Section 1 Short title
This Act may be cited as the “Protecting Financial Privacy Act of 2021”.
Protecting Financial Privacy Act of 2021
A BILL
To prohibit the Internal Revenue Service from requiring financial institutions to report on the financial transactions of their customers.
Sec. 2 Prohibiting the Internal Revenue Service from requiring financial institutions to report on financial transactions of customers
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—
was not in effect as of October 1, 2021, and
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.
Rule of construction—
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.
Definition— For purposes of this subsection, the term Bank Secrecy Act means—
section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b),
chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.), and
subchapter II of chapter 53 of title 31, United States Code.