SLC Times

Senator Mike Lee of Utah has introduced the Saving Privacy Act in the 119th Congress, aiming to address concerns over government surveillance of financial information. Co-sponsored by Senator Rick Scott of Florida, the bill targets federal agencies' collection of personal financial data from citizens without adequate justification.

Senator Lee stated, "The federal government has no business surveilling the financial activities of millions of innocent Americans." He emphasized that the current system undermines privacy rights while failing to effectively combat financial crime. The proposed legislation seeks to protect personal information and ensure government agencies adhere to constitutional limits.

Senator Scott echoed these sentiments, describing the government's actions as a "massive overreach" and a violation of privacy. He expressed his support for the act, stating it would help agencies pursue criminals while safeguarding innocent citizens' data.

Yaël Ossowski from the Consumer Choice Center noted that outdated banking regulations have led to excessive surveillance and adverse consequences for consumers. The Saving Privacy Act aims to reform these practices by balancing consumer rights with efforts to curb illicit activities.

David Williams from the Taxpayers Protection Alliance praised Senator Lee's leadership in ending mass surveillance, emphasizing that liberty requires freedom from constant government tracking.

Norbert Michel, Jennifer Schulp, and Nicholas Anthony from the Cato Institute highlighted that this reform aligns with Fourth Amendment protections, enhancing privacy while improving law enforcement's focus on prosecuting genuine criminal activity.

Critics point out that existing surveillance efforts have been ineffective. In fiscal year 2023, a mere 0.3% of suspicious activity reports resulted in relevant cases for IRS-CI and FBI investigations. Additionally, recent practices by FinCEN and the FBI included monitoring transactions linked to politically sensitive terms and items like firearms and religious texts. The SEC has also been building a centralized database for stock market transactions without congressional consent.

The Saving Privacy Act seeks to counter these issues by repealing certain reporting requirements under the Bank Secrecy Act, enhancing Fourth Amendment protections, prohibiting Central Bank Digital Currency creation, and instituting penalties for unauthorized access to protected information. It also calls for congressional approval before establishing new databases collecting personally identifiable information.