Sen. Mike Lee (R-UT) is addressing the growing concerns regarding government surveillance of American citizens’ financial activities. In his latest proposal, the Saving Privacy Act, Lee emphasizes the need for individuals to feel secure in their financial dealings without the fear of government tracking. He asks, “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?”
The bill aims to reform the existing framework established by the Bank Secrecy Act of 1970, which has led to the government expanding its surveillance capabilities. While originally intended to combat money laundering, the Act has morphed into a tool for excessive monitoring, threatening the financial privacy of law-abiding citizens.
Key features of the Saving Privacy Act include the repeal of the suspicious activity reporting (SAR) and currency transaction reporting (CTR) requirements. This change would relieve financial institutions from acting as informants for the government while still allowing them to maintain necessary records for legitimate investigations.
Additionally, the legislation seeks to strengthen protections under the Fourth Amendment by enhancing warrant requirements in financial matters. The proposal also aims to eliminate the Corporate Transparency Act, which critics argue has exacerbated government oversight of innocent citizens.
Furthermore, the bill mandates that any new databases collecting personally identifiable information must receive congressional approval, ensuring that the government cannot expand its surveillance capabilities without oversight. Importantly, it also prohibits the establishment of a Central Bank Digital Currency, preserving financial autonomy for individuals.
As the Cato Institute notes, the Saving Privacy Act strives to find a balance between protecting privacy rights and allowing law enforcement to effectively address actual criminal activities. With government surveillance on the rise, Sen. Mike Lee’s initiative represents a crucial effort to safeguard Americans’ financial freedoms.
