Saving Privacy Act

H.R. 2155, the Saving Privacy Act, would amend federal financial privacy laws to limit government surveillance of citizens' financial information. The bill would modify the Right to Financial Privacy Act of 1978 and Bank Secrecy Act, potentially reducing requirements for financial institutions to report customer transactions to federal agencies. It would also establish warrant requirements for government access to financial records and create a private right of action allowing Americans and financial institutions to sue the government for unauthorized financial surveillance.

The bill addresses several specific financial activities and technologies. It would prohibit federal agencies from restricting individuals' use of cryptocurrency for personal transactions or self-hosted digital wallets. The legislation also targets the Securities and Exchange Commission's Consolidated Audit Trail system, which tracks stock market transactions. Additionally, the bill would modify reporting thresholds and eliminate certain suspicious activity reporting requirements that currently require banks to report transactions to the Financial Crimes Enforcement Network.