In a bold move to protect financial privacy, Sen. Mike Lee (R-UT) has introduced the Saving Privacy Act, a legislative response to the increasing surveillance capabilities of the U.S. government. Addressing a pressing issue, Lee questions whether Americans feel overwhelmed by government monitoring: “Are you tired of your own government tracking your every move without a warrant—like a creepy, tech-genius stalker equipped with a gargantuan police force and the world’s most powerful military?”
This proposed legislation seeks to reform the expansive surveillance powers that have grown since the implementation of the 1970 Bank Secrecy Act. Originally established to combat money laundering, this act has since imposed reporting requirements that infringe upon the financial privacy of law-abiding citizens.
The Saving Privacy Act aims to repeal both suspicious activity reporting and currency transaction reporting mandates. By removing these requirements, the act alleviates the pressure on banks to act as agents of surveillance, while still allowing legitimate investigations into actual crimes.
Additionally, the legislation strives to bolster Fourth Amendment protections, reinforcing the necessity for warrants in cases of financial scrutiny. By repealing the Corporate Transparency Act and the SEC’s Consolidated Audit Trail (CAT), the bill further diminishes governmental oversight of innocent citizens.
Lee’s proposal also mandates that any new databases collecting personally identifiable information must have congressional approval. This requirement seeks to ensure that citizens have a say in how their personal data is handled. Furthermore, the act prohibits the creation of a Central Bank Digital Currency, a measure aimed at safeguarding financial autonomy.
To reinforce accountability, the Saving Privacy Act introduces penalties for federal employees who attempt to access constitutionally protected financial information unlawfully. It also establishes a private right of action for Americans and financial institutions harmed by inappropriate government actions.
The Cato Institute has noted that this act is crucial in maintaining a balance between privacy rights and law enforcement needs. As government scrutiny of personal finances grows, Sen. Mike Lee’s legislation could provide essential protection for Americans’ financial privacy.
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