Saving Privacy Act

Bill Number: H.R. 2155
Origin Chamber: House
Congress: 119th Congress, Session 1
Policy Area: Finance and Financial Sector
Status: Introduced
Latest Action: 2025-03-14: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Last Updated: 2026-03-23T19:34:17Z

AI-Generated Summary

Purpose

The "Saving Privacy Act" (H.R. 2155) aims to strengthen financial privacy protections for individuals by limiting government access to personal financial records, reforming anti-money laundering rules, prohibiting certain surveillance tools, banning central bank digital currencies issued directly to individuals, enhancing congressional oversight of federal regulations, and protecting the use of virtual currencies. It seeks to preserve confidentiality, reduce regulatory burdens, and ensure compliance with constitutional privacy rights, particularly the Fourth Amendment (which protects against unreasonable searches and seizures).

Key Provisions

The bill is divided into eight titles, each addressing specific areas of financial privacy and regulation:

Title I: Bank Privacy Reform

Amends the Right to Financial Privacy Act of 1978 (RFPA) and the Bank Secrecy Act (BSA) to require search warrants for government access to financial records, eliminate many reporting requirements for financial institutions, and narrow definitions of covered entities. It repeals sections mandating reports on cash transactions, suspicious activities, and international transfers.

Title II: Amendments to the Right to Financial Privacy Act of 1978

Strengthens warrant requirements for accessing financial records and adds provisions affirming Fourth Amendment protections. It repeals exceptions allowing access without warrants in certain cases, such as national security or tax enforcement.

Title III: Consolidated Audit Trail

Mandates the Securities and Exchange Commission (SEC) to terminate the Consolidated Audit Trail (CAT), a database tracking securities trades that includes personally identifiable information (PII, such as names or addresses linked to trades). Prohibits federal agencies from creating similar centralized databases without specific congressional authorization. Requires reimbursement of fees collected for CAT.

Title IV: No Central Bank Digital Currency

Amends the Federal Reserve Act to prohibit the Federal Reserve, Treasury, or related entities from issuing or maintaining central bank digital currency (CBDC, a government-backed digital form of money) directly to individuals or through intermediaries, or holding it as an asset.

Title V: Regulations from the Executive in Need of Scrutiny (REINS Act)

Overhauls the Congressional Review Act to require congressional approval for "major rules" (regulations with significant economic impact, e.g., over $100 million annually or affecting jobs/competition) from specified financial agencies like the Federal Reserve and SEC. Non-major rules can be disapproved by Congress. Includes procedures for expedited votes, exemptions for emergencies or monetary policy, and a review of existing rules over five years. Directs a Government Accountability Office study on the number and cost of current rules.

Title VI: Suspicious Activity

Adds criminal penalties (fines up to $5,000 and up to 5 years imprisonment) for unauthorized access or disclosure of financial records under RFPA. Increases civil penalties to at least $1,000 per violation per day, plus attorney's fees and damages. Allows court orders (writs of mandamus) to enforce compliance.

Title VII: Stopping the Nosy Obsession with Online Payments

Repeals expansions in the Internal Revenue Code requiring third-party payment networks (e.g., PayPal) to report small transactions over $600. Restores higher thresholds: reports only for transactions exceeding $20,000 and 200 in number annually.

Title VIII: Prohibition on Restrictions Relating to Convertible Virtual Currency (Keep Your Coins Act)

Bars federal agencies from restricting individuals' use of convertible virtual currencies (digital assets like cryptocurrencies exchangeable for real currency) for personal purchases of goods or services, including via self-hosted wallets (user-controlled digital storage without intermediaries).

