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Congress·In Committee·H.R. 2155

Rep. Ogles Introduces Saving Privacy Act to End Bulk Financial Surveillance and Block Digital Dollar

Saving Privacy Act

about 1 year ago·View on Congress.gov

Legislative Progress

House
Senate
President
Law

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.

    From policy text

    “no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and such financial records are disclosed in response to a search warrant which meets the requirements of section 1106.”
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  • 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.

    From policy text

    “No Federal reserve bank, the Board, the Secretary of the Treasury, any other agency, or any entity directed to act on behalf of the Federal reserve bank, the Board, the Secretary, or other agency, may mint or issue a central bank digital currency directly to an individual”
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  • 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.

    From policy text

    “A major rule shall not take effect unless the Congress enacts a joint resolution of approval described under section 802.”
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  • 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.

    From policy text

    “The Commission shall-- (1) not later than 30 days after the date of enactment of this Act, and notwithstanding any other provision of law or regulation, terminate the Consolidated Audit Trail”
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  • 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.

    From policy text

    “No Federal agency head may prohibit or otherwise restrict the ability of a covered user to-- (1) use virtual currency or its equivalent for such user's own purposes, such as to purchase real or virtual goods and services for the user's own use; or (2) conduct transactions through a self-hosted wallet.”
    View in full text
Economy FinanceTechnology DigitalTaxesCriminal Justice

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions
Mar 14, 2025House

Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Mar 14, 2025

Introduced in House

What Happens Next

Projected impacts based on AI analysis

30 days after enactment

SEC must terminate the Consolidated Audit Trail database

The SEC's massive stock trade tracking system would be shut down within a month of the bill becoming law, removing a database that contains personal information of millions of investors.

180 days after enactment

Agencies must begin submitting 20% of existing rules for Congressional review annually

Starting 180 days after enactment, every financial regulatory agency would need to send one-fifth of its existing rules to Congress for an up-or-down vote. Rules not approved within 5 years would automatically expire.

Upon enactment, retroactive to 2022

IRS 1099-K reporting threshold reverts to $20,000/200 transactions

Payment platforms like Venmo and PayPal would stop sending tax forms for transactions under $20,000, retroactive to calendar years beginning after December 31, 2021. Some people who already received forms may need amended guidance.

Related Bills

6 bills
S. 368Related bill

BLOCK Act

Feb 3 — Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

H.R. 533Related bill

Bank Privacy Reform Act

Jan 16 — Referred to the House Committee on Financial Services.

S. 464Related bill

No CBDC Act

Feb 6 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

S. 809Related bill

Saving Privacy Act

Feb 27 — Read twice and referred to the Committee on Finance.

H.R. 142Related bill

Regulations from the Executive in Need of Scrutiny Act of 2025

Jan 3 — Referred to the Committee on the Judiciary, and in addition to the Committees on Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

H.R. 1430Related bill

No CBDC Act

Feb 18 — Referred to the House Committee on Financial Services.

Source Information

Document Type

Congressional Bill

Official Title

Saving Privacy Act

Bill NumberHR 2155
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsor

Analysis generated by AI. Always verify with official sources.