Bill · H.R. 2155· House(119-HR-2155)
Saving Privacy Act
- Introduced
- 3/14/2025
- Last activity
- 3/14/2025 — 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.
- Sponsored by
- Andrew Ogles
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
The "Saving Privacy Act" aims to amend the Right to Financial Privacy Act of 1978 to preserve the confidentiality of certain financial records. This bill includes provisions to reform the Bank Secrecy Act and imposes new requirements for the Consolidated Audit Trail. It prohibits the issuance of a central bank digital currency directly to individuals and introduces the REINS Act to increase congressional oversight of agency rulemaking. Additionally, the bill establishes penalties for violating financial privacy and modifies reporting requirements for third-party network transactions. Finally, it includes the "Keep Your Coins Act" to protect the use of convertible virtual currency.
Yes
Does this give people more control over their personal data?+8
The bill significantly strengthens financial privacy and restricts the collection of personally identifiable information.
Does this make what the government does easier for the public to see?+7
The REINS Act increases transparency by requiring agencies to provide more data and subject major rules to congressional review.
Does this give people more protection from unfair business practices?+5
The bill enhances individual financial privacy and consumer control over virtual currency.
The opposite
Does this give the federal government more power?-6
The bill seeks to reduce federal agency power by requiring congressional approval for major rules.
Does this give the government more power to monitor people inside the country?-5
The bill reduces government access to financial data, thereby limiting domestic surveillance capabilities.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Financial Privacy: The bill amends the Right to Financial Privacy Act of 1978 to ensure government authorities can only access financial records through a search warrant that meets specific requirements (Section 101).
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Protection of Expectations of Privacy: It establishes a statutory right to ensure that the expectation of privacy regarding financial records is protected (Section 201).
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Termination of the Consolidated Audit Trail: The bill requires the Commission to terminate the Consolidated Audit Trail, which prevents the continued collection of personally identifiable information through that system (Section 301).
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Prevention of Central Bank Digital Currency: It prohibits the Federal Reserve and other agencies from minting or issuing a central bank digital currency directly to individuals or maintaining accounts for them (Section 401).
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Increased Regulatory Accountability: By requiring a vote in Congress for certain agency rules, the bill aims to create more carefully drafted legislation and an improved regulatory process (Section 501).
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Protection of Virtual Currency Use: The "Keep Your Coins Act" prevents federal agencies from prohibiting a person's ability to use virtual currency for their own purposes, such as purchasing goods and services (Section 802).
Potential Negative Impacts for People
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Increased Penalties for Privacy Violations: While intended as a deterrent, the bill introduces criminal penalties, including fines and potential imprisonment, for agencies or institutions that violate financial privacy standards (Section 601).
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Burden of Regulatory Review: The implementation of the REINS Act requires federal agencies to submit extensive reports and cost-benefit analyses, which is intended to increase transparency but changes the existing regulatory process (Section 502).
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Impact on Rule Implementation: Major rules may be delayed or prevented from taking effect unless a joint resolution of approval is enacted by Congress (Section 502).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Education And Technology
- Improves Data Privacy+8
- Economy And Finance
- Improves Consumer Protection+5
- National Security And Foreign Policy
- Increases Domestic Surveillance-5
- Governance And Ideology
- Improves Government Transparency+7Increases Federal Power-6
- 3/14/2025
- 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.
- Introduced in House
6 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.