S. 809 · Where this bill is now
In committee
Introduced in the Senate, Feb 27, 2025
What this bill does
In plain words · AI-written from the official summaryTightens rules on financial data access
This bill changes how the federal government can look at people's financial information. Right now, banks report certain transactions to federal agencies to help catch illegal activities like money laundering. This bill would require a search warrant and proof of wrongdoing before the government can access someone's financial records. It also eliminates or reduces several other financial reporting requirements that banks and financial companies currently have to follow.
How it affects you
If you bank or use financial services, this would affect how much information your bank shares with federal agencies without your knowledge. It could limit the government's ability to monitor financial activity for crime detection purposes. The bill also affects financial companies, which would have fewer reporting requirements to follow, though the specific impact on everyday people isn't detailed in the official summary.
Read the official summary (Introduced in Senate, Feb 27, 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 SessionS. 809
A BILL
Saving Privacy Act
Sponsor: Sen. Mike Lee (R-UT) · Introduced Feb 27, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Feb 27, 2025: “Read twice and referred to the Committee on Finance.”