Amends the Right to Financial Privacy Act of 1978 to enhance the confidentiality of financial records.
Introduces warrant requirements for government access to financial records, ensuring records are reasonably described and disclosed only in response to valid search warrants.
Repeals several existing sections of the Right to Financial Privacy Act to streamline regulations.
Terminates the Consolidated Audit Trail, prohibiting the collection of personally identifiable information by federal agencies unless specifically authorized by law.
Prohibits the issuance of central bank digital currency directly to individuals or digital currency intermediaries.
Establishes a framework for increased congressional oversight of federal agency rulemaking, requiring agencies to submit detailed reports and analyses before rules can take effect.
Introduces penalties for agencies or financial institutions that violate the confidentiality provisions, including criminal and civil penalties.
Allows for additional legal remedies, including writs of mandamus and other equitable relief, to ensure compliance with the Act’s procedures.