Bank Privacy Reform Act
This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant.
The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
To make reforms to the Bank Secrecy Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bank Privacy Reform Act''.

SEC. 2. 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 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, 1105, 1107, 1108, and 1114;
            (3) in section 1109(a), by striking ``section 1104(c), 
        1105(2), 1106(c), 1107(2), 1108(4),'' and inserting ``section 
        1106(c)''; and
            (4) in section 1113, by striking subsections (c) through 
        (r).
    (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 (3)--
                            (i) in subparagraph (B), by adding ``and'' 
                        at the end;
                            (ii) by striking subparagraph (C); and
                            (iii) by redesignating subparagraph (D) as 
                        subparagraph (C); 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) by striking ``(except under section 
                        5315 of this title and regulations prescribed 
                        under section 5315)'';
                            (ii) by striking paragraph (2); and
                            (iii) by redesignating paragraphs (3) 
                        through (7) as paragraphs (2) through (6), 
                        respectively;
                    (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 such 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 such 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), 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 in 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.
                                 <all>
Bank Privacy Reform Act
To make reforms to the Bank Secrecy Act, and for other purposes.
Bank Privacy Reform Act
Rep. Rose, John W.