Legislation published Friday aims to place new restrictions on when U.S. authorities can access financial records, block "major" rulemakings from taking effect without congressional approval and roll back a significant portion of the Bank Secrecy Act, or BSA. The Saving Privacy Act, which Rep. Andy Ogles (R-TN) introduced March 14, contemplates removing 11 of the 18 exemptions to the 1978 Right to Financial Privacy Act that give federal investigators quick access to account statements, transactional details, loan documents and other private records of suspected criminals without their consent. Under the current system, investigators gain access to those records by serving...
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