A bill to implement reforms relating to foreign intelligence surveillance authorities, protections relating to warrantless queries for the communications of United States persons, and for other purposes.

On June 10, 2026, Senator Wyden introduced S4738, a bill to reform foreign intelligence surveillance authorities and protections relating to warrantless queries for communications of US persons. The bill was read twice and referred to the Select Committee on Intelligence, placing it at the earliest legislative stage. No committee hearings, markups, or votes have occurred. The bill does not authorize or appropriate any funding; it is a policy-only measure focused on surveillance procedures. Because the bill is in its infancy with no text publicly available beyond the title, the specific mechanisms—such as whether it would require technology companies to change data handling practices or impose new compliance costs—are unknown. Without concrete provisions, no publicly traded company can be reliably linked to a financial impact. The legislative path requires committee consideration, potential amendments, floor votes in both chambers, and presidential action—a process that typically takes months to years. Given the early stage and lack of detail, the market impact is negligible.