Policy Forum 

# Bank Secrecy Act Reform: Restoring the Fourth Amendment 

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Date and Time 

February 27, 2023 10 - 11:30 AM EST 

Location 

Cato Institute, 1000 Massachusetts Ave, NW, Washington, DC 

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##### Featuring 

![rep-John-Rose-cropped.jpg](/sites/cato.org/files/styles/author_picture/public/2023-02/rep-John-Rose-cropped.jpg?itok=4-nRXbxN) 

Representative John Rose 

U.S. House of Representatives

[ 

](https://twitter.com/RepJohnRose) 

![Kat-Timpf-cropped.jpg](/sites/cato.org/files/styles/author_picture/public/2023-02/Kat-Timpf-cropped.jpg?itok=LgXNttfK) 

Kat Timpf 

Analyst, Fox News

[ 

](https://twitter.com/KatTimpf) 

![Aaron Klein circle](/sites/cato.org/files/styles/author_picture/public/2025-08/aaron-klein-circle.jpeg?itok=bGgzQSQm) 

Aaron Klein 

Miriam K. Carliner Chair and Senior Fellow in Economic Studies, Brookings Institution

[ 

](https://twitter.com/Aarondklein) 

[![New Jennifer Schulp cropped image](/sites/cato.org/files/styles/author_picture/public/2023-03/jennifer-schulp-cropped-2.jpg?itok=kdrnmhHr)](/people/jennifer-j-schulp) 

[Jennifer J. Schulp](/people/jennifer-j-schulp)

Former Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

[Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/norbertjmichel) 

Personal and financial privacy are key components of life in free societies, where individuals enjoy—or at least *should* enjoy—a private sphere free of government involvement, surveillance, and control. However, laws that were written before the digital era now result in financial institutions collecting untold amounts of consumer data to which the government has easy—and often unfettered—access, **intruding on Americans’ financial privacy and endangering their Fourth Amendment rights**.

The root of this problem is the **Bank Secrecy Act of 1970 (BSA)** and its later amendments, including those in **the Patriot Act of 2001**. The BSA now forms the basis of an extensive—and costly—regulatory framework that forces private financial companies to act as law enforcement agents. The evidence shows that this framework has placed major burdens on law‐​abiding Americans but has not significantly reduced criminal activity.

Is it time to rethink how financial privacy is treated in the digital era? Join us for an outstanding panel discussion—moderated by Fox News Analyst Kat Timpf—featuring Norbert Michel, Jennifer Schulp, and Aaron Klein. Representative **John Rose (R‑TN)** will provide introductory remarks to kick off the event. Rep. Rose introduced the Bank Privacy Reform Act, a bill that would keep the Bank Secrecy Act’s record-keeping requirements intact but prevent the government from accessing consumers’ transaction history without first obtaining a warrant, thus reaffirming the Fourth Amendment protections against unreasonable searches and seizures.

## Schedule

10:00 - 10:10 AM EST 

**Introductory Remarks**

10:10 - 11:00 AM EST 

**Panel Discussion**

11:00 - 11:30 AM EST 

**Luncheon**

## Additional Resources

- “[Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals](https://www.cato.org/policy-analysis/revising-bank-secrecy-act-protect-privacy-deter-criminals),” by Norbet Michel and Jennifer J. Schulp, June 22, 2022
- “[Restoring Financial Privacy](https://www.cato.org/study/restoring-financial-privacy),” by Norbert Michel and Jennifer J. Schulp, October 18, 2022
- “[How Inflation Erodes Financial Privacy](https://www.cato.org/blog/how-inflation-erodes-financial-privacy),” by Nicholas Anthony, June 10, 2022

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