This record is subject to subpoenas in legal actions against you.
This record can also be sold for marketing purposes to generate personalized advertising for you.
Be aware of this movement of your personal information.
You can pass all the laws that you want, but that will not change unless you redesign it.
This assumes that the government can be trusted to care about the citizen's privacy. This is an assumption that at least cypherpunks explicitly do not share. Just find some case involving terrorism or child abuse (depending on the political climate), and new surveillance laws will become passed.
The existence of the record is inevitably linked to the ability for it to be used in legal actions or criminal investigations.
However, the ability to use that record for literally every other purpose, and especially for it to be sold for marketing purposes, can be and should be made totally illegal by appropriate banking secrecy regulations. If that's not the case in USA, well, that should be fixable - there are countries in which anyone in the bank doing that would be literally a felony.
> This record is subject to subpoenas in legal actions against you.
Don’t worry, if I plan on committing any crimes I’ll use cash to fund them.