The "Saving Privacy Act" is an omnibus financial privacy bill that makes several big changes at once. It reforms the Bank Secrecy Act to raise the threshold for mandatory transaction reporting, requires the government to get a warrant before accessing your financial records (with narrow exceptions for national security), bans the creation of a central bank digital currency (a digital dollar issued by the Federal Reserve), and restricts the SEC's Consolidated Audit Trail from collecting certain personal investor data. It also adds a requirement that major new federal regulations get congressional approval before taking effect. Taken together, these provisions are aimed at limiting government surveillance of Americans' financial activity.
Congressional Summary
This bill eliminates or restricts various financial reporting requirements and requires congressional approval for new and existing regulations issued by specified financial regulatory agencies.Specifically, the bill eliminates provisions that require financial institutions to report certain financial information to federal agencies. Currently, financial institutions are required to report certain financial transactions (e.g., transfers of over $10,000) for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant. Further, the bill generally prohibits the federal government from accessing an individual’s financial records without a warrant based on probable cause and establishes criminal penalties for violations.Additionally, the bill requires congressional approval for major rules issued by specified financial regulatory agencies, including rules currently in effect. The bill also eliminates or reduces reporting requirements applicable to (1) the beneficial ownership of certain corporate entities; (2) third-party settlement organizations (e.g., certain online platforms, apps, and card payment processors); and (3) the Consolidated Audit Trail (i.e., data collected by national securities exchanges to track securities market activity).The bill generally prohibits federal agencies from issuing or using a central bank digital currency.The bill prohibits federal agencies from restricting a person's use of convertible virtual currency for their own purposes or to conduct transactions through a self-hosted wallet.
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-03-14
- Date Added
- 2026-03-30
- Source
- Congress.gov →
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