Saving Privacy Act

Agencies could get your bank records only with a search warrant. Subpoenas and written requests would no longer work, but a few exceptions would stay.

Banks would stop filing reports on cash moves over $10,000, foreign accounts, and cash carried across the border. Those reports were built to help spot money laundering and terrorist financing.

The SEC would have to end the Consolidated Audit Trail, which logs stock orders and trades along with who placed them. Shutdown would come 30 days after the law takes effect.

No agency could build a big database of names, home addresses, or Social Security numbers. Congress would first have to pass a law that allows it.

The Federal Reserve, Treasury, and other agencies could not issue a digital dollar to people or hold accounts for them. Reserve banks also could not hold U.S. digital currency on their books.

If an agency or bank broke these record privacy rules, you could sue for at least $1,000 for each day of each violation. You could also recover lawyer fees and your actual losses.

No federal agency head could stop you from using virtual currency to buy goods or services for yourself. You could also hold your own crypto in a wallet you control.

A bank worker or federal worker who takes or shares your bank records illegally could be jailed up to five years. The fine can reach $5,000, and a federal worker also loses the job.

Breaking cash into smaller deposits to duck a bank report would no longer be a crime. Neither would moving large amounts of cash across the border without telling anyone.

Payment apps and online marketplaces would send you a tax form only after you pass both $20,000 in payments and 200 sales in a year. It would undo a 2021 change, reach back to the 2022 tax year, and not change what tax you owe.

The two firms that run the audit trail would pay back every fee they collected for it. Brokers and stock exchanges paid those fees.

A major rule from one of seven financial agencies could not start without a yes vote in both chambers. Congress would have 70 session days, and a rule counts as major at $100 million a year.

Each of the seven financial agencies would send at least 20 percent of its current rules to Congress each year for five years. Any rule Congress did not approve within five years would stop having force.

Agencies would have to post the data, studies, and cost figures behind a rule in the Federal Register. They would also have to say how the public can find them online.

Companies would no longer tell the Treasury who really owns them. That filing was meant to make it harder to hide behind a shell firm.

Title V sets new steps before rules from seven banking and market agencies can take effect. That topic sits far from the bank privacy the bill's name points to.