Hill’s Financial Privacy Act advances to House

The U.S. House Financial Services Committee on Sept. 20 marked up legislation offered by U.S. Rep. French Hill (R-AR) that would provide more congressional oversight of the data the government collects on Americans.

“I am pleased that my legislation was reported out of committee today and is headed to the House floor,” said Rep. Hill on Wednesday.

The Financial Privacy Act of 2023, H.R. 5485, which Rep. Hill sponsored on Sept. 14 alongside lead original cosponsor U.S. Rep. Jim Himes (D-CT), specifically would require the U.S. Secretary of the Treasury to provide greater transparency and protections regarding Bank Secrecy Act reports, according to the bill’s text.

“The U.S. government has no right to monitor your financial activity – that is a basic privacy right of all Americans,” Rep. Hill said. “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… 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.”

Rep. Himes also said that the bill is important for oversight of the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department that tracks 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,” he said. “I am proud to join Congressman Hill in supporting this bipartisan legislation.”

If enacted, H.R. 5485 would require the Treasury to report the protocols given to national security, law enforcement, and intelligence agencies regarding their access, retention, and dissemination of Americans’ financial data, according to a bill summary provided by Rep. Hill’s office.

Additionally, the bill would require 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, the summary says.