US Federal 2023-2024 Regular Session

US Federal Senate Bill SB453

Introduced
2/15/23  

Caption

Prohibiting IRS Financial Surveillance Act

Impact

If enacted, SB453 would significantly alter the landscape of financial institution reporting regulations by prohibiting stricter oversight and more invasive monitoring practices. This protection may appeal to many individuals and businesses concerned about governmental overreach and privacy infringement related to financial dealings. By limiting the reporting requirements to what already exists, the bill may lead to fewer administrative burdens on financial institutions, thereby potentially fostering a more client-friendly banking environment.

Summary

Senate Bill 453, titled the 'Prohibiting IRS Financial Surveillance Act,' seeks to prevent the implementation of any new federal requirements regarding the reporting of bank account deposits and withdrawals by financial institutions. Introduced in the Senate on February 15, 2023, the bill aims to protect individuals' financial privacy by ensuring that banks are not mandated to disclose transactional information beyond existing reporting standards as of the bill's enactment. The core premise rests on the belief that increased financial surveillance may infringe on personal privacy rights.

Contention

The bill, however, brings forth points of contention among varying stakeholders. Supporters, primarily from the Republican side, advocate for privacy rights and argue against any form of government scrutiny they perceive as unnecessary or invasive. Conversely, critics of the bill may argue that limiting the ability to track significant financial movements could hinder the government's efforts in combating money laundering, tax evasion, and other forms of financial misconduct. The implications of this bill could lead to larger discussions about the balance between financial privacy and regulatory oversight.

Companion Bills

US HB1010

Related Prohibiting IRS Financial Surveillance Act

Previously Filed As

US HB1919

Anti-CBDC Surveillance State Act

US HB84

Buzz Off Act This bill prohibits federal law enforcement from using unmanned aerial vehicles to intentionally conduct surveillance of a specifically targeted U.S. citizen or the property of such an individual, with certain exceptions. Specifically, this prohibition shall not apply if (1) the federal law enforcement agency in question first obtains a search warrant, (2) the Department of Homeland Security certifies that such surveillance is necessary to counter a high risk of a terrorist attack by a specified person or organization, or (3) the citizen gives written consent.

US SB1124

Anti-CBDC Surveillance State Act

US HB140

Protecting Speech from Government Interference Act This bill generally prohibits federal employees from censoring the speech of others while acting in an official capacity. Specifically, the bill prohibits employees of executive agencies or who are otherwise in the competitive service from (1) using their official authority to influence or advocate for a third party, including a private entity, to censor speech; (2) censoring the speech of any person who has a pending regulatory application with, or is the subject of or a participant in an active enforcement action by, the employee's office; or (3) engaging in censorship while on duty, wearing a uniform, or using official government property. Certain presidential appointees may not censor speech at any time, including outside normal duty hours. Employees are subject to disciplinary action, civil penalties, or both for violations. The bill defines censor or censorship to include ordering or advocating for the removal of lawful speech, the addition of disclaimers, or the restriction of access with respect to any platform (e.g., social media).

US HB2091

financial surveillance fund; insurer examinations

US HB26

Born-Alive Abortion Survivors Protection Act This bill establishes requirements for the degree of care a health care practitioner must provide in the case of a child born alive following an abortion or attempted abortion. Specifically, a health care practitioner who is present must (1) exercise the same degree of care as would reasonably be provided to any other child born alive at the same gestational age, and (2) ensure the child is immediately admitted to a hospital. Additionally, a health care practitioner or other employee who has knowledge of a failure to comply with the degree-of-care requirements must immediately report such failure to law enforcement. A health care practitioner who fails to provide the required degree of care, or a health care practitioner or other employee who fails to report such failure, is subject to criminal penalties—a fine, up to five years in prison, or both. An individual who intentionally kills or attempts to kill a child born alive is subject to prosecution for murder. The bill bars the criminal prosecution of a mother of a child born alive under this bill and allows her to bring a civil action against a health care practitioner or other employee for violations.

US HB231

Terminate TikTok on Campus Act of 2023 This bill prohibits an institution of higher education (IHE) from receiving federal funds unless the IHE takes certain actions to ban the use of the social media video application TikTok. Specifically, the IHE must develop and implement standards and guidelines (1) prohibiting the use of TikTok on electronic devices owned or issued by the IHE, and (2) requiring the removal of TikTok from these devices. The bill includes an exception for research that (1) is conducted, supervised, or authorized by an IHE's faculty; and (2) pertains to national security, law enforcement, telecommunications, or cybersecurity.

US HB57

Protecting Personal Data from Foreign Adversaries Act This bill authorizes sanctions and other prohibitions relating to software that engages in user data theft on behalf of certain foreign countries or entities. The President may regulate or prohibit transactions using software that engages in the theft or unauthorized transmission of user data and provides access to such data to (1) a communist country, (2) the Chinese Communist Party (CCP), (3) a foreign adversary, or (4) a state sponsor of terrorism. The President may also impose visa- and property-blocking sanctions on developers and owners of software that makes unauthorized transmissions of user data to servers located in China that are accessible by China's government or the CCP. The Department of State shall report to Congress a determination regarding whether WeChat or TikTok fall within certain regulations and prohibitions, including those provided under this bill. (WeChat and TikTok are software programs developed by China-based companies.)

US HB35

Close the Medigap Act of 2023 This bill (1) expands guaranteed issue rights with respect to Medigap policies (Medicare supplemental health insurance policies), (2) eliminates certain limitations on Medigap policies for newly eligible Medicare beneficiaries, and (3) modifies other provisions related to Medigap policies. (Guaranteed issue rights require that a policy be offered to any eligible applicant without regard to health status.)

US HB34

Assuring Medicare’s Promise Act of 2023 This bill increases net investment income tax revenues by applying such tax to the trade or business income of certain high income taxpayers and includes the increased tax revenues in the Federal Hospital Insurance Trust Fund.

Similar Bills

No similar bills found.