Saving Privacy Act

The Saving Privacy Act, currently under committee consideration in the Senate, would significantly change how financial institutions report information to the federal government. The bill would eliminate requirements for banks and financial institutions to report certain transactions, such as transfers over $10,000, to federal agencies. Instead, the government would need to obtain a search warrant based on probable cause to access individual financial records. The bill would also establish criminal penalties for federal agencies that access financial records without proper legal authority.

Beyond transaction reporting, the bill would restrict or eliminate other financial reporting requirements, including those related to beneficial ownership of corporations, third-party payment processors like online platforms and payment apps, and securities market tracking data. The bill would also prohibit the federal government from issuing a central bank digital currency and would prevent federal agencies from restricting individuals' use of cryptocurrency for personal transactions or through self-hosted digital wallets. Additionally, the bill would require Congress to approve major financial regulatory rules, including those already in effect.

If enacted, these changes could affect how law enforcement detects financial crimes like money laundering and terrorism financing, while potentially expanding financial privacy protections for individuals and cryptocurrency users. The bill has been introduced but has not yet been voted on by the full Senate.