SECRECY ACT REFORMS.

(a) Right to Financial Privacy Act of 1978.--The Right to
Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is
amended--
(1) by amending section 1102 (12 U.S.C. 3402) to read as
follows:

``SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT
AUTHORITIES.

``Except as provided by subsection (c) or (d) of section
1103 or section 1113, no Government authority may have access
to or obtain copies of, or the information contained in the
financial records of any customer from a financial
institution unless the financial records are reasonably
described and such financial records are disclosed in
response to a search warrant which meets the requirements of
section 1106.'';
(2) by striking sections 1104 (12 U.S.C. 3404), 1105 (12
U.S.C. 3405), 1107 (12 U.S.C. 3407), and 1108 (12 U.S.C.
3408); and
(3) in section 1109(a) (12 U.S.C. 3409(a)), by striking
``section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),'' and
inserting ``section 1106(c)''.
(b) Title 31.--Chapter 53 of title 31, United States Code,
is amended--
(1) by amending section 5311 to read as follows:

``Sec. 5311. Declaration of purpose

``It is the purpose of this subchapter to require financial
institutions to retain transaction records that include
information identified with or identifiable as being derived
from the financial records of particular customers.'';
(2) in section 5312(a)--
(A) in paragraph (2), by repealing subparagraphs (O), (Q),
(S), (T), (V), (Y), and (Z); and
(B) by amending paragraph (4) to read as follows:
``(4) `nonfinancial trade or business' means any entity
engaged in trade or business other than a financial
institution.'';
(3) by striking sections 5313, 5314, 5315, 5316, 5317,
5318A, 5324, 5326, 5331, 5332, and 5336;
(4) in section 5318--
(A) in subsection (a)--
(i) in the matter preceding paragraph (1), by striking
``(except under section 5315 of this title and regulations
prescribed under section 5315)'';

[[Page S3082]]

(ii) by striking paragraph (2); and
(iii) by redesignating paragraphs (3) through (7) as
paragraphs (2) through (6), respectively; and
(B) in subsection (k)--
(i) in paragraph (1)(C), by striking ``has the same meaning
as in section 5318A(e)(1)(B)'' and inserting ``means an
account established to receive deposits from, make payments
on behalf of a foreign financial institution, or handle other
financial transactions related to such institution''; and
(ii) in paragraph (3)(A)(i)--

(I) in subclause (II), by adding ``or'' at the end;
(II) in subclause (III), by striking ``; or'' and inserting
a period; and
(III) by striking subclause (IV);

(5) in section 5321--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(except sections 5314,
5315, and 5336 of this title or a regulation prescribed under
sections 5314, 5315, and 5336)'';
(ii) by striking paragraphs (2), (3), (4), and (5);
(iii) in paragraph (6), by striking ``(except section
5336)'' each place that term appears;
(iv) in paragraph (7), by striking ``or any special
measures imposed under section 5318A''; and
(v) by redesignating paragraphs (6) and (7) as paragraphs
(2) and (3), respectively;
(B) by striking subsection (c); and
(C) by redesignating subsections (d) through (g) as
subsection (c) through (f), respectively;
(6) in section 5322--
(A) by striking ``(except section 5315, 5324, or 5336 of
this title or a regulation prescribed under section 5315,
5324, or 5336)'' each place that term appears; and
(B) in subsection (d)--
(i) by striking ``, or any special measures imposed under
section 5318A,''; and
(ii) by striking ``or section 5318A'';
(7) in section 5325(a), in the matter preceding paragraph
(1), by inserting after ``$3,000'' the following: ``(as such
amount is annually adjusted by the Secretary to reflect the
percentage change in the Consumer Price Index for All Urban
Consumers published by the Bureau of Labor Statistics of the
Department of Labor)'';
(8) in section 5330(d)(1)--
(A) in subparagraph (A), by adding ``and'' at the end;
(B) by striking subparagraph (B); and
(C) by redesignating subparagraph (C) as subparagraph (B);
(9) in section 5335--
(A) by striking subsection (c); and
(B) by redesignating subsections (d) and (e) as subsections
(c) and (d), respectively;
(10) by striking subchapter III; and
(11) in the table of contents for chapter 53, by striking
the items relating to--
(A) sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324,
5326, 5331, 5332, and 5336; and
(B) subchapter III.

SEC. ___. WARRANT REQUIREMENTS AND EXCEPTIONS.

The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401
et seq.) is amended--
(1) in section 1108 (12 U.S.C. 3408)--
(A) by striking paragraph (2); and
(B) by redesignating paragraphs (3) and (4) as paragraphs
(2) and (3), respectively; and
(2) in section 1113 (12 U.S.C. 3413)--
(A) by repealing subsections (a), (d), (e), (f), (g), (i),
(l), (m), (n), (p), (q), and (r); and
(B) by adding at the end the following:
``(s) Access of Records.--
``(1) In general.--Notwithstanding any other provision of
this title, the Federal Government may not access the
financial records or information of an individual in a manner
that is prohibited by the Fourth Amendment to the
Constitution of the United States with respect to the records
or information in question.
``(2) Aid in statutory construction.--It is the sense of
Congress that, through the enactment of this title, Congress
has established a statutory right that ensures that the
expectation of privacy that the people of the United States
have with respect to financial records is protected.''.
______