Sen. Mike Lee Introduces Bill To Protect Americans’ Financial Privacy

Sen. Mike Lee (R-UT) is raising concerns about the erosion of financial privacy in the United States due to the increasing surveillance powers of government agencies. He poses a direct question to the public: “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?”

To address this pressing issue, Sen. Lee has introduced the Saving Privacy Act, a bill aimed at safeguarding Americans from intrusive government oversight. This legislation seeks to reform how government agencies monitor financial transactions, emphasizing the protection of citizens’ rights under the Fourth Amendment.

Historically, the 1970 Bank Secrecy Act was designed to combat money laundering. However, this act has since expanded governmental surveillance capabilities, threatening the financial privacy of ordinary citizens who have not committed any crimes. The Act has also placed the burden on banks to act as de facto law enforcement by requiring them to report suspicious financial activities.

The Saving Privacy Act aims to dismantle these invasive measures. It proposes to repeal the suspicious activity reporting (SAR) and currency transaction reporting (CTR) requirements while keeping necessary record-keeping provisions intact. This would ensure that law enforcement can still investigate actual crimes without infringing on the rights of law-abiding citizens.

Furthermore, Sen. Lee’s bill seeks to repeal the Corporate Transparency Act, strengthen Fourth Amendment protections, and require congressional approval for any new databases that gather personal information on U.S. citizens. Importantly, it also prohibits the creation of a Central Bank Digital Currency, asserting that financial regulations of significant impact must be authorized by Congress.

According to the Cato Institute, the Saving Privacy Act is designed to balance privacy rights with law enforcement needs. By targeting only those genuinely suspected of wrongdoing, it seeks to prevent the government from casting a wide net over innocent Americans.

In a time when financial privacy is increasingly at risk, Sen. Mike Lee’s initiative represents a crucial step toward protecting individual freedoms against government overreach.

 

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