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.  

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 27 February 2025

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 27 February 2025

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate

  Introduced in Senate · EN · 27 February 2025

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 27 February 2025

  Open at official source

Sponsors

• Sen. Lee, Mike [R-UT] · R · Sponsor
• Sen. Scott, Rick [R-FL] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → BLOCK Act
• related to → Bank Privacy Reform Act
• related to → Regulations from the Executive in Need of Scrutiny Act of 2025
• related to → No CBDC Act
• related to → No CBDC Act
• related to ← Saving Privacy Act