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![handle is hein.congrecreports/crptxafvl0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-317
FINANCIAL PRIVACY ACT OF 2023
DECEMBER 13, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 5485]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5485) to require the Secretary of the Treasury to provide
for greater transparency and protections with regard to Bank Se-
crecy Act reports, and for other purposes, having considered the
same, reports favorably thereon with an amendment and rec-
ommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Financial Privacy Act of 2023.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Pursuant to the Bank Secrecy Act (BSA), the Secretary of the Treasury,
acting through the Financial Crimes Enforcement Network (FinCEN), collects
millions of reports annually on the economic activity of ordinary Americans.
(2) Since 2001, FinCEN has applied the BSA to collect over 322,000,000 Cur-
rency Transaction Reports and more than 36,000,000 Suspicious Activity Re-
ports, as well as nearly 5,000,000 Form 8300 Reports. In addition, FinCEN ex-
pects to amass beneficial ownership information (BOI) from 32,000,000 compa-
nies in its initial year of collection, plus 5,000,000 additional companies impli-
cated each year thereafter.
(3) The mass of reporting collected by FinCEN suggests that, while certain
BSA reports might prove useful to combat illicit finance, the bulk of BSA-re-
lated data may possess little to no nexus to legitimate law enforcement or intel-
ligence purposes, even as it encompasses highly sensitive details on the every-
day lives of Americans.
(4) By law, the Secretary of the Treasury must ensure the security and con-
fidentiality of BSA data. In a Notice of Proposed Rulemaking from December
2022, FinCEN acknowledged that BOI is highly sensitive information. FinCEN
therefore views it as critical to mitigate the risk of unauthorized disclosure of
BOI as much as possible..
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