H.R. 2155 · Where this bill is now
In committee
Introduced in the House, sent 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, Mar 14, 2025
What this bill does
In plain words · AI-written from the official summaryRestricts government access to financial records
This bill would change how federal agencies can access people's financial information. Right now, banks report certain transactions—like large money transfers—to help catch illegal activity such as money laundering. This bill would require the government to get a search warrant before seeing those records instead. It would also eliminate several other financial reporting requirements, including ones about who really owns certain businesses and how online payment platforms handle transactions.
How it affects you
If you use a bank or make financial transactions, this would affect what information banks share with the government without your knowledge. People who conduct normal financial business wouldn't need to worry about routine reports being sent to federal agencies without a warrant. However, law enforcement agencies that use financial records to investigate crimes say this could make their work harder. The summary doesn't detail how this would affect everyday people's ability to access financial services or whether it would change your taxes or fees.
Read the official summary (Introduced in House, Mar 14, 2025)
Saving Privacy Act
This 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.
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 2155
A BILL
Saving Privacy Act
Sponsor: Rep. Andrew Ogles (R-TN-5) · Introduced Mar 14, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 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.”