Bill > S5242

This bill, the Saving Privacy Act, proposes several key changes: 1. It amends the Right to Financial Privacy Act of 1978 to generally require government agencies to obtain a search warrant to access customer financial records from financial institutions, with limited exceptions. It also strikes several existing exceptions that previously allowed government access without a warrant. 2. It makes significant reforms to the Bank Secrecy Act, including repealing various reporting requirements and eliminating certain civil and criminal penalties. These changes aim to reduce government access to and monitoring of financial records. 3. It prohibits the Federal Reserve from issuing or maintaining a central bank digital currency that can be directly held by individuals, restricting such digital currencies to be only held by financial institutions and intermediaries. 4. It establishes a congressional review process for major federal agency rules, requiring Congress to approve such rules before they can take effect. This aims to increase legislative oversight of the regulatory process. 5. It imposes criminal and civil penalties for government agencies or financial institutions that improperly obtain or disclose customer financial records in violation of the Right to Financial Privacy Act. Overall, the bill seeks to strengthen financial privacy protections by limiting government access to and monitoring of personal financial information.

Military Affairs and Security

https://www.congress.gov/bill/118th-congress/senate-bill/5242/all-info