Sen. Lee Files Bill for Repealing Financial Reporting Mandates
Sen. Mike Lee, R-Utah, on Thursday introduced legislation that would repeal several statutory requirements for reporting personal financial data.
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The Saving Privacy Act, which includes a private right of action, would repeal the Corporate Transparency Act and Bank Secrecy Act mandates for suspicious activity reports and currency transaction reports. The legislation would expand warrant requirements in the Right to Financial Privacy Act. Moreover, the bill would mandate congressional authorization for “major” rules that financial regulators issue.