The Illusion of Financial Privacy

In this eye-opening episode, Cato Institute’s Norbert Michel and Nicholas Anthony explore how the 1970 Bank Secrecy Act has evolved from a tool to catch tax cheats into a sprawling financial surveillance system that erodes Fourth Amendment protections. They discuss the law’s expansion post‑9/11 and emerging reform efforts that could restore financial privacy.

Study

Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals

By Norbert Michel and Jennifer J. Schulp

The evidence suggests that the Bank Secrecy Act framework has proven a minor inconvenience for criminals but a major burden on law-abiding citizens.

Study

The Right to Financial Privacy

By Nicholas Anthony

Financial privacy in the United States has been in disrepair for more than 50 years.

Commentary

The Bank Secrecy Act Is a Bigger Threat than FISA

By Norbert Michel

The BSA and the massive federal anti-money laundering framework that it spawned gives the government warrantless access to the financial records of any American with a bank account.

Commentary