S. 2953Senate117th Congress (2021-2023)In Committee

Protecting Financial Privacy Act of 2021

Introduced October 7, 2021

AI-Generated Summary

Updated February 8, 2026 at 7:14 AM UTC

The Protecting Financial Privacy Act of 2021 seeks to safeguard customers’ financial information by stopping the Internal Revenue Service from requiring banks and other financial institutions to report detailed transaction data. It bars the IRS from creating any new reporting program that would collect balances, transactions, transfers, or inflows/outflows after October 1, 2021, while allowing programs that already existed before that date to continue. The bill affects the IRS and financial institutions but leaves existing Bank Secrecy Act requirements unchanged.

Key Provisions

  • Prohibits the IRS from establishing any new financial‑account information reporting program that would require institutions to report balances, transactions, transfers, or inflows/outflows after October 1, 2021.
  • Allows any reporting program that was already in effect as of October 1, 2021 to remain in place.
  • Specifies that the Act does not preempt, limit, or supersede any provisions of the Bank Secrecy Act or its regulations.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

October 7, 2021

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SenateIntro Referral

Introduced in Senate

October 7, 2021

SenateIntro Referral

Read twice and referred to the Committee on Finance.

October 7, 2021

Floor Debate

24 members

What members said about S. 2953 on the floor

12 Republicans12 Democrats
Rob Portman
Sen. Rob PortmanR-OH · Oct 7, 2021

Mr. President, I ask unanimous consent to conclude my remarks today. Mr. President, I just listened to my colleague from Texas talk about what is going on at the border. I thought he made a lot of…

John Cornyn
Sen. John CornynR-TX · Oct 7, 2021

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, over the last few months, the American people have watched in disbelief and then in anger as the…

Rick Scott
Sen. Rick ScottR-FL · Oct 7, 2021

Mr. President. Mr. President, I would like to thank Senator Tuberville for leading this very important effort. I want to be very clear. What President Biden is proposing here is as close to policy…

Mike Lee
Sen. Mike LeeR-UT · Oct 7, 2021

Mr. President, President Biden announced his vague, still- unwritten mandate for the vaccine just almost a month ago. He said then, at the time of his announcement, that his ``patience was wearing…

John Barrasso
Sen. John BarrassoR-WY · Oct 7, 2021

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I come to the floor today to oppose, of course, the Democrats' reckless tax-and-spending bill. I…

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Bill Cassidy
Sen. Bill CassidyR-LA · Oct 7, 2021

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, today is Thursday, October 7, 2021, and Risk Rating 2.0 has officially been in effect for 6 full…

Richard Blumenthal
Sen. Richard BlumenthalD-CT · Oct 7, 2021

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, we have reached a really important point in our relationship with one of our great allies in the…

Chris Van Hollen
Sen. Chris Van HollenD-MD · Oct 7, 2021

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I am here to talk about the President's Build Back Better agenda and its importance to our…

Joe Manchin III
Sen. Joe Manchin IIID-WV · Oct 7, 2021

Mr. President, I am here today to honor the lives of our World War II Medal of Honor recipients who bravely served our Nation, including the last surviving recipient who just celebrated his 98th…

Tommy Tuberville
Sen. Tommy TubervilleR-AL · Oct 7, 2021

Mr. President, you know, it is no secret that I oppose President Biden's tax proposal. I think it is bad policy that would undercut growth and derail American prosperity. But one of the worst parts…

Rand Paul
Sen. Rand PaulR-KY · Oct 7, 2021

Mr. President, reserving the right to object, I agree with the Senator from Connecticut that we should pass the proposal. In fact, I have offered a proposal to fund the Iron Dome with $1 billion that…

Amy Klobuchar
Sen. Amy KlobucharD-MN · Oct 7, 2021

Madam President, I ask unanimous consent that Senators Merkley, Kaine, and I be able to complete our remarks prior to the vote. Madam President, we are all gathered here today, the group of us, to…

Jerry Moran
Sen. Jerry MoranR-KS · Oct 7, 2021

Mr. President, I want to use the opportunity of the Senate floor today to call to the attention what I think is an alarming proposal that would allow the Internal Revenue Service to track nearly all…

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Chuck Grassley
Sen. Chuck GrassleyR-IA · Oct 7, 2021

Mr. President, I would like to address the Senate Judiciary majority's Trump investigation examining the period from December 14, 2020 through January 3, 2021. The majority released their report this…

Jacky Rosen
Sen. Jacky RosenD-NV · Oct 7, 2021

Mr. President, when I traveled to Israel in 2019, I saw with my own eyes the Iron Dome system up close and in person. I met with the brave soldiers who operate and protect it--young men and women, in…

Shelley Moore Capito
Sen. Shelley Moore CapitoR-WV · Oct 7, 2021

Mr. President. Mr. President, it is an honor to talk about a good friend of ours, Woody Williams, here with my fellow Senator from the West Virginia, to talk about our fellow West Virginian, Hershel…

Tammy Baldwin
Sen. Tammy BaldwinD-WI · Oct 7, 2021

Madam President, let me start by asking unanimous consent that the vote on the motion to discharge the Lhamon nomination occur at 3:30 p.m. today. Madam President, I rise today to talk about the…

Ron Wyden
Sen. Ron WydenD-OR · Oct 7, 2021

Reserving the right to object. Mr. President and colleagues, the Senator's proposal in effect would be a game-winning touchdown for wealthy tax cheats. IRS Commissioner Rettig, a Republican…

Tim Kaine
Sen. Tim KaineD-VA · Oct 7, 2021

Madam President, I rise with my colleagues on Build Back Better, and I just want to emphasize two points that really matter to me. First, Build Back Better is absolutely critical to combine with the…

Sheldon Whitehouse
Sen. Sheldon WhitehouseD-RI · Oct 7, 2021

Madam President, as we go over the wonderful things that Build Back Better offers--including tax benefits for families with children, support for home care and childcare for family members, lower…

Mike Braun
Sen. Mike BraunR-IN · Oct 7, 2021

Thank you, Senator Tuberville. Mr. President. Every year, I travel and visit every county in the State of Indiana--92 of them. You know, I can't ever recall anyone saying that they want the IRS to…

Gary C. Peters
Sen. Gary C. PetersD-MI · Oct 7, 2021

Mr. President, shortly, I will ask for unanimous consent on the nomination of Robert L. Santos to be the Director of the U.S. Census Bureau. The mission of the Census Bureau is to serve as the…

Jeff Merkley
Sen. Jeff MerkleyD-OR · Oct 7, 2021

Madam President, Build Back Better invests in families, the foundations for our families to thrive--in education, in childcare, in healthcare, and in housing. So much is needed. It makes huge…

Patty Murray
Sen. Patty MurrayD-WA · Oct 7, 2021

Mr. President, reserving the right to object, unfortunately, even though the Senate has had multiple exposures now to nonsense ideas like this bill, they keep coming back. Now, Agencies like the CDC…

Bill Text

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Introduced in SenateIssued October 7, 2021

II

117th CONGRESS

1st Session

S. 2953

IN THE SENATE OF THE UNITED STATES

October 7, 2021

Mr. Tuberville (for himself, Mr. Scott of Florida, and Mr. Braun) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To prohibit the Internal Revenue Service from requiring financial institutions to report on the financial transactions of their customers.

1.

Short title

This Act may be cited as the Protecting Financial Privacy Act of 2021.

2.

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 Act 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.