,,ib ,union ,calendar ,no4 #ad #aaith ,,congress #ast ,session ,h4 ,r4 #afjb ,report ,no4 #aai-bd ,,in ,,the ,,house ,,of ,,representatives ,february #bf1 #bjbe ,mr4 ,davidson 7for himself and ,mr4 ,himes7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,march #ba1 #bjbe ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed ,strike out all after the enacting clause and insert the part printed in italic ,for text of introduced bill1 see copy of bill as introduced on ,february #bf1 #bjbe ,a ,,bill ,to require the ,secretary of the ,treasury to provide for greater transparency and protections with regard to ,bank ,secrecy ,act reports1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,financial ,privacy ,act of #bjbe4 #b4 ,findings ,the ,congress finds the following3 7#a7 ,pursuant to the ,bank ,secrecy ,act 7,,bsa71 the ,secretary of the ,treasury1 acting through the ,financial ,crimes ,enforcement ,network 7,fin,c,e,n71 collects millions of reports annually on the economic activity of ordinary ,americans4 7#b7 ,since #bjja1 ,fin,c,e,n has applied the ,,bsa to collect over #cbb1jjj1jjj ,currency ,transaction ,reports and more than #cf1jjj1jjj ,suspicious ,activity ,reports1 as well as nearly #e1jjj1jjj ,form #hcjj ,reports4 ,in addition1 ,fin,c,e,n expects to amass beneficial ownership information 7,,boi7 from #cb1jjj1jjj companies in its initial year of collection1 plus #e1jjj1jjj additional companies implicated each year thereafter4 7#c7 ,the mass of reporting collected by ,fin,c,e,n suggests that1 while certain ,,bsa reports might prove useful to combat illicit finance1 the bulk of ,,bsa-related data may possess little to no nexus to legitimate law enforcement or intelligence purposes1 even as it encompasses highly sensitive details on the everyday lives of ,americans4 7#d7 ,by law1 the ,secretary of the ,treasury must ensure the security and confidentiality of ,,bsa data4 ,in a ,notice of ,proposed ,rulemaking from ,december #bjbb1 ,fin,c,e,n acknowledged that ,,boi is highly sensitive information4 ,fin,c,e,n therefore views it as critical to mitigate the risk of unauthorized disclosure of ,,boi as much as possible44 #c4 ,reports to ,congress2 ,review of protocols for agency access to reports 7a7 ,in general ,chapter #ec of title #ca1 ,united ,states ,code1 is amended-- 7#a7 in subchapter ,,ii1 by inserting after section #ecbf the following3 #ecbg4 ,reports to ,congress2 ,review of protocols for agency access to reports 7a7 ,reports to ,congress ,not later than #ahj days following the date of the enactment of this section1 and annually thereafter1 the ,secretary of the ,treasury shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report containing the following3 7#a7 ,the number of reports1 by type1 filed each year with the ,financial ,crimes ,enforcement ,network 7,fin,c,e,n7 under this subchapter since ,january #a1 #bjbb4 7#b7 ,the total number of reports filed under this subchapter retained by ,fin,c,e,n4 7#c7 ,a description of any written protocols or guidance from the ,secretary to national security1 law enforcement1 or intelligence agencies regarding agency access to1 and retention or dissemination of1 information held by ,fin,c,e,n from reports filed under this subchapter1 including-- 7,a7 a description of any updates to the protocols or guidance during the reporting period2 7,b7 the number of queries by such agencies to access the information during the reporting period2 and 7,c7 any denials of requests for1 or revocations of1 access by a national security1 law enforcement1 or intelligence agency1 or by any employee thereof1 with a description of the reasons for the denial or revocation1 as the case may be4 7b7 ,review and revision of protocols ,in consultation with the ,director of ,national ,intelligence and the ,attorney ,general1 the ,secretary of the ,treasury shall annually review and1 as appropriate1 revise any written protocols or guidance described under subsection 7a7 for the purposes of-- 7#a7 better tailoring the collection1 retention1 and dissemination of information filed under this subchapter to authorized national security1 law enforcement1 or intelligence objectives2 7#b7 enforcing prohibitions against unauthorized disclosure of such information2 and 7#c7 protecting fully the legal rights of all ,united ,states persons1 including freedoms1 civil liberties1 and privacy rights guaranteed by ,federal law4 7c7 ,congressional requests2 notice of changes 7#a7 ,requests for information ,upon request of the chair or ranking member of the ,committee on ,financial ,services of the ,house of ,representatives or the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,secretary shall provide a copy of any written protocols or guidance described in subsection 7a77#c74 7#b7 ,notice of revisions ,not later than #cj days after revising any written protocols or guidance described in subsection 7a77#c71 the ,secretary shall provide a copy of such revised written protocols or guidance to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 2 and 7#b7 in the table of contents for such chapter1 by inserting after the item relating to section #ecbf the following3 #ecbg4 ,reports to ,congress2 ,review of protocols for agency access to reports4 4 7b7 ,sunset ,on the date that is the end of the #g-year period beginning on the date of enactment of this ,act-- 7#a7 section #ecbg of title #ca1 ,united ,states ,code1 is repealed2 and 7#b7 the table of contents for chapter #ec of title #ca1 ,united ,states ,code1 is amended by striking the item relating to section #ecbg4 ,march #ba1 #bjbe ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed