H.R. 9115: To amend the FISA Amendments Act of 2008 to extend the authorities of title VII of the Foreign Intelligence Surveillance Act of 1978, and for other purposes.

This bill proposes to amend the FISA Amendments Act of 2008, specifically regarding the extension of certain authorities related to foreign intelligence surveillance. Below are the key components of the bill:

Extension of Surveillance Authorities

The bill aims to extend the time period for certain surveillance authorities established by the Foreign Intelligence Surveillance Act (FISA) from June 12, 2026, to June 12, 2029. This change allows for continued use of these authorities without interruption.

New Warrant Requirements

The legislation introduces new requirements for the acquisition of communications of U.S. persons:

• The Federal Bureau of Investigation (FBI) cannot include information about U.S. persons into its data repositories unless it is relevant to an open national security investigation or if there is probable cause to believe that the U.S. person is involved with foreign powers.
• There is a prohibition against targeting U.S. persons without a warrant, requiring probable cause that the person is a foreign agent or has committed a crime.

Compliance and Oversight

To ensure compliance with these new requirements, the bill mandates:

• Regular reviews by the Foreign Intelligence Surveillance Court (FISA Court) of the implementation of the new rules.
• Quarterly reporting to Congress on compliance issues and any significant findings during the reviews.

Criminal Penalties

The bill strengthens penalties for unauthorized actions regarding classified information. This includes:

• Unauthorized disclosure or retention of classified information can result in fines and imprisonment of up to eight years.
• Conducting unauthorized queries against U.S. persons or misrepresenting compliance can result in lighter penalties, including fines and imprisonment of up to two years.

Procedures for Congressional Access

The Attorney General is required to establish new procedures to grant Congress access to the Foreign Intelligence Surveillance Court proceedings, enhancing transparency for legislators.

Audit Requirement

The bill requires the Government Accountability Office to conduct an audit of the targeting procedures outlined in FISA, focusing on their effectiveness and compliance with legal standards, with a report to be submitted to Congress within a year of enactment.

Central Bank Digital Currency Provisions

The bill also includes legislation regarding the creation of central bank digital currency (CBDC), specifying that the Federal Reserve and its banks are prohibited from issuing or creating a CBDC without Congressional authorization, effective until December 31, 2031. It outlines definitions of CBDC and exceptions for currencies that are open and private but do not resemble a CBDC.

Implementation Timeline

The bill's amendments would take effect upon enactment, or by a specified date, ensuring that the changes are implemented promptly to maintain oversight and national security standards.

Relevant Companies

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