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 extends the authority of Section 702 of the Foreign Intelligence Surveillance Act (FISA), which permits the collection of foreign intelligence from non-U.S. persons located abroad, until June 12, 2029. It introduces significant new restrictions on the use of information concerning U.S. persons, requiring the Federal Bureau of Investigation to obtain a probable cause warrant before ingesting unminimized Section 702 data into its analytic repositories if the investigation's target is a U.S. person. The bill also explicitly prohibits the intentional targeting of U.S. person communications under Section 702(a), instead requiring the government to seek a warrant under other FISA titles or the Federal Rules of Criminal Procedure for such acquisitions.

To bolster accountability, the legislation creates new criminal offenses, including penalties for unauthorized disclosure or retention of classified Section 702 information involving U.S. persons, unauthorized queries of this data, and falsifying compliance records. It mandates that the Attorney General establish new procedures to ensure Congressional access to Foreign Intelligence Surveillance Court proceedings and requires attorney approval for FBI queries using U.S. person query terms. Additionally, the Government Accountability Office is directed to audit Section 702 targeting procedures to ensure compliance with limitations.

A distinct provision within the bill prohibits the Federal Reserve from issuing or creating a central bank digital currency (CBDC) or any substantially similar digital asset, either directly or indirectly, without explicit authorization from an Act of Congress. This prohibition includes an exception for open, permissionless, and private dollar-denominated currencies that preserve privacy protections. This CBDC-related section is set to sunset on December 31, 2031.