S. 809 · 119th Congress
Saving Privacy Act
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LeeSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill eliminates or restricts various financial reporting requirements and requires congressional approval for new and existing regulations issued by specified financial regulatory agencies.
What it does: CRS summary · Introduced in Senate · Feb 27, 2025
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Saving Privacy Act
Latest action (Feb 27, 2025): Read twice and referred to the Committee on Finance.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Feb 27, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.