What does Preamble of Saving Privacy Act do?

This bill proposes to amend the Right to Financial Privacy Act of 1978. The stated purpose is to preserve the confidentiality of certain records. The bill was introduced in the House of Representatives on March 14, 2025.

What does BANK SECRECY ACT REFORMS. of Saving Privacy Act do?

This section amends the Right to Financial Privacy Act of 1978 It modifies the confidentiality of records and government access to financial records The section also amends Chapter 53 of title 31, United States Code, regarding financial institution record-keeping Several sections of title 31 are repealed or amended, including those related to nonfinancial trade or business and transaction records The amendments aim to update regulations on financial institutions and their record-keeping practices

What does WARRANT REQUIREMENTS AND EXCEPTIONS. of Saving Privacy Act do?

This section amends the Right to Financial Privacy Act of 1978. Section 1108 of the Act is modified by striking paragraph (2) and redesignating paragraphs (3) and (4). Subsections (a), (d), (e), (f), (g), (i), (l), (m), (n), (p), (q), and (r) of section 1113 are repealed. A new subsection (s) is added to section 1113, stating that the Federal Government may not access financial records in a manner prohibited by the Fourth Amendment. The new subsection (s) expresses Congress’s intent that the Act establishes a statutory right protecting the privacy of financial records.

What does REQUIREMENTS AND PROHIBITIONS REGARDING THE CONSOLIDATED of Saving Privacy Act do?

The Commission must terminate the Consolidated Audit Trail within 30 days of enactment. The Commission must amend its regulations within 120 days to conform to this section. Neither the Commission nor self-regulatory organizations may administer the Consolidated Audit Trail after termination. Federal agencies are prohibited from establishing a consolidated audit trail that collects personally identifiable information without specific authority. Consolidated Audit Trail, LLC and FINRA CAT, LLC must reimburse collected fees within 1 year.

What does CENTRAL BANK DIGITAL CURRENCY. of Saving Privacy Act do?

This section amends the Federal Reserve Act to prohibit the Federal Reserve, the Board, the Secretary of the Treasury, or any related agency from directly issuing a central bank digital currency (CBDC) to individuals or intermediaries. The prohibition extends to offering related products or services directly to individuals and maintaining accounts on behalf of individuals, including through intermediaries or commercial banks. Federal Reserve banks are also restricted from holding digital currencies issued by the U.S. Government as assets or liabilities or using them to fulfill requirements under section 2A.

What does PURPOSE. of Saving Privacy Act do?

This title aims to increase accountability and transparency in the Federal regulatory process Congress has delegated its constitutional charge without sufficient oversight The REINS Act requires a Congressional vote to promote careful legislation and accountability

What does CONGRESSIONAL REVIEW OF CERTAIN AGENCY RULEMAKING. of Saving Privacy Act do?

This section amends Chapter 8 of title 5, United States Code, to establish congressional review of certain agency rulemaking. Federal agencies must submit a report to Congress before a rule can take effect, including information on the rule's basis and its potential economic effects. A major rule requires congressional approval through a joint resolution, while a nonmajor rule takes effect as provided by section 803. The Comptroller General must provide a report on each major rule, assessing the agency's compliance with procedural steps and the rule's impact on private-sector activity. The President may determine that a major rule should take effect for a 90-calendar-day period due to an imminent threat to health or safety, or other emergency.

What does BUDGETARY EFFECTS OF RULES SUBJECT TO SECTION 802 OF TITLE 5, of Saving Privacy Act do?

Amends Section 257(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 Adds a new subparagraph regarding budgetary effects of rules subject to section 802 of title 5, US Code Rules affecting budget authority, outlays, or receipts are assumed effective unless not approved

What does GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF RULES. of Saving Privacy Act do?

This section directs the Comptroller General of the United States to conduct a study regarding existing rules. The study must determine the number of rules and major rules in effect as of the Act's enactment. The study also requires an estimation of the total economic cost imposed by all such rules. The Comptroller General must submit a report containing the study's findings to Congress within one year of the Act's enactment. The report must also be published on the Government Accountability Office website.

What does CRIMINAL PENALTIES. of Saving Privacy Act do?

This section amends the Right to Financial Privacy Act of 1978 It adds criminal penalties for knowingly obtaining or disclosing financial records in violation of the title Agencies or departments of the US and financial institutions can be fined up to $5,000 or imprisoned up to 5 years

Back to bills

Saving Privacy Act

Last updated: 3/14/2025 · Introduced: 3/14/2025

Author: Andrew Ogles (R-TN)

TL;DR (AI)

The bill terminates the Consolidated Audit Trail and prohibits federal agencies from creating similar data collection systems without specific authorization.
It prohibits the Federal Reserve from directly issuing a central bank digital currency (CBDC) to individuals or intermediaries.
The bill establishes new congressional review procedures for federal agency rulemaking, requiring reports and potential congressional approval for 'major rules'.
It amends the Right to Financial Privacy Act of 1978 to strengthen protections for financial records and impose criminal and civil penalties for unauthorized access or disclosure.
The bill modifies reporting requirements for third-party settlement organizations under the Internal Revenue Code, raising the threshold for reporting transactions to over $20,000 and more than 200 transactions.

119th Congressin committeeOfficial page

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