Warren Davidson (R-OH)
Financial Privacy Act of 2025
A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Placed on the Union Calendar, Calendar No. 14.
Cleared committee, waiting for its first floor vote
A committee approved it and it is on the calendar of the chamber it started in.
This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.
Its path through Congress
- Introduced
- On Calendar
What this bill would do
The Financial Privacy Act of 2025 seeks to increase transparency and protections regarding Bank Secrecy Act reports. It requires the Secretary of the Treasury to submit annual reports to specific Congressional committees regarding the number and type of reports filed and retained by FinCEN. The bill also mandates an annual review of protocols used by national security, law enforcement, or intelligence agencies to access this information. These reviews are intended to better tailor information collection and protect the legal rights and privacy of United States persons. Additionally, the Secretary must provide updated protocols to Congress upon revision. This new section of the law is set to expire after a 7-year period.
Yes· 3 of 8
- Scored +6
Does this protect people from being watched or searched?
The bill mandates annual reviews of protocols specifically designed to protect the privacy rights of United States persons.
- Scored +5
Does this make what the government does easier for the public to see?
The bill requires the Secretary of the Treasury to submit annual reports to Congress regarding the volume and type of FinCEN reports.
- Scored +3
Does this change how police departments operate?
The bill mandates annual reviews of agency access protocols to ensure information collection is better tailored to specific objectives.
The opposite
- Scored -3
Does this give the government more power to monitor people inside the country?
The bill seeks to curb potentially excessive surveillance by requiring more stringent protocols for agency access to financial data.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Oversight of Financial Data: The bill requires the Secretary of the Treasury to report the number of reports filed and retained to Congress, which provides oversight on the mass of data being collected on the economic activity of Americans (Section 3(a)(1)).
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Protection of Privacy and Civil Liberties: The Secretary must annually review and revise protocols to protect the legal rights, freedoms, civil liberties, and privacy rights of all United States persons (Section 3(a)(2)).
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Prevention of Unauthorized Disclosures: The bill mandates that protocols be reviewed and revised specifically to enforce prohibitions against the unauthorized disclosure of sensitive information (Section 3(a)(2)).
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Improved Targeting of Information Collection: Through annual reviews, the Secretary aims to better tailor the collection and dissemination of information to authorized national security, law enforcement, or intelligence objectives (Section 3(a)(2)).
Potential Negative Impacts for People
- Expiration of Protections: The new requirements for reporting and protocol reviews are subject to a sunset provision, meaning these specific transparency and protection measures will be repealed after a 7-year period (Section 3(b)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Governance And Ideology
- Does this protect people from being watched or searched? — The bill mandates annual reviews of protocols specifically designed to protect the privacy rights of United States persons. Does this make what the government does easier for the public to see? — The bill requires the Secretary of the Treasury to submit annual reports to Congress regarding the volume and type of FinCEN reports.
- Demographic And Interest Groups
- Would high-income households be better off under this? — The bill enhances the privacy and legal protections regarding the retention of sensitive economic activity data. Would households on low incomes be better off under this? — The bill protects the sensitive financial data of ordinary Americans from unauthorized disclosure. Would middle-income households be better off under this? — The bill provides additional oversight and privacy protections for the financial information of the general public. Would people in cities be better off under this? — The bill provides general privacy protections that apply to all residents within the United States.
- National Security And Foreign Policy
- Does this give the government more power to monitor people inside the country? — The bill seeks to curb potentially excessive surveillance by requiring more stringent protocols for agency access to financial data.
- Social Issues And Justice
- Does this change how police departments operate? — The bill mandates annual reviews of agency access protocols to ensure information collection is better tailored to specific objectives.
- Economy And Finance
- Does this make it easier to run a small business? — The bill provides oversight on the collection of beneficial ownership information which impacts millions of companies.
- 3/21/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-24.
- Placed on the Union Calendar, Calendar No. 14.
- 3/5/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0.
- 2/26/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
James HimesDemocrat · Connecticut