Sen. Mike Lee Introduces Saving Privacy Act to Rein In Prying Government Agencies

Senator Mike Lee (R-UT) has a question for anyone who senses that his or her financial privacy is vanishing before the growing U.S. surveillance state.

The question is: “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?”

Lee also is promoting a potential solution to the problem of overly intrusive government agencies in his proposed bill, the Saving Privacy Act.

Did you know that the federal government is spying on Americans’ purchases, credit cards, and bank accounts, even if they are innocent of any crime?

Did you know that the @USTreasury and the @FBI have surveilled financial transactions containing the terms “Trump” and MAGA,” and…

— Mike Lee (@SenMikeLee) September 30, 2024

Under the 1970 Bank Secrecy Act, which was intended to fight money laundering, the U.S. government has expanded its surveillance powers to the point that it endangers the financial privacy of Americans who are not suspected of any crime.

The federal government has also required banks to act as law enforcement agents and to report what it deems suspicious financial activities.

Lee points out that the tracking of financial transactions and the compiling of the personal information of every American, even if they’re not suspected of a crime, is a violation of the 4th Amendment and could enable political persecution.

According to Lee, the Saving Privacy Act:

• Repeals the Bank Secrecy Act’s SAR and CTR reporting requirements while maintaining record-keeping provisions.
• Repeals the Corporate Transparency Act.
• Strengthens Fourth Amendment protections, bolstering warrant requirements in the Right to Financial Privacy Act of 1978.
• Repeals the SEC’s Consolidated Audit Trail (CAT) database.
• Requires congressional approval for any new databases that collect personally identifiable information of U.S. citizens.
• Prohibits the creation of a Central Bank Digital Currency.
• Requires congressional authorization for financial regulations deemed major rules.
• Institutes penalties for federal employees who illegally seek constitutionally protected financial information.
• Establishes a private right of action for Americans and financial institutions harmed by illicit government activity.

The Cato Institute reports that the Saving Privacy Act seeks to strike a better balance between protecting privacy rights and law enforcement’s ability to gather evidence to prosecute actual crimes, rather than sift the guilty and the innocent through the same broad net.