In response to growing concerns over government surveillance, Sen. Mike Lee (R-UT) has introduced the Saving Privacy Act, a legislative measure designed to protect Americans’ financial privacy. With the U.S. government expanding its surveillance capabilities, Lee questions the extent to which citizens feel monitored. “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?” he asks.
The proposed bill targets the excesses that have emerged since the 1970 Bank Secrecy Act, which was initially implemented to combat money laundering. Over the years, the act has morphed into a tool for broad surveillance, often infringing on the privacy of everyday Americans who are not implicated in any illegal activities.
Among the key features of the Saving Privacy Act is the repeal of several reporting requirements imposed by the Bank Secrecy Act. This move would relieve financial institutions from the obligation to report suspicious activities unless there is substantial evidence of wrongdoing. The act also seeks to enhance Fourth Amendment protections by reinforcing the need for warrants in financial matters.
Moreover, the legislation proposes to abolish the Corporate Transparency Act and the SEC’s Consolidated Audit Trail (CAT) database, which has raised alarms among privacy advocates. The bill also mandates that any new databases collecting personal information require congressional approval.
By instituting penalties for federal employees who seek financial information without due cause, the Saving Privacy Act aims to deter government overreach and reinforce the constitutional rights of citizens. Additionally, it seeks to establish a private right of action for those affected by unlawful government actions.
Sen. Lee’s initiative is supported by organizations like the Cato Institute, which emphasizes the need for a careful balance between individual privacy rights and the essential duties of law enforcement. In a climate of heightened surveillance, this legislation may serve as a critical line of defense for the privacy rights of all Americans.