Saving Privacy Act

Enhanced Financial Privacy: The bill amends the Right to Financial Privacy Act of 1978 to require that government access to financial records be in response to a search warrant that meets specific requirements (Section 101).

Protection Against Unconstitutional Access: The bill establishes a statutory right ensuring that a person's expectation of privacy regarding financial records is protected by the Fourth Amendment (Section 201).

Data Privacy through Termination of the Consolidated Audit Trail: The bill requires the termination of the Consolidated Audit Trail, which prevents the continued administration of a system that collects personally identifiable information of citizens (Section 301).

Increased Regulatory Accountability: The introduction of the REINS Act aims to increase transparency by requiring federal agencies to submit detailed reports and cost-benefit analyses to Congress before major rules take effect (Section 502).

Protection of Digital Asset Freedom: Under the "Keep Your Coins Act," the bill prohibits federal agencies from restricting a person's ability to use convertible virtual currency to purchase goods or services for their own use or to conduct transactions through a self-hosted wallet (Section 802).

Modified Reporting Thresholds: The bill amends the Internal Revenue Code so that third-party settlement organizations are only required to report information for specific transactions that exceed $20,000 and involve more than 200 transactions (Section 701).

Prohibition of Central Bank Digital Currency: The bill prohibits the Federal Reserve or other agencies from minting or issuing a central bank digital currency directly to an individual or maintaining accounts on their behalf (Section 401).

Limitations on Agency Rulemaking: The new congressional review process requires major rules to be approved by a joint resolution of Congress, which could impact the speed or implementation of agency actions (Section 502).

Expiration of Existing Rules: Under the annual review process, eligible rules currently in effect could fail to continue if Congress does not approve them within a specific timeframe (Section 508).