S.2157 - Gun Violence Prevention Through Financial Intelligence Act (119th Congress)
Summary
S.2157, the Gun Violence Prevention Through Financial Intelligence Act, directs the Financial Crimes Enforcement Network (FinCEN) to issue an advisory on how homegrown violent extremists and other perpetrators of domestic terrorism procure firearms and firearm accessories. This involves FinCEN requesting information from financial institutions to identify and report suspicious activity related to firearm procurement for terrorist acts and exploitation of the firearms market for gun violence.
The bill mandates FinCEN to consult with the FBI, ATF, and firearm sellers before requesting information. It also requires FinCEN to develop a rule defining terms like "firearm accessory," "homegrown violent extremist," "lone wolf," and "lone actor".
The goal is to enhance financial intelligence to prevent gun violence and domestic terrorism by identifying and disrupting the financial networks used to acquire firearms.
Expected Effects
The primary effect of this bill would be increased scrutiny of financial transactions related to firearm purchases, potentially disrupting funding for illegal firearm acquisition. Financial institutions would be required to enhance their monitoring and reporting of suspicious activities.
This could lead to earlier detection of potential terrorist plots and a reduction in gun violence. The advisory issued by FinCEN would provide guidance to financial institutions on identifying and reporting suspicious transactions.
Potential Benefits
- Enhanced Public Safety: By identifying and disrupting financial networks used to procure firearms for illegal purposes, the bill aims to reduce gun violence and prevent domestic terrorism.
- Improved Financial Intelligence: The advisory issued by FinCEN will provide financial institutions with better tools and information to detect suspicious activity related to firearm purchases.
- Collaboration and Information Sharing: The bill promotes collaboration between FinCEN, the FBI, ATF, and firearm sellers, fostering a more coordinated approach to preventing gun violence.
- Targeted Approach: The bill focuses on identifying and disrupting financial networks used by violent extremists and perpetrators of domestic terrorism, rather than broadly restricting firearm sales.
- Data-Driven Strategies: The bill mandates FinCEN to collect and analyze data on firearm procurement methods, enabling the development of evidence-based strategies for preventing gun violence.
Potential Disadvantages
- Potential for Overreach: The increased scrutiny of financial transactions could potentially lead to the monitoring of law-abiding citizens and businesses.
- Increased Burden on Financial Institutions: Financial institutions may face increased compliance costs and administrative burdens due to the requirement to monitor and report suspicious activity.
- Privacy Concerns: The collection and analysis of financial data could raise privacy concerns, particularly if the data is not properly protected.
- Limited Effectiveness: The bill's effectiveness may be limited if violent extremists and perpetrators of domestic terrorism find alternative ways to finance their activities.
- Potential for Bias: The definition of terms like "homegrown violent extremist" and "lone wolf" could be subject to interpretation and potential bias, leading to discriminatory targeting.
Most Disadvantaged Areas:
Constitutional Alignment
The bill's alignment with the US Constitution is complex. While it aims to enhance public safety, which aligns with the government's responsibility to "insure domestic Tranquility," it also raises concerns regarding the Second Amendment right to bear arms. The bill does not directly infringe upon this right, but the increased scrutiny of firearm purchases could be perceived as an indirect restriction.
Additionally, the potential for overreach and privacy concerns could implicate the Fourth Amendment's protection against unreasonable searches and seizures. The First Amendment could also be implicated if the definitions of "homegrown violent extremist" or "lone wolf" are overly broad and infringe on freedom of speech or association.
Overall, the bill's constitutionality depends on how it is implemented and whether it is narrowly tailored to address the specific threat of gun violence and domestic terrorism without infringing on constitutional rights.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).