Sen. Mike Lee (R-UT) is taking a stand for financial privacy with the introduction of the Saving Privacy Act, targeting growing government surveillance practices. Lee emphasizes the discomfort many feel regarding government oversight, asking, “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?”

This legislative effort aims to reform the expansive surveillance enabled by the Bank Secrecy Act of 1970, which has been misused to infringe upon the financial privacy of law-abiding citizens. The Act, originally created to combat money laundering, has become a vehicle for widespread government monitoring.

Key components of the Saving Privacy Act include the repeal of the suspicious activity reporting (SAR) and currency transaction reporting (CTR) requirements. This change would free banks from the obligation to report on customers without just cause, ensuring that innocent citizens are not subjected to unnecessary scrutiny.

Additionally, the proposed act aims to enhance Fourth Amendment protections by requiring law enforcement to secure warrants before accessing financial data. It also seeks to eliminate the Corporate Transparency Act, which has raised concerns about increased government oversight of innocent individuals.

Another significant aspect of the legislation mandates that any new databases collecting personally identifiable information must receive congressional approval, providing a check against government overreach. The act also seeks to prohibit the establishment of a Central Bank Digital Currency, preserving the privacy of personal financial transactions.

As highlighted by the Cato Institute, the Saving Privacy Act aims to balance the necessity of law enforcement with the protection of individual privacy rights. As citizens face increased surveillance, Sen. Mike Lee’s proposal is a vital initiative for defending the financial privacy of Americans.