Saving Privacy Act

Summary

Saving Privacy Act 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.

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Assigned to a committee for review.

Senate Committee on Finance · U.S. Senate

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Cosponsors

Related bills

• H.R. 142Regulations from the Executive in Need of Scrutiny Act of 2025Related bill
• H.R. 533Bank Privacy Reform ActRelated bill
• H.R. 1430No CBDC ActRelated bill
• H.R. 2155Saving Privacy ActRelated bill
• S. 368BLOCK ActRelated bill

As identified by Congress.gov.

Full history

1. Feb 27, 2025

   Introduced

   Introduced in U.S. Senate

   U.S. Senate

2. Feb 27, 2025

   Referred to committee

   Read twice and referred to the Committee on Finance.

3. Feb 27, 2025

   Referred to committee

   Read twice and referred to the Committee on Finance.

Read the record

• Read on Congress.gov (opens in a new tab) The official record on Congress.gov.