Saving Privacy Act

Key Points

• The bill would require the government to get a search warrant before accessing your bank records, eliminating current methods that let agencies obtain financial data through subpoenas or formal requests alone. It strengthens Fourth Amendment protections for financial information.
• The bill bans the Federal Reserve and Treasury Department from creating or issuing a central bank digital currency (CBDC) directly to individuals, or maintaining accounts on their behalf. This prevents the government from building a 'digital dollar' system that could track transactions.
• The IRS reporting threshold for payment apps like Venmo and PayPal would be restored to $20,000 and 200 transactions, reversing the lower $600 threshold that was set to take effect. This means most casual sellers and gig workers would no longer receive 1099-K forms for small amounts.
• The bill includes the REINS Act, which would require Congress to vote to approve any new major financial regulation costing $100 million or more before it can take effect. Existing rules would also face a 5-year sunset review process.
• The SEC's Consolidated Audit Trail — a massive database tracking stock trades and personal information of investors — would be terminated within 30 days. No federal agency could create a similar centralized database collecting personally identifiable information without explicit Congressional authorization.
• The bill protects the right to use cryptocurrency and self-hosted wallets for personal purchases, banning federal agencies from restricting these activities. It also creates criminal penalties — up to $5,000 in fines or 5 years in prison — for government officials or banks that illegally access financial records.

Votes

No votes have been recorded for this legislation yet.