# Saving Privacy Act (S. 809) - Plain Language Summary

## What This Bill Does

The Saving Privacy Act is a comprehensive financial privacy bill that aims to restrict government access to Americans' banking and financial records. The bill amends existing financial privacy laws to require that government agencies obtain a search warrant before accessing customer financial information from banks and other financial institutions. It eliminates several existing exceptions that currently allow government agencies to access financial records without a warrant, making the warrant requirement the primary way authorities can obtain this information.

## Who Is Affected

**Individuals and consumers** would benefit from stronger privacy protections for their bank accounts and financial transactions. **Banks and financial institutions** would face clearer rules about when they must disclose customer information to the government. **Government agencies** (including the IRS, FBI, and other federal authorities) would face stricter limitations on their ability to access financial records without judicial oversight. The bill also affects **cryptocurrency users** by prohibiting restrictions on the use of digital currencies for personal purchases.

## Key Provisions

- **Warrant requirement**: Government agencies must obtain a search warrant to access customer financial records, eliminating most current exceptions
- **Reduced reporting requirements**: Eliminates mandatory reporting of certain financial transactions and activities that banks currently must report to authorities
- **No central bank digital currency**: Prohibits the Federal Reserve from creating a digital version of the U.S. dollar
- **Cryptocurrency protections**: Prevents restrictions on people using digital currencies for their own purchases
- **Regulatory review**: Requires congressional scrutiny of new financial regulations issued by executive agencies

Saving Privacy Act

Lee, Mike

Saving Privacy ActThis 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.&nbsp;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. &nbsp;