Report: How the Federal Government Weaponized the Bank Secrecy Act to Spy on Americans

WASHINGTON, D.C. – Today, the House Judiciary Committee and its Select Subcommittee on the Weaponization of the Federal Government released an interim report titled, "Financial Surveillance in the United States: How the Federal Government Weaponized the Bank Secrecy Act to Spy on Americans." The interim report reveals how under the Biden-Harris Administration, federal law enforcement increasingly works hand-in-glove with financial institutions, obtaining virtually unchecked access to private financial data.

Key findings from the Committee and Select Subcommittee's investigation include: 

• The FBI has manipulated the Suspicious Activity Report (SAR) filing process to treat financial institutions as de facto arms of law enforcement, issuing "requests," without legal process, that amount to demands for information related to certain persons or activities it considers "suspicious." 
   
• In the days and weeks after January 6, 2021, the FBI coordinated with the Treasury Department's Financial Crimes Enforcement Network (FinCEN) to encourage financial institutions across the country to scour their data and file SARs on hundreds of Americans, if not more, without any clear criminal nexus. 
   
• The government's access to Americans' private data is widespread and virtually unchecked.   
   
• Financial institutions and FinCEN are expanding their capacity to surveil Americans through new, confidential projects and emerging technologies.
   

The Committee's and Select Subcommittee's investigation makes clear that federal law enforcement has shown that it will leverage any opportunity to operate outside the bounds of the statutes that govern access to Americans' financial data. As the country adjusts to modern finance, there will come a time when almost no financial activity will occur outside of the watchful eye of the federal government.

As the federal government and the financial sector explore integrating new technologies like digital ID and the use of AI to monitor transactions, every financial movement of every American could soon be automatically recorded and scrutinized. All Americans should be disturbed by how their financial data is collected, made accessible to, and searched by federal and state officials.

Read the full interim staff report here.

Read the full appendix here.
 

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