Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Investing

Latest Attempt to Restore Financial Privacy: the Saving Privacy Act

by September 25, 2024
September 25, 2024
Latest Attempt to Restore Financial Privacy: the Saving Privacy Act

Norbert Michel, Jennifer J. Schulp, and Nicholas Anthony

On Wednesday, September 25, 2024, Senator Mike Lee (R‑UT) introduced the Saving Privacy Act (SPA), a bill that contains major reforms to strengthen Americans’ financial privacy. As many experts discussed at our annual conference two weeks ago, financial privacy has been under fire for the last 50 years, largely because of the Bank Secrecy Act of 1970 (and its many amendments).

A massive federal anti-money laundering regime is now based on this outdated law, but the whole thing is poorly designed, too costly, and ineffective. It also rests on shaky legal grounds, endangering Americans’ financial privacy by weakening the protections they’re supposed to have from the Fourth Amendment. Unfortunately, the United States government has spent decades expanding this regime and encouraging other countries to adopt a similar approach.

What the US should do, instead, is lead the way by enhancing financial privacy and encouraging other countries to adopt the kinds of protections Americans had before 1970. The Saving Privacy Act is a positive step in that direction. 

Much like Rep. John Rose’s (R‑TN) Bank Privacy Reform Act, Senator Lee’s bill would essentially end the practice of requiring banks to act as law enforcement agents and would prevent law enforcement agencies from accessing customers’ financial records without first obtaining a valid warrant. (Unlike Rep. Rose’s bill, Sen. Lee’s bill addresses privacy issues outside the Bank Secrecy Act. For instance, it repeals the Consolidated Audit Trail database and includes a prohibition on central bank digital currencies.)

This kind of reform restores the proper balance—as provided by the Fourth Amendment—between Americans’ privacy rights and law enforcement’s ability to gather evidence to enforce laws. It would protect individuals’ financial privacy and improve federal agencies’ abilities to prosecute criminal activity rather than sift through millions of low-value reports. This kind of reform is long overdue.

0
FacebookTwitterGoogle +Pinterest
previous post
Pro-Brazilian Censors Strike Back: Digital Sovereignty Versus Free Speech Online
next post
China Stimulus Energizes Stocks, Commodities; Will The Energy Sink?

You may also like

USCIS Springs Unseasonable Costs and Demands on American...

March 6, 2024

Could the Latest TikTok “Ban” Pass Constitutional Muster?

March 12, 2024

Courts Should Affirm First Amendment Rights of Youths...

April 1, 2024

How Do You Solve a Problem Like Maria’s? Rescind...

August 4, 2023

How DOJ Helps Federal Prosecutors Escape Accountability &...

January 29, 2025

New Poll: 74% Worry Americans Could Lose Our...

July 4, 2024

Fed’s Asset Purchases Result in Increased Market Volatility

May 6, 2024

Man’s 21st Century Best Friend: AI Tools Will...

July 16, 2024

Biden Administration Doubles Down on Costly “Buying American”...

June 6, 2023

Pro-Brazilian Censors Strike Back: Digital Sovereignty Versus Free...

September 25, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved