,,ii #aagth ,,congress #b;d ,session ,s4 #dhfi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #ae1 #bjbb,mr4 ,lee 7for himself1 ,ms4 ,lummis1 and ,mr4 ,braun7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to index certain thresholds for inflation4 #a4 ,short title ,this ,act may be cited as the ,saving ,privacy ,act4 #b4 ,findings ,congress finds the following3 7#a7 ,public ,law #ia-ejh 7referred to in this section as the ,bank ,secrecy ,act7 authorized the ,secretary of the ,treasury to establish recording and reporting requirements for financial institutions1 including the prescription of thresholds for such requirements4 7#b7 ,in #aigb1 the ,department of the ,treasury published the final rule implementing the ,bank ,secrecy ,act1 which required filing a report on each transaction in currency of more than #aj1jjj4 7#c7 ,while the ,supreme ,court of the ,united ,states issued a ruling in ,california ,bankers ,association v4 ,shultz1 #daf ,u4,s4 #ba 7#aigd7 that the ,bank ,secrecy ,act did not violate the ,fourth ,amendment to the ,constitution of the ,united ,states1 the controlling opinion cautioned that a significant extension of the regulations' reporting requirements 4 4 4 would pose substantial and difficult constitutional questions4 7#d7 ,inflation has risen to almost #fjj percent since the #aigd decision described in paragraph 7#c7 and the threshold has not been adjusted accordingly4 7#e7 ,while #aj1jjj was sufficient to buy a modest multi-bedroom home in the #aigjs1 today that amount cannot even cover the purchase of many lightly used cars4 7#f7 ,this development represents a significant extension of the reporting requirements under the applicable regulations and could render the ,bank ,secrecy ,act reporting requirement unconstitutional unless redressed4 #c4 ,records and reports on monetary instrument transactions ,title #ca1 ,united ,states ,code1 is amended-- 7#a7 in section #ecac7;a71 in the first sentence1 by striking 1 or under circumstances the ,secretary prescribes by regulation and inserting not less than #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd72 7#b7 in section #ecaf7;a71 by striking more than #aj1jjj each place the term appears and inserting not less than #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd72 7#c7 in section #ecah-- 7,a7 in subsection 7a77#b71 by striking as the ,secretary may prescribe by regulation and inserting relating to transactions of not less than #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd72 and 7,b7 in subsection 7g7-- 7i7 in paragraph 7#a71 by inserting of not less than #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd7 after report any suspicious transaction2 and 7ii7 in paragraph 7#e77;,d77ii77,,ii71 by inserting of not less than #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd7 after any other transaction2 7#d7 in section #ecca1 in subsections 7a77#a77;,b7 and 7d77#a77;,b71 by striking #aj1jjj each place the term appears and inserting #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd72 and 7#e7 in section #eccb7;a77#a71 by striking #aj1jjj and inserting #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd74 #d4 ,returns relating to cash received in trade or business ,section #fjej;,i of the ,internal ,revenue ,code of #aihf is amended-- 7a7 in subsections 7a77#b71 7d77#b71 and 7g77#a71 by striking #aj1jjj each place the term appears and inserting #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd72 and 7b7 in subsection 7d77#a71 by inserting of not more than #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd7 after currency4 #e4 ,recordkeeping regulations for insured depository institutions ,section #ba7;b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b7b77 is amended by adding at the end the following3 7#d7 ,thresholds ,the regulations prescribed under this subsection shall apply to transactions of not less than #aj1jjj 7as adjusted for each fiscal year beginning after ,september #cj1 #bjbb to reflect the percentage change in the ,consumer ,price ,index for such fiscal year compared to the ,consumer ,price ,index for the year ending ,september #cj1 #aigd74 4