Summary of HR 2155 - Saving Privacy Act

Bill Number: HR 2155

Introduced: March 14, 2025

Status: Introduced in House

Primary Sponsor: Andrew Ogles

Purpose and Intent

The Saving Privacy Act aims to enhance the privacy rights of individuals in financial transactions and to reform existing laws governing financial privacy. The bill seeks to address concerns regarding government surveillance and the handling of personal financial data, particularly in the context of banking and digital currencies.

Key Provisions

The bill is structured into several titles, each addressing different aspects of financial privacy and regulation:

TITLE I: Bank Privacy Reform

• Sec. 101: Proposes reforms to the Bank Secrecy Act to strengthen privacy protections for bank customers.

TITLE II: Amendments to the Right to Financial Privacy Act of 1978

• Sec. 201: Introduces new warrant requirements for accessing financial records, along with specified exceptions.

TITLE III: Consolidated Audit Trail

• Sec. 301: Establishes requirements and prohibitions related to the Consolidated Audit Trail, aimed at protecting consumer data.

TITLE IV: No Central Bank Digital Currency

• Sec. 401: Explicitly prohibits the establishment of a central bank digital currency, reflecting concerns over government control of digital transactions.

TITLE V: Regulations from the Executive in Need of Scrutiny

• Sec. 501-504: Outlines the purpose of scrutinizing executive regulations, including provisions for Congressional review and a study by the Government Accountability Office on the budgetary effects of certain rules.

TITLE VI: Suspicious Activity

• Sec. 601-603: Introduces criminal and civil penalties for violations related to suspicious activity reporting, along with other forms of relief.

TITLE VII: Stopping the Nosy Obsession with Online Payments

• Sec. 701: Repeals modifications that expanded exceptions for reporting third-party network transactions, aiming to reduce unnecessary surveillance of online payments.

TITLE VIII: Prohibition on Restrictions Relating to Convertible Virtual Currency

• Sec. 801-802: Prohibits restrictions on the use of convertible virtual currencies for personal purchases, promoting the use of digital currencies in everyday transactions.

Impact

The Saving Privacy Act is expected to impact various stakeholders, including:

• Consumers: Enhanced privacy protections for individuals engaging in financial transactions.
• Financial Institutions: Changes in compliance requirements related to privacy laws and reporting obligations.
• Government Agencies: Adjustments in how financial data is accessed and monitored, particularly concerning warrants and surveillance.

Legislative Actions

• On March 14, 2025, the bill was referred to the Committee on Financial Services and additional committees including Judiciary, Rules, Budget, and Ways and Means for further consideration.

Related Bills

This bill has several companion bills, including:
- HR 1430
- HR 142
- S 809
- S 464
- HR 533
- S 368

These related bills may address similar issues or propose complementary reforms in financial privacy and regulation.

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This summary provides an overview of the Saving Privacy Act, highlighting its purpose, key provisions, and potential impacts on privacy rights in financial transactions.