A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · May 25, 2011

Declares that failure by a financial institution or any of its directors, officers, employees, or agents to report a suspicious transaction is not a violation of specified monetary transaction reporting requirements if the institution or person has: (1) in effect an established decision-making process with respect to suspicious transactions, (2) made a good faith effort to follow existing policies, procedures, and processes with respect to such transactions; and (3) determined not to file a report with respect to a particular transaction.

Deems failure to submit a suspicious transaction report to be a violation of such reporting requirements if it is accompanied by evidence of bad faith on the part of either the financial institution or other person.

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People & committees

Who introduced it

Sen. Paul, Rand [R-KY] · R–KY

Committees

Banking, Housing, and Urban Affairs Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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May 25, 2011
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 25, 2011
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · May 25, 2011 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

S 1071 · A bill to limit suspicious activity reporting requirements to requests from law enforcement agencies, and for other purposes.

Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.

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Discuss S.1072, 112th Congress: A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/1072

Text version to examine: Introduced in Senate · 2011-05-25.

Official full text: https://www.congress.gov/112/bills/s1072/BILLS-112s1072is.htm

Imported record last updated by the source: 2025-01-14T18:23:37Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.1072 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Examine S.1072 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.1072, 112th Congress: A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/1072

Text version to examine: Introduced in Senate · 2011-05-25.

Official full text: https://www.congress.gov/112/bills/s1072/BILLS-112s1072is.htm

Imported record last updated by the source: 2025-01-14T18:23:37Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1072 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Examine S.1072 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss S.1072, 112th Congress: A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/1072

Text version to examine: Introduced in Senate · 2011-05-25.

Official full text: https://www.congress.gov/112/bills/s1072/BILLS-112s1072is.htm

Imported record last updated by the source: 2025-01-14T18:23:37Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1072 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Examine S.1072 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

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Discuss S.1072, 112th Congress: A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/1072

Text version to examine: Introduced in Senate · 2011-05-25.

Official full text: https://www.congress.gov/112/bills/s1072/BILLS-112s1072is.htm

Imported record last updated by the source: 2025-01-14T18:23:37Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1072 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.