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Saving Privacy Act
3/26/2025, 2:21 PM
Summary of Bill S 809
The main purpose of the amendment is to strengthen the protections provided by the original Right to Financial Privacy Act of 1978, which was enacted to safeguard individuals' financial records from unwarranted government intrusion. The proposed changes in Bill 119 s 809 include provisions that would limit the ability of government agencies to access financial information without proper authorization, and would require stricter oversight and accountability in the handling of such records.
In addition to preserving the confidentiality of financial records, the bill also addresses other important issues related to financial privacy. For example, it includes provisions to enhance cybersecurity measures to protect against data breaches and unauthorized access to sensitive information. It also seeks to improve transparency and accountability in the financial industry by requiring financial institutions to disclose their data-sharing practices to customers. Overall, Bill 119 s 809 aims to strike a balance between protecting individuals' privacy rights and ensuring that law enforcement agencies have the tools they need to investigate and prosecute financial crimes. The bill is currently under consideration in the US Congress, where it has garnered bipartisan support for its efforts to strengthen financial privacy protections.
Congressional Summary of S 809
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.