Significant Changes to Existing Law

RFPA and BSA Overhauls: Shifts from administrative subpoenas or notices to strict warrant requirements for financial record access; repeals broad reporting mandates (e.g., Currency Transaction Reports for $10,000+ cash deals, Suspicious Activity Reports), reducing paperwork for banks but limiting government monitoring of potential crimes like money laundering.
CAT Termination: Ends a 2016 SEC rule creating a national trade surveillance database, reversing post-financial crisis transparency efforts.
CBDC Ban: Introduces a direct prohibition on retail CBDCs, contrasting with ongoing Federal Reserve explorations.
REINS Act Expansion: Builds on the 1996 Congressional Review Act by mandating approval for major financial rules (previously only disapproval was possible) and applying it specifically to key agencies; adds a "sunset" clause for unapproved existing rules after five years.
Tax Reporting Reversal: Undoes 2021 American Rescue Plan changes that lowered de minimis reporting thresholds for online payments, easing burdens on small transactions.
Virtual Currency Protections: Codifies user rights to use cryptocurrencies without federal interference, filling gaps in current FinCEN (Financial Crimes Enforcement Network) guidance.

Potential Impacts

On Government Agencies: Increases workload for Congress in reviewing rules, potentially delaying or blocking regulations from agencies like the SEC, Federal Reserve, and Treasury. Limits investigative tools for law enforcement (e.g., fewer suspicious activity reports), which could hinder anti-terrorism or tax evasion efforts. Requires SEC to dismantle CAT, saving costs but reducing market oversight.
On Citizens: Enhances privacy by restricting government access to financial data, potentially reducing surveillance fears and protecting against data breaches in centralized systems. Lowers compliance burdens for individuals using online payments or cryptocurrencies, but may weaken protections against financial crimes if monitoring decreases.
On International Relations: Could complicate U.S. compliance with global anti-money laundering standards (e.g., FATF recommendations) by scaling back BSA requirements, potentially straining cooperation with allies on cross-border financial tracking. The CBDC ban might position the U.S. against countries developing digital currencies, affecting dollar dominance in global finance.

Main Stakeholders Affected

Individuals and Consumers: Benefit from stronger privacy in banking, online payments, and crypto use; small businesses and freelancers gain from reduced tax reporting on low-value transactions.
Financial Institutions (Banks, Payment Processors): Face fewer reporting obligations under BSA and tax laws, lowering costs, but must adapt to stricter warrant rules for customer data.
Federal Agencies (SEC, Federal Reserve, Treasury, FinCEN): Lose authority to access data without warrants, implement CBDCs, or maintain surveillance tools like CAT; REINS Act adds congressional hurdles to rulemaking.
Congress: Gains more control over financial regulations, fulfilling oversight roles but increasing legislative demands.
Cryptocurrency Users and Industry: Protected from restrictions, boosting innovation and adoption of self-hosted wallets.
Law Enforcement and Regulators: Challenged by reduced visibility into suspicious activities, potentially impacting crime prevention.

Notable Legal, Constitutional, or Political Implications

Constitutional: Reinforces Fourth Amendment privacy expectations for financial records, treating them akin to personal papers; the REINS Act invokes Article I (legislative powers) to curb executive "over-delegation," potentially sparking separation-of-powers debates or court challenges on rulemaking authority.
Legal: No judicial review for most CRA decisions, but courts can enforce procedural compliance; increased penalties under RFPA may lead to more lawsuits against violators. The bill's retroactive elements (e.g., CAT termination, rule sunsets) could invite challenges for disrupting ongoing programs.
Political: Aligns with conservative priorities on deregulation and privacy (e.g., limiting "Big Brother" surveillance), but may face opposition from Democrats and agencies concerned about financial security. Reintroduces REINS Act concepts, signaling a push for congressional re-assertion over executive actions; the CBDC and crypto provisions reflect tensions over digital finance innovation versus control. If passed, it could set precedents for broader privacy reforms or regulatory rollbacks.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Ogles, Andrew [R-TN-5]

Recent Actions

2025-03-14: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2025-03-14: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2025-03-14: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2025-03-14: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2025-03-14: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2025-03-14: Introduced in House
2025-03-14: Introduced in House

Bill Versions

Saving Privacy Act — issued 2025-03-14 — PDF (41 pages)