RELEASE: REP. HILL’S BILL TO PROTECT THE FINANCIAL PRIVACY OF AMERICANS PASSES OUT OF HOUSE FINANCIAL SERVICES COMMITTEE
WASHINGTON, D.C., September 20, 2023
WASHINGTON, D.C. – Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, today had his bill, the Financial Privacy Act, marked up by the House Financial Services Committee. This bill would give Congress greater oversight into the massive amount of data the government collects and ensure Americans' civil rights and liberties are protected.
“The U.S. government has no right to monitor your financial activity – that is a basic privacy right of all Americans,” said Rep. Hill. “Each year, Treasury collects millions of reports from banks on their customers in order to help prevent money laundering and other financial crimes. My bill, the Financial Privacy Act, would establish safeguards to prevent government overreach in accessing, disseminating, and retaining this sensitive data, and ensure Treasury's data collection processes are constantly refined. I am pleased that my legislation was reported out of committee today and is headed to the House Floor.”
Rep. Himes said, “FinCEN plays an essential role in tracking money launderers, terrorists, and other financial criminals. It’s important that FinCEN shares more information with Congress about how it gathers financial records so that we can conduct proper oversight and more effectively track illicit activity. I am proud to join Congressman Hill in supporting this bipartisan legislation.”
H.R. 5485 - Financial Privacy Act: This bill would require Treasury to report the protocols given to national security, law enforcement, and intelligence agencies regarding their access, retention, and dissemination of Americans' financial data.
This legislation also requires the Treasury to coordinate with the Director of National Intelligence and the Attorney General to annually review and revise these protocols to better tailor the government’s data collection for legitimate national security, law enforcement, and intelligence purposes that Congress has authorized.
Rep. Jim Himes (D-CT) is an original cosponsor of this bill. Reps. Hill and Himes serve on both the House Financial Services Committee and Permanent Select Committee on Intelligence together.